Date

Fri - 17.11.2017


buyout

UK-based publishers Telegraph Media Group, Guardian Media Group and Trinity Mirror have put aside their differences in and partnered to petition Business Secretary Vince Cable, asking him to prevent Rupert Murdoch's News Corp. from embarking on a full takeover of satellite broadcaster BSkyB, MediaGuardian reported Monday.

The £8 billion takeover will grant Murdoch with a combined turnover of £7.5 billion. In addition to the newspaper firms, the petition letter was signed by BBC Director General Mark Thomson and Channel 4 Chief Executive David Abraham.

"If the two (News Corp and Sky) were combined, there might be a significant loss of plurality in our media market. (Vince) Cable, the relevant minister, will decide whether he wants to refer this. It's not that they've done anything wrong. It's just that there is a potential of an abuse of power," Thomson said, The Australian reported.

The acquisition will be filed for regulatory approval through the European Commission on the basis that it will function competitively. Once the EC is notified, Cable will have 10 days to make a decision and pass it through the country's current Prime Minister David Cameron.

Author

Alisa Zykova

Date

2010-10-12 16:02

French investment fund Fondations Capital and Belgian press group Rossel, publisher of Le Soir and La Voix du Nord, announced on Wednesday they are teaming up to make an offer for daily paper Le Parisien and its complement Aujourd'hui en France, Boursier.com reported.

The duo stated that their goal is to upkeep the editorial independence of the titles, which some think may be under threat, should Serge Dassault, an entrepreneur and politician who has also shown interest, acquire the daily. The two parties said that should the deal go through, Fondations Capital would be the majority stakeholder and would make use of its experience and status as a professional and independent stakeholder. L'Express explained that Rossel would own 40 percent of Le Parisien, while Fondations Capital owned 60 percent.

According to Le Monde, the Groupe Rossel would use the tools of the trade learned from its presence in the French press through La Voix du Nord, a daily paper published in the North of the country.

Author

Alisa Zykova

Date

2010-10-01 17:08

An examiner appointed by the U.S. Bankruptcy Court has said the Tribune Co.'s 2007 US$8.2 billion buyout was "marred" by the "dishonesty and lack of candor" of senior managers at the time, the Chicago Tribune reported today.

In fact, the deal left it "too shaky to survive," after the company couldn't handle the massive debt load when the economy began crumbling, a Wall Street Journal article stated. The WSJ cites investigator Kenneth Klee's statement that it is "highly unlikely" the U.S. publisher was "rendered insolvent and without adequate capital" as a result of the deal, led by real estate mogul Sam Zell.

In a 700-page report filed with the bankruptcy court in Delaware, Klee concluded that the second part of the buyout is an example of "fraudulent conveyance," because the debt in the second half of the deal was so huge that it left the company unable to even pay its bills, the Tribune explained.

Despite the report's gloomy conclusions, the Tribune Co., which publishes flagship Chicago Tribune and the Los Angeles Times, among others, still expects to emerge from bankruptcy protection this year, The Associated Press reported late Tuesday afternoon.

Author

Leah McBride Mensching

Date

2010-07-27 23:54

Le Monde, the so-called "French Establishment Bible," has run into some financial difficulty. Like many other print publications, Le Monde is searching for ways to rake in more cash to avoid financial collapse. In light of its struggle, The Times reported today, that Le Monde may be on the verge of sacrificing some of its values in order to attract a larger readership. In a noted break from tradition, Le Monde is offering its readers a chance to buy classic, albeit licentious, works of literature like Casanova or the Marquis de Sade.

Yet, even more dramatic changes are just around the corner: there are reportedly 5 different groups who are considering making offers to buy Le Monde. Sadly for Le Monde reporters, none of these candidates plan to allow Le Monde journalists to maintain their unique status that allows them to have a certain amount of control in the company. Yet, Gilles Van Kote, chairman of the Society of Le Monde's journalists, claims that a takeover is inevitable.

For more on this story visit our sister publication, editorsweblog.org.

Author

Leah McBride Mensching

Date

2010-06-01 15:46

U.S. media company E.W. Scripps is selling its United Media Licensing business, and with it the rights to Peanuts cartoons, including characters Snoopy and Charlie Brown, to branding company Iconix for US$175 million, NPR reported yesterday.

Iconix now owns 80 percent of the licensing rights, while the heirs of Charles Schulz, who wrote Peanuts and died in 2000, are partnering with Iconix and will have a 20 percent stake. UM-licensed products bring in about $2 billion in retail sales yearly, most of which comes from products associated with Peanuts. About two-thirds of sales come from outside the United States.

Peanuts is expected to generate about $75 million in annual royalty revenue, Iconix stated in a press release.

"Iconix will also acquire the licensing and character representation business of United Media Licensing, a division of UFS, which, in addition to Peanuts, represents a number of character brands, including Dilbert and Fancy Nancy. The Peanuts brand and other acquired assets will be purchased through a newly formed subsidiary," consisting of the Schulz family and Iconix, the company stated.

Author

Leah McBride Mensching

Date

2010-04-28 21:37

Yahoo's mergers and acquisitions team is considering buying location-based startup Foursquare for about US$100 million, Business Insider reported today.

Foursquare CEO and co-founder Dennis Crowley, meanwhile, met with companies such as Facebook, Twitter and Apple last week.

"A Foursquare acquisition makes tons of sense for Yahoo, where product executives believe that paradign of Web pages could soon go away, to be replaced by a universe of service built on Internet-connected devices in, around and outside the home. It would be a relatively cheap way for Yahoo CEO Carol Bartz to show employees and Wall Street that she's serious about innovating," according to the Business Insider article, posted by SFGate.com.

A spokesperson for Yahoo and Crowley declined to comment.

Author

Leah McBride Mensching

Date

2010-04-07 04:39

One of Long Island's largest landowners has written a letter of interest in buying the Newsday's print and online properties to Charles Dolan, chairman of Cablevision Systems Corp., which owns Newsday. Robert Toussie sent the letter to Dolan March 10.

Toussie told the Wall Street Journal the letter is "simply a function of price and certified statements," but that he has not heard back from Dolan. A spokesman for Cablevision told the WSJ that "Newsday is not for sale." Newsday is the largest newspaper on Long Island.

Newsday put its Web site behind a paywall at the end of October 2009, and by January just 35 people had signed up for an online subscription.

This is likely due to the fact that print subscribers get free access to the site, as does anyone who has Optimum Cable television, which is owned Cablevision. About 75 percent of Long Island's residents have either Optimum Cable or a subscription. According to Nielsen figures, traffic in that time also decreased by half.

Author

Leah McBride Mensching

Date

2010-03-19 18:02

UK publisher Pearson PLC announced Wednesday it has bought Medley Global Advisors, which advises hedge funds, investment banks and asset managers, as it aims to focus on subscriptions over advertising, Reuters reported.

Pearson, which publishes the Financial Times, is looking to diversify its business model. In 2008, it bought an online news and discussion service aimed at fund managers called Money-Media, for example. It has also bought several data providers, such as MergerMarket, to cut down on reliance on print and advertising for revenues, according to the Daily Mail.

Neither company provided details on the size of the deal. According to a statement in the Financial Times, the group said MGA specialises in macroeconomic policy commentary, particularly focusing on interest rates, money supply movements and government policy. It is believed to have "a blue-chip client base made up of major investors and policymakers."

Author

Savita Sauvin

Date

2010-02-04 22:59

Core newspapers in Canwest Global Communications Corp.'s bankrupt newspaper unit have piqued the interest of bidders, the Financial Post reported yesterday. Following the newspaper chain's bankruptcy filing, secured lenders are selling off the newspapers or, if that should fail, may spin the division out into an independent public company, according to FP.

Expected to bid on the Montreal Gazette, the National Post and the Ottawa Citizen is a group headed up by Jerry Grafstein, a former Canadian senator. The group also includes Ray Heard, a former media executive, and Beryl Wajsman, owner of community newspapers, The Globe and Mail reported.

Grafstein told Bloomberg his group is working on an application that would allow them to review the company's finances, a move toward making a bid. He would not name investors.

Canwest, Canada's largest media group, on Jan. 8 put its newspaper division under bankruptcy protection while searching for a buyer. The division includes 10 dailies and 26 community papers, including the Vancouver Sun and Calgary Herald.

Author

Savita Sauvin

Date

2010-01-19 21:02

Russian billionaire Alexander Lebedev is in advanced talks with Independent News and Media plc to buy both The Independent and The Independent on Sunday, the company announced in a statement today. The exclusive talks "are still preliminary," and "there is no certainty that these discussions will lead to the finalization of a transaction of any kind," the statement from the Dublin-based Independent said.

A former KGB agent, Lebedev bought a controlling stake in London's afternoon paper, the Evening Standard, in January, and it began being distributed for free in October. Lebedev, who made his money in banking and insurance, also owns Novaya Gazeta in Russia, and is part-owner of Aeroflot, a national carrier, according to BusinessWeek.

Author

Leah McBride Mensching

Date

2009-12-18 20:19

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