Seagram has clear path for PolyGram as bidders back off
Article Abstract:
Seagram appears to face no obstacle in its offer of about $10.5 billion in 80% cash and the rest in stock for PolyGram, as rival bidders back off. Seagram's board is expected to approve the offer and could be approved on May 19, 1998 by boards of PolyGram and 75%-owner Philips Electronics. Seagram rival bidder Michael Ovitz and allies Forstmann Little and Co. and Thomas H. Lee and Co. reportedly decided that PolyGram probably would not grow enough to justify the price. The completion of the acquisition will make Seagram the largest music company in the world, with stars including Elton John and LL Cool J.
Comment:
May get offer of about $10.5 bil in 80% cash and stock from Seagram, which appears to face no obstacle as rival bidders back off
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
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$3.4B deal forms No.3 radio owner
Article Abstract:
Clear Channel Communications will acquire Jacor Communications in a $3.4-billion stock deal that will make Clear Channel the No. 3 radio owner in the US after Chancellor and CBS with 454 radio stations in 117 markets that include Houston, TX, and Los Angeles, CA. Clear Channel, with an estimated combined revenue of $1.2 billion in 1998, will also become the leading billboard company. Jacor owns the Radio Premiere Radio Networks as well as syndicates shows, including Art Bell, Laura Schlessinger and Rush Limbaugh. Clear Channel was founded by former investment banker Lowry Mays in 1972.
Comment:
Will buy Jacor Communications in a $3.4-bil stock deal that will make it the No 3 radio owner with 454 stations in 117 markets
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
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TV Guide takes on revival partner
Article Abstract:
News Corp CEO Rupert Murdoch has sold a half-interest in the magazine company TV Guide Inc to Liberty Media CEO John Malone. The deal is expected to be used as a vehicle for the joint effort of both partners to dominate the entertainment guide business in print, interactive television and the Internet. Under the deal, Murdoch will get $800 million in cash and 44% of Malone's United Video Satellite Group.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1999
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