Newspaper wrap-up: DreamWorks close to funding deal with India's Reliance ADA Group
Posted Jun 18th 2008 8:00AM by Laurie Pasternack
Filed under: Newspapers, Magazines, General Electric (GE), Viacom (VIA), Hershey Co (HSY)
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MAJOR PAPERS:
- Steven Spielberg and his DreamWorks Animation SKG Inc (NYSE: DWA) partners are close to signing a deal with India's Reliance ADA Group for between $500M and $600M that would provide financing to the company as it prepares to leave Viacom Inc's (NYSE: VIA) Paramount Pictures this year, the Wall Street Journal reported. DreamWorks will seek to obtain an additional $500M in debt financing to make about six new films a year.
- The Wall Street Journal also reported that at an investor update yesterday, The Hershey Company (NYSE: HSY) CEO David West said the chocolate-bar maker would boost spending on marketing about 20% this year and next, and slightly increased the company's long-term annual sales targets. West offered little detail on how Hershey will address its reliance on the U.S. market for revenue.
OTHER PAPERS:
- The Economic Times reported that India's Maneesh Pharmaceuticals, a mid-sized company, bought a 51% stake in U.S.-based Synovics Pharmaceuticals Inc (OTC: SYVC). The terms of the deal were not disclosed.
- The Economic Times also reported that General Electric Company's (NYSE: GE) GE Money Financial Services, which was seeking a parter for its personal and home loan portfolios, may have called off the process after it was unable to get the right valuation.
- Bob Nardelli, the chairman and CEO of Chrysler LLC, sent a memo to employees warning them of worsening U.S. sales, the Detroit News reported. The e-mail did not indicate the auto maker would look to soon further cut production or lay off staff, a person familiar with the matter said.
Tags: Bob Nardelli, BobNardelli, Chrysler, Chrysler LLC, ChryslerLlc, dreamworks, DWA, GE, GE Money, GeMoney, General Electric, GeneralElectric, Hershey, Hershey Co, HersheyCo, HSY, Maneesh Pharmaceuticals, ManeeshPharmaceuticals, Paramount Pictures, ParamountPictures, steven spielberg, StevenSpielberg, Synovics, SYVC, VIA, VIA.B, Viacom
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