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Bunny beaten: No interest in Playboy

Posted Nov 19th 2009 2:10PM by Tom Johansmeyer (RSS feed)
Filed under: Deals, Rumors, Private Equity, Media World

Playboy is such a mess that even the hint that a company is interested in it triggers a reaction. Oak Hill Capital Partners, a private equity firm, announced Wednesday that it has no interest in buying ailing adult media company Playboy (PLA), despite previous media reports indicating the contrary. Of course, this sent Playboy's shares down 3.7%. Oak Hill didn't just say "no way" to the present but made it clear for the future as well.

This follows a statement by Golden Gate Capital that it wouldn't be involved in a Playboy acquisition, again, despite suggestions in the media that it might make a move for the bunny. The latest possible buyer is Iconix Brand Group, which is generally hungry for brand acquisitions. Playboy is keeping its mouth shut on the matter.

Continue reading Bunny beaten: No interest in Playboy

News Corp sells 8 TV stations for $1.1 billion

Posted Dec 26th 2007 11:15AM by Joseph Lazzaro (RSS feed)
Filed under: Deals, New York Times'A' (NYT), News Corp'B' (NWS), Media World

News Corp (NYSE: NWS) said it will sell Salt Lake City-based KSTU Channel 13 and seven other Fox-affiliated televisions stations to Oak Hill Capital Partners for $1.1 billion, the Associated Press reported Wednesday. In May 2007, Oak Hill purchased nine television stations from The New York Times Co. (NYSE: NYT) for $575 million.

News Corp's shares gained 5 cents to $21.47 on the news in Wednesday morning trading.

Alan Daniak of Anderson & Associates told BloggingStocks Wednesday that the deal should help rebuild News Corp.'s cash component, following the purchase of Dow Jones.

"It's a significant cash infusion for News Corp. KSTU was a strong revenue holding but News Corp. could benefit from the added cash after the Dow Jones deal, so it makes considerable sense," Daniak said. "And the deal also speaks to the fact the News Corp. is committed to selling lower-profile, smaller affiliate stations to concentrate on core markets."

Earlier this year News Corp. agreed to buy Dow Jones, including The Wall Street Journal, for $5.2 billion.