BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Newspaper wrap-up 5-10-07: Murdoch began talks with DJ on March 29]]>http://www.bloggingstocks.com/2007/05/10/newspaper-wrap-up-5-10-07-murdoch-began-talks-with-dj-on-march/http://www.bloggingstocks.com/2007/05/10/newspaper-wrap-up-5-10-07-murdoch-began-talks-with-dj-on-march/http://www.bloggingstocks.com/2007/05/10/newspaper-wrap-up-5-10-07-murdoch-began-talks-with-dj-on-march/#commentsFiled under: , , , , ,

MAJOR PAPERS:
  • The Wall Street Journal (subscription required) reported that it was March 29, not the week of April 9 that News Corporation's (NYSE: NWS) Rupert Murdoch began talks with Dow Jones and Company Inc (NYSE: DJ), as securities regulators sort out the timing of events as insider trading allegations have surfaced in connection with News Corp.'s $5B offer for Dow Jones.
OTHER PAPERS:
WEBSITES:
  • Globe and Mail reported that Russian billionaire and automotive entrepreneur Oleg Deripaska's companies are going to buy 20 million shares of Canadian auto parts company Magna International Inc (NYSE: MGA) for $1.54B.

Newspaper wrap-up 5-10-07: Murdoch began talks with DJ on March 29 originally appeared on BloggingStocks on Thu, 10 May 2007 09:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Bain CapitalBainCapitalCCUClear ChannelClear Channel CommunicationsClearChannelClearChannelCommunicationsDJDow JonesDowJonesFairfax FinancialFairfaxFinancialFFHFinancial TimesFinancialTimesinternetmagazinesMagnaMagna InternationalMagnaInternationalMGAMurdochNews CorpNews CorporationNewsCorpNewsCorporationNewspapersNWSReutersReuters GroupReutersGroupRTRSYThomas H. LeeThomasH.LeeThomson CorpThomsonCorpTOCWall Street JournalWallStreetJournalThu, 10 May 2007 09:15:00 EST<![CDATA[ISS throws cold water on Clear Channel deal]]>http://www.bloggingstocks.com/2007/05/02/iss-throws-cold-water-on-clear-channel-deal/http://www.bloggingstocks.com/2007/05/02/iss-throws-cold-water-on-clear-channel-deal/http://www.bloggingstocks.com/2007/05/02/iss-throws-cold-water-on-clear-channel-deal/#commentsFiled under: ,

One thing is clear at Clear Channel Communications (NYSE: CCU) -- the company's $19.5 billion buyout is not looking good.

According to a Reuters story, the proxy advisory service ISS said that the deal is too cheap and that shareholders should reject it. The firm is highly influential in such matters and institutional investors often follow its recommendations.

The private equity buyers -- Bain Capital and Thomas H. Lee -- have upped their bid from $36.70 to $39. They also have said it was their "best and final" offer.

Well, in light of the ISS decision and vocal opposition from major shareholders like Fidelity, it look s like the company will not get shareholder approval. Because of Texas corporate law, Clear Channel needs to get a two-thirds majority. The shareholder meeting is on May 8th.

Then again, this may also be an indication that private equity firms are trying to show some restraint.

And, yes, it looks like the Street has already factored these things in. Clear Channel's stock is at $36 today.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

ISS throws cold water on Clear Channel deal originally appeared on BloggingStocks on Wed, 02 May 2007 13:39:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Bain CapitalBainCapitalCCUThomas H. LeeThomasH.LeeWed, 02 May 2007 13:39:00 EST<![CDATA[More deal static for Clear Channel]]>http://www.bloggingstocks.com/2007/04/26/more-deal-static-for-clear-channel/http://www.bloggingstocks.com/2007/04/26/more-deal-static-for-clear-channel/http://www.bloggingstocks.com/2007/04/26/more-deal-static-for-clear-channel/#commentsFiled under: , ,

Today, Clear Channel Communications (NYSE: CCU) reported its Q1 results. Revenues increased from $1.49 billion to $1.61 billion, while net income rose from $96.8 million or $0.19 per share to $102.2 million, or $0.21 per share.

But the stock barely moved. Then again, Clear Channel is in the process of a leveraged buyout and the deal is looking iffy.

Recently, Clear Channel's private equity buyers -- Bain Capital Partners and Thomas H. Lee Partners -- upped their bid from $37.60 to $39. But it may not be enough to satisfy major investors like Fidelity Investments and Highfields Capital Management.

Looking at the five-year stock chart of Clear Channel is depressing. The stock price is off about a third. The largest radio operator can't seem to find growth opportunities, and then there are the threats from Internet radio, Apple (NASDAQ: AAPL) iPods, satellite radios, and other digital alternatives.

So if things are so bleak, why would Bain and Thomas H. Lee want to buy the company? Aren't these folks smart and have a history of posting strong returns?

I think the answer is fairly obvious. These investors see a value play.

Continue reading More deal static for Clear Channel

More deal static for Clear Channel originally appeared on BloggingStocks on Thu, 26 Apr 2007 14:52:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AAPLBain CapitalBainCapitalCCOCCUCDLETMLAZROIAThomas H. LeeThomasH.LeeThu, 26 Apr 2007 14:52:00 EST<![CDATA[Clear Channel grabs $1.2 billion from private equity firm]]>http://www.bloggingstocks.com/2007/04/21/clear-channel-grabs-1-2-billion-from-private-equity-firm/http://www.bloggingstocks.com/2007/04/21/clear-channel-grabs-1-2-billion-from-private-equity-firm/http://www.bloggingstocks.com/2007/04/21/clear-channel-grabs-1-2-billion-from-private-equity-firm/#commentsFiled under: ,

The $19.5 billion buyout of Clear Channel (NYSE: CCU) is still not very clear. Even when its buyers -- Thomas H. Lee and Bain Capital -- boosted the price to $39 from $37.50, some of Clear Channel's investors were not convinced.

But Clear Channel is not stopping. In fact, the firm is already paving the way for major changes.

This week, the firm sold its TV group for $1.2 billion to private equity firm Providence Equity Partners. The deal includes 56 stations.

There are also plans to sell off radio stations.

Basically, these actions are needed to pass muster with the antitrust authorities. Moreover, the cash will be helpful when debt is loaded on the balance sheet.

Yet, for Clear Channel to get its own buyout deal completed, it needs to secure a two-thirds vote from shareholders. That's a tough hurdle -- given the current stock price of $35.75, it looks like the mega deal probably won't happen.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Clear Channel grabs $1.2 billion from private equity firm originally appeared on BloggingStocks on Sat, 21 Apr 2007 14:33:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Bain CapitalBainCapitalCCUClear Channel CommunicationsClearChannelCommunicationsProvidence Equity PartnersProvidenceEquityPartnersRadioThomas H. LeeThomasH.LeeSat, 21 Apr 2007 14:33:00 EST