Bid

Private-Equity Firms Finalizing Bid for VNU, Report Says

Authored by Mark Hefflinger on February 27, 2006 - 10:40am.

Amsterdam - According to a report by the Wall Street Journal, a group of seven private-equity firms is preparing a $8.6 billion bid for VNU, the Netherlands-based media firm that owns the Nielsen ratings service, in addition to Billboard and The Hollywood Reporter. The report said the group includes AlpInvest Partners of the Netherlands, Permira Advisers of the U.K., Blackstone Group, Carlyle Group, Hellman & Friedman, Kohlberg Kravis Roberts & Co. and ThomasH. Lee Partners.

Blockbuster Abandons Bid to Acquire Rival Rental Chain Hollywood Video

Authored by Mark Hefflinger on March 28, 2005 - 8:20am.

Dallas -- Video rental giant Blockbuster has ended its bid to acquire Hollywood Entertainment, the nation's second-largest rental chain, in part due to anti-trust concerns raised by the Securities and Exchange Commission. Blockbuster had offered about $985 million for Hollywood, which officially rejected Blockbuster's bid in favor of a rival $900 million offer from Movie Gallery, the nation's third-largest rental chain. "Among those things that played prominently for us were Hollywood's recent public filings and the unlikely resolution of our request for regulatory clearance on an acceptable timetable. Given the current circumstances, in our judgment it is not in Blockbuster's best interest to continue to pursue the acquisition," said Blockbuster chairman and CEO John Antioco.

tags: Bid | Blockbuster | Hollywood Video | Rival Rental Chain |

Yahoo Opens L.A. Offices in Bid to Court Entertainment Industry

Authored by Mark Hefflinger on January 26, 2005 - 6:40am.

Sunnyvale, Calif. -- In a bid to strengthen its ties to the entertainment business, web portal Yahoo will lease new facilities in Los Angeles to house a newly formed Yahoo Media Group to be headed by former ABC TV chairman Lloyd Braun. Yahoo Media Group will oversee the company's news, sports, video games, movies and music services. The Los Angeles Times called the estimated $100 million lease of offices in Santa Monica one of the largest commercial real estate deals in Los Angeles County in the last year. Yahoo will maintain its Sunnyvale, Calif. headquarters, but will aggressively hire in the Los Angeles area and relocate employees from its New York and Sunnyvale operations to staff the new facilities. Following the appointment of former Warner Bros. head Terry Semel as CEO in 2001, the company has sought to bolster the quality of its entertainment and news offerings. It has since acquired online ad purveyor Overture Services and online music services Launch and Musicmatch, and hired Wall Street Journal Online founder Neil Budde to head its online news division.

tags: Yahoo | Bid | L.A. Offices | Court Entertainment Industry |

Liberty Bid for United-GlobalCom Would Create Broadband Giant

Authored by Mark Hefflinger on January 19, 2005 - 8:00am.

Paris -- Liberty Media International, the U.S.-based cable group controlled by media mogul John Malone, has made a $3.5 billion cash and share bid to acquire the rest of European affiliate United-GlobalCom (UGC) that it does not already own. Liberty chairman, president and CEO Malone described the deal as a "merger of equals," which stands to create one of the largest broadband services companies outside the U.S. Industry experts say a successful bid would considerably strengthen Liberty's plans to expand its ownership of cable TV assets in Eastern Europe. UGC, already 53% owned by Liberty, is currently Europe's largest cable-TV operator, with more than 9 million customers in 15 countries. The deal, which Liberty expects to complete by this summer, must still be approved by shareholders.

tags: Bid | Liberty | United-GlobalCom | Broadband Giant |

Blockbuster Makes Contingent Offer to Raise Bid for Hollywood Video

Authored by Mark Hefflinger on December 1, 2004 - 5:09am.

Dallas -- Video rental giant Blockbuster said on Wednesday that it is willing to increase its bid for Hollywood Entertainment, the nation's second-largest video rental chain, if Hollywood would allow Blockbuster access to its financial records. Last month, Blockbuster offered around $700 million to acquire Hollywood Video. The bid was countered by rival offers from buyout firm Leonard Green & Partners, and Movie Gallery, the third-largest video rental chain. Billionaire Carl Icahn also disclosed that he has recently purchased 5.1 million Hollywood shares -- an 8.4% stake -- signaling that he may emerge as a fourth bidder for the company.

tags: Bid | Blockbuster | Hollywood Video | Contingent Offer |

Viacom Planning to Bid on MarketWatch

Authored by Mark Hefflinger on November 8, 2004 - 7:34am.

San Francisco -- Viacom, the parent of CBS and MTV, said it expects to make a bid to acquire the remaining shares of San Francisco-based MarketWatch, the provider of online business news, financial information and analytical tools, that it doesn't already own, the Associated Press reported. In a filing with the Securities and Exchange Commision, Viacom, which already owns a 22% stake in MarketWatch, said that its planned offer comes "at the invitation" of the company. The New York Times reported last week that MarketWatch could be sold for as much as $400 million, and has been actively seeking bids. Other possible suitors include The New York Times and Dow Jones & Co, publisher of The Wall Street Journal.

tags: Viacom | Bid | MarketWatch |

Sony Acquires MGM for $5 Billion After Time Warner Withdraws Bid

Authored by Mark Hefflinger on September 13, 2004 - 4:46am.

New York -- Sony announced on Monday that it has agreed, along with partners including cable TV firm Comcast, to acquire movie studio Metro-Goldwyn-Mayer for about $5 billion. Sony and partners will pay $12 a share for MGM, and assume $2 billion in debt, sources close to the deal told Reuters. The announcement came just hours after Time Warner said that it had withdrawn its rival bid for MGM. "Although MGM is a valuable asset, we have decided to withdraw our bid," said Time Warner CEO Dick Parsons. "Unfortunately, Time Warner could not reach agreement with MGM at a price that would have represented a prudent use of our growing financial capacity." MGM holds a library of 4,000 films, including the James Bond and Rocky franchises, and also operates a movie studio with films currently in production.

EMI Close to Raising $1-Billion for Bid for Warner Music

Authored by Mark Hefflinger on November 6, 2003 - 8:14am.

London -- EMI, the world's third-largest music group, is close to lining up commitments from investment banks for up to $1 billion to fund its bid for Warner Music, the fourth-largest music group, Reuters reported on Thursday. The banks involved are Citigroup, Goldman Sachs, UBS and Royal Bank of Scotland. Meanwhile, Sony Music and Bertelsmann's BMG, the second- and fifth-largest record companies, respectively, announced on Thursday plans to merge. If EMI does buy Warner Music, it will create a global music giant second only to Universal Music.

tags: VC | Warner Music | EMI | Bid |