#Divestitures / Spin-Offs
Philip Green alone responsible for BHS collapse: UK lawmakers
LONDON Retail tycoon Philip Green’s greed and disregard for corporate governance led to the demise of BHS and the loss of 11,000 jobs, a joint parliamentary committee said, calling the collapse of the British stores group “the unacceptable face of capitalism.”... More »
Japan’s SoftBank agrees $32 billion deal to buy Britain’s ARM
LONDON Japan’s SoftBank Group Corp (9984.T) has agreed to buy British chip designer ARM Holdings (ARM.L) for 24.3 billion pounds ($32 billion), in a deal that will retain the company’s management and grow its workforce. Arm, Britain’s preeminent technology com... More »
SoftBank adds to Alibaba sale, bringing total to $10 billion
TOKYO SoftBank Group Corp (9984.T) said on Friday it was selling a further $1.1 billion of its shares in Alibaba Group Holding Ltd (BABA.N), bringing the total it has sold in the Chinese e-commerce company to $10 billion. Separately, SoftBank agreed to sell mo... More »
HSBC axes 840 IT jobs in Britain in first big wave of planned cuts
LONDON HSBC (HSBA.L), Europe’s largest bank, started laying off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. Most of th... More »
Can Buffett-backed bid unlock Yahoo growth where others failed?
SAN FRANCISCO Warren Buffett struck media gold with a 2012 investment in debt-laden Media General Inc. Now the famed investor may try to reprise that success by supporting a bid for Yahoo Inc’s Internet assets. The Berkshire Hathaway Inc chairman is backing a ... More »
Exclusive: Warren Buffett, Quicken Loans founder in Yahoo bid – sources
Berkshire Hathaway Inc Chairman Warren Buffett is backing a consortium vying for Yahoo Inc’s internet assets that includes Quicken Loans Inc founder Dan Gilbert, people familiar with the matter said on Friday. While there is no certainty that the consortium wi... More »
Exclusive: Medivation succumbs to pressure to explore sale – sources
Medivation Inc (MDVN.O) will actively seek to sell itself after the US cancer drug maker rejected a $9.3 billion takeover offer from France’s Sanofi SA (SASY.PA), according to people familiar with the situation. The San Francisco-based company has agreed to op... More »
Credit Suisse’s Swiss and wealth units to run asset management
ZURICH Credit Suisse (CSGN.S) is placing asset management under the twin direction of its wealth management and Swiss banking divisions, it said on Sunday, announcing a further strategy rejig after a shake-up in October. Switzerland’s second largest bank will ... More »
Russia’s Onexim denies talks to sell media, power generating assets
MOSCOW Russia’s Onexim group, which manages the assets of tycoon Mikhail Prokhorov, said on Sunday that it was not in talks to sell its RBC media group and power generating company Quadra. Russian online news site gazeta.ru reported earlier on Sunday, citing s... More »
Will Prince’s control of his music extend from the grave?
LOS ANGELES The late pop star Prince was known in life as an artist fiercely protective of his intellectual property, but how much others may profit from his legacy, including a large body of unreleased songs, hinges on how astute he was in arranging for contr... More »
Daily Mail says may partner to bid for Yahoo
The parent of Britain’s Daily Mail said on Wednesday it had not submitted its own bid to buy Yahoo Inc’s core Internet business, but was still in talks to partner with other suitors of the U.S. company. Yahoo, which has been struggling with falling ad revenue ... More »
Exclusive: Chevron puts Myanmar gas block stakes worth $1.3 billion up for sale – sources
HONG KONG/SINGAPORE U.S. oil and gas major Chevron Corp has put all of its Myanmar gas block stakes up for sale, which at a combined likely valuation of $1.3 billion, would be the biggest deal involving Myanmar assets to date, financial sources familiar with t... More »
Viacom’s Redstone opposes selling minority stake in Paramount: WSJ
Ailing Viacom Inc (VIAB.O) controlling shareholder Sumner Redstone opposes Chief Executive Officer Philippe Dauman’s plan to sell a minority stake sale in Viacom’s Paramount Pictures movie studio, the Wall Street Journal reported on Monday. The report added to... More »
Daily Mail parent in talks with private equity for Yahoo bid: WSJ
The parent company of the British newspaper, the Daily Mail, is in talks with several private equity firms about a possible bid for Yahoo Inc, the Wall Street Journal reported on Sunday. Daily Mail & General Trust PLC’s potential bid could take one of two form... More »
Yahoo extends deadline for bids by a week: Re/code
Yahoo Inc (YHOO.O) has extended the deadline to bid for its businesses by a week to April 18, technology news website Re/code reported, citing people familiar with the matter. Yahoo, whose shares were up 1.7 percent in early trading, had set an April 11 deadli... More »
Britain says government contracts must consider local steel firms
LONDON Britain said on Sunday that UK steel producers must be considered for infrastructure and other government contracts involving steel supplies, as part of plans to find a long-term solution to a crisis in the industry. The government is looking for ways t... More »
Exclusive: Time Inc considers taking on private equity partner for Yahoo bid
Time Inc (TIME.N) is considering partnering with a private equity firm on a bid for Yahoo Inc’s (YHOO.O) core Internet assets, according to people familiar with the matter, as the U.S. publishing company seeks to boost its digital presence. The deliberations o... More »
Twenty-First Century interested in Paramount deal: source
Twenty-First Century Fox Inc (FOXA.O) is interested in acquiring a minority stake in Viacom Inc’s (VIAB.O) Paramount Pictures, a source close to the situation said on Wednesday. The company would be interested in exploring a deal that would create synergies fo... More »
Dell nears sale of IT services unit to Japan’s NTT Data: sources
Dell Inc is set to announce an agreement on Monday to sell its non-core information technology consulting division to Japan’s NTT Data Corp for $3.5 billion, people familiar with the matter said on Sunday. The move will allow U.S. computer maker Dell to trim s... More »
Microsoft meets with private equity over Yahoo deal
Healdsburg, CALIFORNIA Microsoft Corp (MSFT.O) executives are in early talks with potential Yahoo Inc (YHOO.O) investors about contributing to financing to buy the troubled Internet company, a person familiar with the situation said. The talks are preliminary,... More »
Yum in talks with KKR, Hopu, to sell stake in China unit: sources
SINGAPORE/HONG KONG Yum Brands Inc (YUM.N), owner of KFC and Pizza Hut, is in talks with private equity firms including KKR & Co LP (KKR.N) and Hopu Investments to sell a minority stake in its China operations as it prepares to spin off the once booming unit, ... More »
Starboard to launch proxy fight to remove Yahoo’s entire board: WSJ
Activist hedge fund Starboard Value LP, which is leading an investor revolt against Yahoo Inc’s (YHOO.O) management team, is seeking to remove the entire board of the struggling Internet company, the Wall Street Journal reported. The activist investor, which o... More »
Mediaset says pay TV is core and not for sale
MILAN Italian broadcaster Mediaset (MS.MI) poured cold water on Tuesday on speculation it was planning to sell part of its pay TV unit to French group Vivendi (VIV.PA). Chief Financial Officer Marco Giordani told analysts Mediaset Premium was part of the compa... More »
Bertelsmann profits up, looks to raise Penguin Random House stake
BERLIN German media group Bertelsmann (BTGGg.F) on Tuesday reported a 4.7 percent rise in full-year core profit and reiterated it wanted to raise its stake in Penguin Random House, the book publisher which helped to drive the earnings increase. Bertelsmann con... More »
Telecom Italia CEO exit raises prospect of Vivendi-led overhaul
MILAN/LONDON Telecom Italia Chief Executive Marco Patuano officially resigned on Monday, confirming reports at the weekend he was on his way out as top shareholder Vivendi tightens its grip on the Italian phone group. Telecom Italia’s shares rose 4 percent, ad... More »
Citi creates new group focused on serving fund clients
Senior investment bankers Zubaid Ahmad and Brad Coleman will be leading a new group at Citigroup Inc focused on better serving clients that are private equity firms, hedge funds and sovereign wealth funds, according to a memo seen by Reuters on Wednesday. The ... More »
Mediaset close to agreeing sale of pay-TV unit to Vivendi: sources
MILAN Silvio Berlusconi’s broadcaster Mediaset is close to selling its pay-TV unit to Vivendi, three sources close to the matter said, a move that would strengthen the French media group’s grip on Italy. Vivendi is already the top shareholder in Telecom Italia... More »
Fund manager Ackman calls Valeant ‘very valuable asset’
NEW YORK Billionaire investor Bill Ackman on Tuesday called embattled drug company Valeant Pharmaceuticals a “very valuable asset” but forecast that if the company’s situation does not stabilize soon new management will be brought in or the company will be sol... More »
Toshiba board to discuss sale of medical equipment unit Wednesday
TOKYO Toshiba Corp (6502.T) said its board of directors would hold a meeting on Wednesday to discuss the planned sale of its medical equipment unit and announce the outcome swiftly if a decision is reached. The cash-strapped Japanese company said in a statemen... More »
Canon front-runner with $6 billion bid for Toshiba Medical: Nikkei
TOKYO Canon Inc is front-runner to buy the healthcare business of Toshiba Corp with a bid of over 700 billion yen ($6.2 billion), Japan’s Nikkei newspaper reported. Toshiba, a laptops-to-nuclear conglomerate seeking cash to restructure after an accounting scan... More »
iHeartMedia hires Moelis to tackle debt burden – sources
iHeartMedia Inc has hired Moelis & Co as a financial adviser, the most significant step yet by the largest owner of U.S. radio stations to deal with its $21 billion debt pile, according to people familiar with the matter. The move comes as iHeartMedia, one of ... More »
Thomson Reuters may sell IP & science unit in parts: sources
NEW YORK/LONDON Thomson Reuters Corp is open to selling its intellectual property and science business in two or three parts to facilitate a divesture that could raise more than $3 billion, according to people familiar with the matter. The news and data provid... More »
Yahoo shareholder urges company to move quickly with auction: letter
Yahoo Inc. shareholder Canyon Capital urged the company to proceed quickly with the auction of its core business, citing concern that the Internet giant’s management team does not share the sense of urgency held by the board of directors. “We remain concerned ... More »
Viacom weighs selling minority stake in Paramount film unit
Viacom Inc (VIAB.O) is considering selling a “significant” minority stake in its Paramount Pictures movie studio, Chief Executive Philippe Dauman said on Tuesday In the face of weak advertising sales and poor ratings at its cable networks, investors have been ... More »
Time Inc explores bid for Yahoo’s core business: source
Time Inc (TIME.N), publisher of Sports Illustrated, People and Time magazines, has been exploring a bid to acquire Yahoo Inc’s (YHOO.O) core Internet business for several weeks, a source familiar with the situation told Reuters on Tuesday. Time Inc has been re... More »
Volkswagen says is open to listing trucks business
FRANKFURT Volkswagen AG’s (VOWG_p.DE) trucks business may pursue acquisitions or even a public listing, the company said on Monday, only days after the parent company was forced to delay publishing earnings in the wake of a diesel emissions scandal. “We’re kee... More »
Xerox to split into two companies, Icahn to get board seats on one
Xerox Corp (XRX.N) will split into two companies, one holding its legacy printer operations and the other its business process outsourcing unit, it said on Friday, in a bid to be more nimble after years of trying to integrate the businesses. Activist investor ... More »
Canada’s Shaw Communications sells media arm to Corus for C$2.65 billion
TORONTO Canada’s Shaw Communications Inc said on Wednesday that it would sell its media unit to Corus Entertainment Inc for C$2.65 billion ($1.9 billion), gaining funding for its Wind Mobile purchase and sending its shares up nearly 7 percent. Corus, which ope... More »
Alcoa gets $1.5 billion supply contract from GE’s aviation unit
Alcoa Inc said on Monday it had signed a $1.5 billion long-term contract with General Electric Co’s aviation unit to supply components used in aircraft engines. The aluminum producer will provide advanced nickel-based superalloy, titanium and aluminum componen... More »
Hefner’s Playboy mansion listed for sale for $200 million
The iconic Los Angeles mansion of Hugh Hefner, the founder of the Playboy empire, is being put up for sale for $200 million, Playboy Enterprises said, one of the highest asking prices for a private residence in the United States. The Gothic Tudor-style mansion... More »
UBS plans hiring spree for China wealth management team
SHANGHAI Swiss bank UBS AG plans to more than double the number of staff at its China wealth management teams over the next five years, said Kathryn Shih, Asia pacific president at the bank, in an interview with Reuters on Monday. Shih said market volatility w... More »
Time Warner shareholders could force sale or HBO spinoff: NY Post
Activist shareholders could push media company Time Warner Inc to sell itself or spin off its lucrative HBO business, the New York Post reported late on Thursday. While the activist shareholders have not approached Time Warner officially, New York-based firm C... More »
Toshiba to cut 7,000 jobs in PC and TV units, sees full-year loss
TOKYO Japan’s Toshiba Corp (6502.T) said on Monday it will cut nearly 7,000 consumer electronics jobs after a $1.3 billion accounting scandal, in an overhaul that will streamline the sprawling conglomerate into a company focused on chips and nuclear energy. To... More »
Renesas CEO says acquisition by Infineon unlikely
TOKYO Japanese chipmaker Renesas Electronics Corp’s (6723.T) CEO said an acquisition by Germany’s Infineon Technologies (IFXGn.DE) was unlikely as he believed its top shareholder, a government-backed fund, would not sell a majority stake to a foreign buyer. Th... More »
General Electric expects to announce headquarters decision in January
General Electric Co (GE.N) expects to announce a decision next month about whether it will move its headquarters out of Connecticut, a spokesman said on Sunday. GE Chief Executive Jeff Immelt had previously said the U.S. conglomerate planned to decide the futu... More »
U.S. FCC approves Altice acquisition of cable firm Suddenlink
The U.S. Federal Communications Commission said on Friday it approved the $9.1 billion sale of U.S. regional cable company Suddenlink Communications to European telecoms group Altice NV. The Dutch firm announced in May its acquisition of a majority stake in Su... More »
AstraZeneca buys most of Acerta for $4 billion to add cancer drug
LONDON AstraZeneca (AZN.L) said on Thursday it had agreed to buy 55 percent stake of privately held biotech firm Acerta Pharma for $4 billion to give it access to a new kind of drug for fighting blood cancers. AstraZeneca will pay $2.5 billion upfront, with a ... More »
Cerberus nears deal to buy Avon’s North American business: WSJ
Private equity firm Cerberus Capital Management LP [CBS.UL] is close to an agreement to buy Avon Products Inc’s (AVP.N) North American business for $170 million, the Wall Street Journal reported on Thursday. New York-based Cerberus will also invest $435 millio... More »
Two years after acquisition, Apple shuts social analytics platform Topsy
NEW YORK Apple Inc has shut down its Topsy Labs unit, which specialized in analyzing Twitter data and providing insights into current sentiment on a variety of topics, and the move prompted an outcry from many of its users. The website for the platform www.top... More »
Electrolux’s $3.3 billion acquisition of GE Appliances falls through
STOCKHOLM Sweden’s Electrolux (ELUXb.ST) said on Monday its deal to buy General Electric’s (GE.N) appliance business had fallen through after GE terminated the $3.3 billion agreement. The U.S. Department of Justice asked a federal court in July to stop Electro... More »
Yahoo board in final talks on future of company
SAN FRANCISCO Yahoo Inc’s board of directors on Friday is in the third and final day of meetings that could decide the future of one of Silicon Valley’s most prominent but troubled companies. One option on the table for the nine board members is whether to sel... More »
New York City mayor urges city pension funds to divest gun stocks
NEW YORK New York City Mayor Bill de Blasio urged the city’s pension funds on Friday to divest their holdings in stocks of gun makers after this week’s mass shooting in San Bernardino, California. Two of the funds in the city’s $155 billion pension system drop... More »
Investor urges Viacom to sell Paramount studio stake to Alibaba: FT
Viacom Inc’s (VIAB.O) second-largest shareholder has urged the media company to sell a stake in its Paramount movie studio to Alibaba Group Holding Ltd (BABA.N), according to the Financial Times. “If Alibaba is going to be serious about getting into the entert... More »
Exclusive: Lazard works with Sanofi on $12.7 billion animal health unit deal – sources
LONDON/NEW YORK/FRANKFURT Investment bank Lazard is working with Sanofi’s management to prepare a sale or listing of its Merial animal health unit, aiming to land the leading advisory job for the deal, which could value the business at up 12 billion euros ($12... More »
Pfizer-Allergan to take healthcare M&A deals to above $600 billion in 2015
Pfizer Inc’s (PFE.N) looming deal to buy Botox maker Allergan Plc (AGN.N) for more than $150 billion will cap a record-breaking run for mergers and acquisitions in the healthcare sector, taking the cumulative value of deals in 2015 to more than $600 billion. H... More »
Investor Gabelli joins millennials cutting the cable cord
NEW YORK It is not just millennials looking to cut the cable television cord: famed 73-year old billionaire value investor Mario Gabelli is planning to make a similar move. “I just got my bill for cable and it was outrageous,” Gabelli said at the Reuters Globa... More »
John Malone to restructure Liberty Media, Liberty Interactive
Media mogul John Malone, known for striking complex deals and running companies with intricate structures, is restructuring two companies he controls using tracking stocks and spinoffs. Liberty Interactive Corp (QVCA.O), which mainly houses Malone’s e-commerce... More »
Hulu in talks to sell stake to Time Warner: WSJ
Hulu is looking to sell a stake to Time Warner Inc (TWX.N) in talks that would value the video-streaming service provider at above $5 billion, The Wall Street Journal reported. The talks include cash investment and content licensing, the Journal reported, citi... More »
Third Point’s Loeb trades digs for diplomacy in Japan
TOKYOActivist investor Daniel Loeb, famously branded a carpet-bagger by actor George Clooney, has turned from bruiser to charmer in Japan, where he has added diversified retailer Seven & I Holdings to his portfolio. Sources familiar with the situation say Loeb... More »
Exclusive: Verizon weighing $10 billion sale of enterprise assets – sources
NEW YORKVerizon Communications Inc is exploring a sale of its enterprise assets which could be worth as much as $10 billion, according to people familiar with the matter, as the largest U.S. wireless carrier seeks to focus on its core business. The sale would ... More »
Philips $3.3-billion sale of Lumileds to Go Scale in doubt
AMSTERDAM Philips (PHG.AS) said on Monday the sale of its $3.3-billion Lumileds business to Go Scale Capital was uncertain, due to U.S. government concerns. Philips had announced in March an agreement to sell a stake of 80.1 percent in the business to Go Scale... More »
Toshiba to sell sensor business to Sony for around $165 million: sources
TOKYO Toshiba Corp is set to sell its image sensor business to Sony Corp for around 20 billion yen ($164.68 million) as part of a restructuring plan laid out earlier this year, sources with knowledge of the deal said on Saturday. Toshiba, whose businesses rang... More »
Vivendi raises stakes in French video games companies
PARIS Vivendi raised its stakes in French video games makers Ubisoft and Gameloft and indicated that it may buy additional shares later and seek board seats. Vivendi sold off its video games business Activision Blizzard in 2013 in the opening salvo of an asset... More »
Yahoo executive Jacqueline Reses to join Square Inc: Bloomberg
Yahoo Inc’s (YHOO.O) chief development officer, Jacqueline Reses, is leaving the company to join mobile payments company Square Inc, Bloomberg reported, citing people familiar with the matter. Reses’ role changed earlier this year when she shifted her focus to... More »
Credit Suisse’s Thiam set to show hand as CEO
ZURICH/LONDON When Tidjane Thiam unveils his plans for Credit Suisse on Wednesday the Swiss bank’s new chief executive will likely rest his case on three Cs: capital, cuts and charm. Thiam will show his hand after taking the reins at Zurich-based Credit Suisse... More »
Dell to use VMware to help pay for EMC deal: sources
Dell Inc is planning to use equity in cloud software company VMware Inc (VMW.N) to help pay for its acquisition of EMC Corp (EMC.N) in a deal valuing the data storage company at more than $55 billion, according to people familiar with the matter. While the bul... More »
Nestle spends $70 million on U.S. health science hub
ZURICH Nestle’s health science division is investing $70 million in a product technology center that will become the unit’s new U.S. headquarters and research hub, the division said on Friday. The Bridgewater, New Jersey center will further Nestle’s healthcare... More »
Sony proceeds with plan to sell music publishing unit: WSJ
Sony Corp (6758.T) is proceeding with a plan to sell its half of Sony/ATV Music Publishing, the world’s largest music publisher, the Wall Street Journal reported. Sony, which owns the unit with Michael Jackson’s estate, recently triggered a clause in its contr... More »
Nelson Peltz’s Trian Fund takes $2.5 billion stake in GE: WSJ
Nelson Peltz’s Trian Fund Management has accumulated $2.5 billion in General Electric (GE.N) shares since May — a roughly 1 percent stake — making it one of the company’s top 10 shareholders, the Wall Street Journal reported. In a white paper Trian plans to di... More »
Volkswagen to hold extraordinary board meeting on Wednesday: sources
BERLIN Volkswagen’s (VOWG_p.DE) supervisory board will hold an extraordinary meeting on Wednesday at which finance chief Hans Dieter Poetsch is expected to be appointed as new head of the 20-member controlling panel, two sources said on Sunday. Europe’s bigges... More »
News Corp sells digital education brand Amplify
News Corp said it sold its digital education brand, Amplify, to a management team supported by a group of private investors following slowing growth in the digital curriculum market. The company did not disclose financial terms of the deal. News Corp said in A... More »
Vodafone says Liberty Global tie-up talks ended
LONDON Talks between Vodafone and Liberty Global about exchanging assets to better compete in Europe’s converging mobile, broadband and TV markets collapsed on Monday because they could not agree on the value of their businesses. Vodafone, the world’s second-b... More »
Hon Hai considering buying $1.7 billion stake in Sharp LCD unit: paper
TOKYO Taiwan’s Hon Hai Precision Industry Co is considering buying a majority stake in Sharp Corp’s loss-making LCD business for up to 200 billion yen ($1.7 billion), Japan’s Mainichi newspaper said on Monday, without citing any sources. The newspaper said Hon... More »
British official lets slip that government considering sale of broadcaster Channel 4
LONDON Britain is considering selling the Channel 4 public broadcaster as part of its drive to pay down debt, a government official has accidentally revealed. An official was photographed on Thursday outside No. 10 Downing St, the residence of Prime Minister D... More »
Zurich ditches RSA takeover after losses in general insurance
ZURICH Zurich Insurance Group AG (ZURN.VX) abandoned its proposed 5.6 billion pound ($8.7 billion) bid for British insurer RSA Insurance Group PLC (RSA.L) on Monday after forecasting a $200 million loss in its general insurance business due to explosions at th... More »
Barrick says strong interest in U.S. gold asset sale
There has been strong interest in a package of six U.S. gold assets that Barrick Gold Corp (ABX.TO) wants to sell, a senior Barrick executive said on Sunday, adding that he expects a deal to close before year end. The interest has been largely from North Ameri... More »
Disney hires digital, consumer executives for new TV roles
The Walt Disney Co on Tuesday named two executives to newly created positions in its Disney/ABC Television Group to focus on digital media and consumer experience at a time when TV viewing habits are rapidly changing. Cindy Davis, most recently head of global ... More »
Tesco sells South Korean unit to MBK-led group for $6.1 billion
LONDON Britain’s Tesco (TSCO.L) has agreed to sell its South Korean unit to a group led by private equity firm MBK Partners for $6.1 billion, it said on Monday, in its first major disposal since it hit financial difficulties. Seeking to raise funds to revitali... More »
German publisher Axel Springer to exit Russia: RBC news agency
MOSCOW/FRANKFURT German publisher Axel Springer is withdrawing from its Russian business, Russian news agency RBC reported at the weekend, citing two media sources and a government source. A deal to sell an 80 percent stake to Russian publisher Alexander Fedot... More »
When financial planning meets wedding planning
As the fall wedding season begins, advisers should make sure they have a comprehensive plan to help clients who are getting married. Advisers need to look at the big picture, like if the couple’s retirement goals align, and the nitty gritty, such as insurance ... More »
Vivendi lifts second quarter profit, says could consider more M&A
PARIS French media group Vivendi (VIV.PA) reported higher second-quarter profit on Wednesday, helped by strong growth in its Universal Music division, and said recent asset sales could enable it to consider more acquisitions in the future. The company, with a ... More »
Exclusive: Citi aims to boost equities franchise amid industry shakeout
NEW YORK Citigroup plans to rebuild its long-neglected equities franchise seeking to capitalize on a retrenchment by rivals in the face of new rules designed to make the financial system less risky, according people familiar with the bank’s plans. A lack of in... More »
New York Daily News no longer up for sale, Zuckerman says
The New York Daily News is no longer for sale, according to a memo sent to employees by the newspaper’s owner, Mort Zuckerman, on Thursday. The memo from the media and property mogul said that, after meeting with several potential suitors, he had “decided to w... More »
Symantec to sell Veritas for $8 billion to focus on security software
Norton antivirus software maker Symantec Corp has agreed to sell its data storage unit, Veritas, for $8 billion to a group led by Carlyle Group LP as it seeks cash to turn around its core security software business. The deal, the biggest U.S. leveraged buyout ... More »
Fox lowers profit outlook, shares drop
Media company Twenty-First Century Fox Inc (FOXA.O) on Wednesday reduced its profit expectation for the coming year, citing foreign currency impacts, the timing of film releases, and sports and digital investments in India. Fox had projected earnings in the mi... More »
German carmakers buy Nokia maps to fend off digital rivals
FRANKFURT/HELSINKI German carmakers BMW (BMWG.DE), Audi (VOWG_p.DE) and Mercedes (DAIGn.DE), will pay around 2.5 billion euros ($2.75 billion) to buy Nokia’s maps business, a transformational deal that will help them to develop self-driving cars. Daimler BMW a... More »
HSBC beats forecasts as Hong Kong drives 10 percent rise in first-half profit
HONG KONG HSBC Holdings (HSBA.L) beat expectations with a 10 percent rise in first-half profit on Monday, driven by a strong performance in Hong Kong, and said it had agreed the sale of its unprofitable Brazilian unit. It said it had agreed to sell Banco Brade... More »
HSBC selling unprofitable Brazil unit to Bradesco for $5.2 billion
SAO PAULO HSBC Holdings Plc (HSBA.L) agreed to sell its Brazilian unit to Banco Bradesco SA (BBDC4.SA) for $5.2 billion, retreating from the second-largest emerging market economy after years of disappointing performance. Europe’s No. 1 bank said in a statemen... More »
Pearson exploring sale of Financial Times: Bloomberg
LONDON British publisher Pearson (PSON.L) is exploring the sale of its Financial Times newspaper after receiving interest from potential buyers, Bloomberg reported on Monday, citing people familiar with the matter. Pearson was sounding out possible bidders for... More »
BT could be broken up to improve Britain’s broadband networks
LONDON Britain’s telecoms regulator is seriously considering a break up of dominant provider BT, after rivals accused it of abusing its market position and failing to invest in the broadband networks they rely on. Ofcom floated the idea of a forced separation ... More »
Ellen Pao resigns as Reddit CEO in fresh sign of turmoil
SAN FRANCISCO Ellen Pao resigned as acting chief executive of Reddit Friday in the latest sign of turmoil at the site, recently roiled by the firing of a popular employee and ongoing tensions over the limits of free speech on its social-news platform. Reddit c... More »
Vivendi pushes out Canal+ chief as profits shrink
PARIS French media group Vivendi pushed out Rodolphe Belmer as chief of its Canal Plus unit on Friday amid disappointment over what one source said was a failure to rejuvenate the pay-TV channel and halt a drop in sales and profits. The move came amid a high-p... More »
Microsoft hands display ads to AOL, maps to Uber
SEATTLE Microsoft Corp (MSFT.O) said on Monday it will hand over its display advertising business to AOL Inc and sell some map-generating technology to ride-hailing app company Uber, as it slims down its money-losing online operations. The moves mean Microsoft... More »
