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Entries tagged "CBS"The TV recessionIs there hope for an advertising recovery? Goom Radio tunes in to $16MThe startup promises to revolutionize Internet radio. Redstone's NAI may have to sell more assetsPali Capital Inc. analyst Rich Greenfield suggests in a Wednesday blog post that National Amusements Inc. is preparing to embark on another anticipated sale of either shares in other companies or of theaters. ... Redstone assures investors he supports CBS, ViacomMedia mogul Sumner Redstone tried Thursday to assuage concerns about the "extraordinary circumstances" and "clearly atypical" actions taken by his privately held theater chain National Amusements Inc. ... BofA's Lewis: Accepting bailout money was patrioticKen Lewis popped into the living rooms of America on Sunday night to say he's glad he'll personally receive less money so the bank he runs can be part of the government rescue plan. In fact, the chairman and chief executive of Bank of America Corp. said on CBS' "60 Minutes" his bank took the money even though it didn't need it, and felt it was its patriotic duty to do so.... Redstone unloading CBS or Viacom doesn't add upAll this hot air that Sumner Redstone may have to give up control of CBS Corp. or Viacom Inc. to satisfy debt covenants overlooks a couple of cold facts. The first fact is that National Amusements Inc., the Redstone-controlled company confronting an $800 million maturity at the end of this year, could sell the rest of its nonvoting shares of CBS and Viacom for more than $500 million. Add this to the $233 million in CBS and Viacom shares that privately held NAI has already sold, and total proceeds would be pushing $750 million.... Redstone sells stake in Viacom, CBS to meet loan termsThe credit crunch is hitting the pockets of all Americans, even billionaire Sumner Redstone. The media mogul, who controls Viacom and CBS Corp., is selling about one-fifth of his stake in the two media companies to meet loan terms at his privately held holding company, National Amusements Inc. The divestment of nonvoting stock amounted to a sale of about $400 million. Bloomberg says, "Redstone is facing pressure from lenders to meet loan requirements during a period when credit markets have frozen." - Gerald Magpily ... CBS' Moonves sees dark future in newspaper sectorThe newspaper industry is in critical condition, and CBS CEO Les Moonves makes no bones about it. The media veteran, who helped engineer CBS' $1.8 billion purchase of online media company Cnet Networks Inc. in May, seemed to be gloating, telling an audience at MIXX 2.8, the Interactive Advertising Bureau's annual advertising conference Tuesday, about his company's new direction, which seems to spell only more troubles for the newspaper industry. ... Jana retreats from Cnet campaignActivist hedge fund Jana Partners LLC said Thursday that it would drop its proxy contest with Cnet Networks Inc., following CBS Corp.'s pending $1.8 billion acquisition of the Internet hub. ... Analyst: Redstone should take Viacom privateWith Viacom Inc.'s stock languishing at roughly the same price it fetched two years ago, Richard Greenfield of Pali Capital Inc. urged in a Wednesday note that Sumner Redstone "put investors out of their misery" by taking the media house private.... Breaking: Time Warner withdraws Weather Channel bidTime Warner Inc. is withdrawing its bid to buy Landmark Communications Inc.'s Weather Channel due to price, reports Reuters. That would leave a group made up of NBC Universal Inc., Blackstone Group LP and Bain Capital LLC as the lone bidders, according to rumors. CBS Corp. fell out of the auction after acquiring Cnet Networks Inc. for $1.8 billion. Bids for the Weather Channel were rumored to be $3.5 billion, instead of the $5 billion Landmark Communications was asking. Landmark, which is privately owned by Frank Batten Jr., also owns newspapers and television stations. -- Maria WoehrWeather Channel auction enters latest... Rabble Babble: What others are saying about CBS' acquisition of CNetCBS Corp. said it would pay $11.50 per share,or nearly $1.8 billion, for Cnet Networks Inc. CBS is hoping the deal will help the company expand its reach on the Internet. The deal comes as Cnet's activist hedge funds, which hold nearly 15% of the company, are putting pressure on the company. This, of course, means a lot of chatter in the blogosphere and in the discussion rooms.... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "CBS." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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