News Corp. to spin off 20% of Fox in IPO
Article Abstract:
News Corp. said it will spin off 20% of its Fox Group entertainment operations in an initial public stock offering that is estimated by analysts to raise up to $4 billion. The move indicates that News Corp. owner, Rupert Murdoch, is at last heeding the call from investors to take the necessary steps to increase News Corp.'s stock-price multiple. Capital generated from the proceeds will be used to buy back News Corp. stock, pay down some debt and finance additional acquisitions. The Fox Group entities going public include the fox Hollywood movie and TV studio, Fox broadcast network, Fox's 22 owned and operated TV stations, five pay-TV channels, the Los Angeles Dodgers, and stakes in the Los Angeles Lakers and Los Angeles Kings.
Comment:
To sell 20% of its media operations & other assets in an IPO estimated to raise up to $4 bil
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Hot Rod publisher Petersen is in talks on possible purchase by Britain's Emap
Article Abstract:
It's only speculation that the two publishing companies won't elaborate on, but Los Angeles-based Petersen Cos. and London-based Emap PLC are in talks; that much they will confirm. The talks are about Emap acquiring the publisher of Hot Rod and other magazines for over $1 billion. One estimate is as high as $1.5 billion because of debt from recent Petersen acquisitions. If and when the deal goes through, Emap would become one of the world's largest publishers. Emap tried to buy Petersen in 1996 and is still trying to make inroads into the US market, but it lost out to Willis Stein & Partners at that time.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Korn/Ferry Board approves plans for IPO, promotes 3 executives
Article Abstract:
The board of America's biggest executive-search firm, Korn/Ferry International, decided to take the company public and promoted three executives in anticipation of investor clearance for a fall 1998 offering. Two-thirds of the company's shareholders will have to vote in favor of the plan before an initial public offering can move forward. The company plans to use the proceeds from the IPO to finance its new electronic job-search venture for filling midlevel jobs through Internet searches.
Comment:
With shareholder approval yet to be determined, KF is planing to go public in a fall 1998 IPO
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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