EmptyCMM takes business to NYSE
China Mass Media, which sells commercial time slots on Olympics broadcaster China Central Television, plans to raise at least $75 million this week in an initial public offering on the New York Stock Exchange. Beijing-based CMM sells CCTV ad slots to such major Chinese companies as Lenovo, China Mobile and China Unicom. CMM's IPO, underwritten by Merrill Lynch, seeks to raise as much as $103.9 million via the listing of 14.4 million American Depositary Shares, which amounts to about 30% of its total capital. Each ADS is equal to 15 common shares.
USA Today publisher Gannett said Monday that it has made a minority investment in Mogulus, an Internet video platform that provides services to Gannett's Web sites. Mogulus provides users with the tools to produce their own online TV channels. Terms of the deal were not disclosed.
A bite out of Apple
Shares of Apple dropped 4.8% on Monday to $154.40 despite a bullish note from W.R. Hambrecht analyst Matthew Kather, who raised his price target on the stock from $238 to $257. The analyst's outlook stems mostly from the potential of the Macintosh PC and the iPhone to outperform expectations. Apple shares slipped amid a broader downturn in overall markets.
Saboor to WWE
World Wrestling Entertainment has hired John Saboor as vp special events effective Aug. 8. He was president of the Central Florida Sports Commission.