Digest: TWC rises on upgrade
EmptyShares of Time Warner Cable rose Wednesday after Bear Stearns analyst Spencer Wang upgraded them from "peer perform" to "outperform," citing signs "that integration of the L.A. systems (acquired from Comcast Corp. and Adelphia) is now progressing more smoothly." He added that TWC's Friday addition to the Russell 1000 stock index could be another catalyst for the stock. Wang also boosted his price target on Time Warner by $1 to $24 thanks to the TWC upgrade.
BC lands control of Intelsat
Private-equity firm BC Partners Ltd. has agreed to buy a controlling 76% stake in satellite firm Intelsat Ltd. for $4.6 billion plus the assumption of debt. It outbid John Malone's Liberty Media and satellite TV firm EchoStar Communications. Intelsat operates 51 satellites used by cable companies, broadcast networks and governments for distributing video programming. Intelsat CEO Dave McGlade, who is expected to continue in that role, lauded the "significant value" that Intelsat has created and the "tremendous opportunities" the business continues to have.
Getty in music biz with Pump Audio
Photo and image provider Getty Images Inc. said Wednesday that it has acquired Pump Audio, which provides music by independent artists to content developers, for $42 million. The deal allows the company to enter the commercial music-licensing business. Getty has been looking to diversify its revenue streams via acquisitions.