Private-equity firms KKR and Permira have submitted their buyout offer to minority shareholders of German broadcaster ProSiebenSat.1, offering €22.45 ($29) per share for nonvoting stock and €28.71 ($37) a share for voting stock. Shareholders have until March 13 to accept or reject the offer. KKR and Permira acquired majority control of ProSieben in December. Under German law, they must make an offer to minority shareholders equal to ProSieben's average share price over the past three months.
Banc of America analyst Douglas Shapiro on Tuesday cut his fourth-quarter earnings estimates for Time Warner Inc. ahead of the company's latest financial report, set to come today. Shapiro lifted his target price from $24 to $25. He expects results from TW's film studios to be weak because of tough year-ago comparisons for theater and home video performance.
Clear Channel cut
Banc of America analyst Jonathan Jacoby cut his rating on Clear Channel Communications to "neutral," saying investors are pricing in best-case scenarios for a proposed private-equity buyout of the radio giant. Thomas H. Lee Partners, part of a group that owns the Nielsen Co. — parent company of The Hollywood Reporter — and Bain Capital want to buy the firm for $37.60 per share. Jacoby doesn't expect a much higher buyout offer and argued that the stock price does not price in a possible collapse of the deal despite the opposition of key institutional shareholders.
XM, Honda extend
XM Satellite Radio said Tuesday that it has extended a deal through 2016 that has Honda America factory-installing XM radios in its vehicles. XM service is standard equipment in Acuras and also is available as a factory-installed option for the Civic, Civic Hybrid, Accord and other models.