EmptyCBS selling seven stations
CBS Corp. said Wednesday that it has agreed to sell seven TV stations to private-equity firm Cerberus Capital Management for $185 million. The stations are the CW, CBS, MyNetwork TV and TV Azteca affiliates in Austin, Salt Lake City, Providence, R.I., and West Palm Beach, Fla.
TiVo soars on Amazon VOD deal
Shares of TiVo Inc. rose 8.9% on Wednesday to $5.97 on Tuesday's news that the DVR service is joining forces with Amazon.com Inc. to offer a TV and movie download service. The deal "represents a growing move by content owners and aggregators to embrace the TiVo platform," said Friedman, Billings, Ramsey analyst Brian Coyne, "making TiVo a more attractive partner or potential acquisition target." It was the top gainer on The Hollywood Reporter's Showbiz 50 stock index.
CanWest retains adviser CIBC
CanWest Global Communications said Wednesday that it has hired CIBC World Markets as financial adviser to consider buying back a minority stake in CanWest MediaWorks Income Fund, which holds its Canadian newspaper assets. The news of the potential going-private deal follows CanWest Global and equity partner Goldman Sachs Group's in January buying rival Canadian broadcaster Alliance Atlantis Communications for CAN$2.3 billion ($1.9 billion). CanWest Global also is mulling possible sales of its Australian and New Zealand broadcast assets to focus on its Canadian operations.
Move Nets secures $11.3 mil
Move Networks, a provider of continuous longform video over the Internet, said Wednesday that it has secured $11.3 million in its first round of external venture capital financing, led by investments from Hummer Winblad Venture Partners and including Steamboat Ventures, an investment arm of the Walt Disney Co. Move Networks' clients include Fox Networks, E! Online's GlamCam, the CW and Televisa.