John Malone's Liberty Global on Tuesday unveiled a number of transactions with Sumitomo Corp. that will fine-tune its holdings in Japan and divide the assets of the firms' Jupiter TV venture into two companies. After the deals, LG will leave the Jupiter Shop Channel to Sumitomo for about $863.8 million in stock. Liberty also will boost its stake in Japanese cable giant Jupiter Telecommunications from 36.5% to 37.5%, an increase valued at $217 million. Jupiter TV's thematic programming channels will become part of the cable company.
Children's Place Retail Stores Inc. on Tuesday reported a first-quarter profit and said talks with the Walt Disney Co. to modify a long-term licensing agreement are almost complete. Under the proposed pact, the company would renovate a substantial number of Disney Stores over five years for about $175 million. If it fails to do so, it would have to pay Disney a fee. The retailer reiterated its 2007 earnings outlook, which boosted its shares. Management said the quarter was challenging but that it was pleased with Disney Stores results.
Cablevision Systems Corp. said late Monday in a regulatory filing that CEO James Dolan received compensation valued at $11 million in 2006. He received a $1.6 million salary, a $3.75 million bonus and stock and options that had an estimated value of $4.8 million when they were awarded. Dolan also earned more than $782,800 in other compensation, including $201,475 in use of the company aircraft, $153,772 for a company car and driver, deferred compensation of $179,070 and life insurance premiums of $37,705. His father, Charles Dolan, received a similar package.