EmptyTW, Liberty beat deadline for Braves swap
NEW YORK — Time Warner Inc. and Liberty Media Corp. said Thursday that they have sealed a complex deal with an estimated value of about $1.5 billion by a midnight deadline that will see the world's largest media conglomerate transfer the Atlanta Braves baseball team, other assets and cash to Liberty in return for 68.5 million TW shares that Liberty had held. Besides the Braves, the company founded by cable pioneer John Malone received Leisure Arts Inc. — a part of TW's Time Inc. publishing unit that comprises several craft magazines — and $960 million in cash. Liberty also retained about 103 million shares, or about 2.8% of TW common stock.
Live Nation in concert with Web offering
DENVER — Live Nation is providing music fans access to hundreds of live performance clips and interviews through a new online service called Live Nation TV. The on-demand video is available via LiveNation.com. Content from the service is compiled from the many shows Live Nation records in all its venues as well as from footage and interviews gained last year through the acquisition of House of Blues. The move is part of a larger effort to turn its Web site into a full information repository for live events.
Wilson on call for SoapNet
Chandra Wilson, who won SAG and NAACP Image Awards this year for her role as Miranda Bailey on ABC's hit drama series "Grey's Anatomy," will host SoapNet's live two-hour special from the Daytime Emmy Awards red carpet from 7-9 p.m. June 15. Wilson, said to be a longtime soap fan and who had a recurring role on ABC's "One Life to Live," will talk to daytime stars leading up to the broadcast at 9 p.m. on CBS. Tupelo-Honey will produce the live show.
Sources: EMI books open to bidders
Music company EMI Group Plc. has taken the next step in a potential sale, recently opening its financial books so that suitors can perform their due diligence, sources confirmed Thursday. Warner Music Group and several private-equity groups are believed to be in the running for a takeover of EMI. An EMI spokeswoman in New York declined comment; WMG officials also declined comment. EMI this year rejected a takeover bid from WMG, citing regulatory hurdles, but WMG has since struck agreements with independent record labels to win their support for a potential deal.
Marquee 10th convert for AccessIT
Access Integrated Technologies said that Marquee Cinemas will be the 10th chain to convert its screens to digital cinema using AccessIT's Theatre Command Center software, preshow programming and Christie DLP Cinema projectors. The project represents 153 megaplex screens. The completion of the contract brings AccessIT's digital cinema program (previously named Christie/AIX) to a total of 3,455 screens committed of the 4,000 in the Christie/AIX plan.
Nexstar stock soars ahead of potential sale
NEW YORK — Shares of TV station owner Nexstar Broadcasting Group Inc. jumped 22.4% on Thursday after the company said its board has hired Goldman, Sachs & Co. to assist it in reviewing strategic alternatives, including a sale of the broadcaster. Nexstar's stock soared to three-year highs, hitting $13.59 in intraday trading before closing at $13.33, giving it a $378.6 million market capitalization, according to Yahoo Finance. The stock's previous 52-week high was $12.65. Wall Street observers suggested that the company could easily find a buyer for a price of $15 or more per share.