Digest: 2% 'upside' for Disney
EmptyMorgan Stanley on Wednesday raised its price target on shares of the Walt Disney Co. by $4 to $35, but reiterated his "equal weight" rating because of the stock's run-up this year. "Disney has about 2% upside to our target," analyst Richard Bilotti said in a report. "Given the increase in the stock, Disney now trades at 20 times-21 times fiscal-year 2007 estimated earnings per share, closer to the highest growth quartile of the S&P 100" stock index.
Chandler in talks for PE bid
The Chandler family, a key shareholder in media firm Tribune Co., has held talks with private-equity groups about a possible bid for part of the group, which has seen less-than-hoped interest in its auction process, the New York Times said Wednesday. The newspaper said the Chandlers had no interest in buying Tribune when it first clashed with its management and later urged the company to sell itself at least in part. The New York Times said the Chandler family's move was designed to either start a bidding war or provide shareholders value via a buyout. Tribune owns TV stations, big newspapers including the Los Angeles Times, the Chicago Cubs baseball team and other media assets.
Blackstone expands WMG role
Warner Music Group said Wednesday that the head of its music publishing unit, Warner/Chappell Music, will become a senior adviser to chairman and CEO Edgar Bronfman Jr. Richard Blackstone, who has been chairman and CEO of Warner/Chappell since last year, will move into the new role Jan. 3. He will focus on music publishing strategic matters, including acquisitions, international licensing and global expansion, the company said. WMG general counsel David Johnson will temporarily serve as CEO of the publishing unit during the search for a successor.