Digest: Cablevision hires help
EmptyCablevision hires help
Cablevision Systems has hired Bear Stearns to help the firm with its ongoing exploration of strategic options to create shareholder value, the New York Post reported Monday. A spokeswoman said the company declined comment "on rumors or speculation." After several failed attempts by the controlling Dolan family to take Cablevision private, the company has been considering a possible sale or spinoff of its Rainbow Media cable networks unit. Liberty Media, News Corp. and Viacom have been seen as possible buyers.
Getty shares rise on buyout agreement
Shares of Getty Images jumped 29.5% on Monday to $31.67 after the photo agency said it has agreed to a $2 billion buyout by private-equity firm Hellman & Friedman plus the assumption of about $400 million in debt. The cash portion of the deal is for $34 per share, a 39% premium to Getty's closing price Friday. The transaction is expected to close in the second quarter. The Hollywood Reporter has a contract with Getty.
Clear Channel renegotiates
Clear Channel Communications and private-equity giant Providence Equity Partners have agreed on a lower $1.1 billion buyout price for the firm's TV stations, but the deal remains in limbo as one key bank financing 50% of the deal threatened to pull out Monday, a source said. The deal originally was valued at $1.2 billion. Wachovia filed a lawsuit Monday against Providence to push for changed financing terms.
Westwood One lands investor
Westwood One said Monday that private-equity group Gores Group has agreed to invest up to $100 million in the radio group. Gores will acquire $12.5 million worth of Westwood shares for $1.75 each, a 3% discount to the firm's Friday closing price. At Westwood's option, the private-equity firm also can buy additional shares and convertible preferred stock.