Digest: CBS partners; Vivendi issues
CBS Corp.'s CBS Radio unit and its Last.fm music and social networking site on Tuesday unveiled a strategic partnership designed to expand the reach of each. The two plan to enhance content available on each other's sites, as well as launch cross-promotions. In one first key initiative, CBS Radio will provide streaming of all its stations to Last.fm's audience. "Streaming our stations on Last.fm exposes our incredible portfolio of brands, talent and content to a large, growing audience, while at the same time providing additional value to all our advertisers," CBS Radio CEO Dan Mason said.
Vivendi said Tuesday that it is issuing U.S. dollar bonds maturing in five to 10 years as part of the financing for its planned deals for video game marker Activision and telecom company Neuf Cegetel. The financing substitutes bank facilities that Vivendi already has available. "The objective is to rebalance (the) debt structure between bank debt and bond debt and to lengthen (the) average maturity," Vivendi said.