Digest: FTC OKs Dow deal; Charter exchange
EmptyFTC OKs Dow deal
The FTC has given antitrust clearance to Dow Jones & Co. and Rupert Murdoch's News Corp. for the conglomerate's planned $5 billion acquisition of the Wall Street Journal publisher. The companies said the FTC granted early termination of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act that gives regulators time to assess a proposed transaction.
Paul Allen-controlled cable operator Charter Communications Inc. has filed a registration statement with the U.S. Securities and Exchange Commission for an exchange offer of up to $309 million of its convertible senior debt. Pali Research analyst Richard Greenfield said the debt exchange would boost Charter's interest expense by about $10 million, but extend the debt's maturity and reduce any stock dilution. Under the offer, the firm would only have to issue 17 million fewer shares upon conversion than under its current arrangement. Miller Tabak + Co. analyst David Joyce said the offer doesn't provide Charter with any cash, but is "one positive in the current nervous credit market."
Citadel Broadcasting Corp., the third-largest U.S. radio station group, has promoted John Rosso to a new senior vp post in charge of all interactive platforms. His job will be to expand Citadel's digital initiatives, including its 300 local and national Web sites and more than 200 streaming stations. "His knowledge of the radio business will be invaluable in exploiting the synergies between traditional media and new media," Citadel CEO Farid Suleman said. Rosso most recently was responsible for relaunching ABC Radio Networks Web sites.