Financial economics

  1. SESAC Refinances Debt to Cut Interest Payments

    April 08, 2014 9:38 PM EDT SESAC, the privately held performance rights organization, is reshuffling its debt to achieve cost savings in interest payments, according to a report from Moody's Investors Services. The refinancing will see SESAC take on $5 million more in ...

  2. Trans World Ent. To Hold 'Modified Dutch Auction'

    June 27, 2013 6:40 PM EDT Trans World Entertainment's board of directors has authorized the company to hold a "modified Dutch auction" tender offer for up to $25 million in value of its common stock. In the offer, which sets a minimum of $4.50 and a maxim ...

  3. Layoffs Hit Major-Market Clear Channel Stations

    December 07, 2012 4:54 PM EST Clear Channel Media and Entertainment is going through another round of layoffs, this time with cuts taking place at many of the company's major market clusters. According to reports, the cuts have effected stations in Los Angeles, Dallas, Mi ...

  4. Concord Music Being Shopped to Private-Equity Firms, Not Strategic Suitors

    December 05, 2012 8:27 PM EST Reports that the Concord Music Group is up for sale are true, knowledgeable sources say. But there is one key factor that appears to have been overlooked thus far: management is controlling the company's sale process so far. Consequently, Con ...

  5. Business Matters: A $3 Billion Valuation Brings Spotify Expectations Back to Earth

    November 12, 2012 6:10 PM EST News that Spotify raised money at a $3 billion valuation and generated $200 million in revenue in the first half of 2012 is more like the sound of air being let out of a tire rather than a bursting bubble. The company has been hyped more than any ...

  6. Moody's Cuts Sony's Credit Rating Again, But Calls Music 'Generally Stable'

    November 09, 2012 1:08 PM EST Moody's Investors Service has downgraded the long-term senior unsecured bond ratings of Sony Corporation. A new report issued by Moody's on Friday moves a rating from "Baa2" to "Baa3" and gives a negative outlook for ...

  7. Warner Music Inks Refinancing Deal with Lower Interest Payments, Balance Sheet Flexibility

    November 07, 2012 4:23 PM EST Warner Music Group has successfully completed a refinancing that will reduce its annual interest payments by about $43 million annually, Billboard estimates. As well as lowering interest payments, the world's third largest music company is al ...

  8. Fred Wilson Confirmed for Keynote at Billboard FutureSound Conference

    October 25, 2012 8:00 AM EDT Venture capitalist Fred Wilson will be a keynote speaker at the Billboard FutureSound Conference, presented in association with Loeb & Loeb LLP, which will take place November 15-16 in San Francisco. Wilson is managing partner at New York-base ...

  9. Warner Music Refinances for Lower Debt Payments

    October 17, 2012 11:42 AM EDT Warner Music Group is refinancing part of the $2.21 billion in debt that Len Blavatnik's Access Industries used to finance its acquisition in 2011, according to a regulatory filing . The world's third-largest music company kicked off a t ...

  10. Publishing Briefs: Kobalt to Invest $100 Million in Advances, Copyrights

    October 09, 2012 7:47 PM EDT Kobalt to Invest $100 Million in Advances, Copyrights The Kobalt Music Group, via funds raised by Kobalt Capital Ltd, plans to invest $100 million over the next 12 months in paying advances and buying copyrights. Through its subsidiary Kobalt Capi ...

  11. 'American Idol' Creator Simon Fuller to Bid on EMI Assets

    October 08, 2012 6:54 PM EDT Simon Fuller, the Spice Girls svengali and creator of the TV format behind American Idol, is looking to submit a bid for all the EMI businesses that Universal Music Group must sell. Vivendi-owned UMG recently won regulatory approval of its $1.9 bi ...

  12. Alfonso Perez-Soto Named SVP, Business Development, Latin America, Spain and Emerging Markets at Warner

    October 05, 2012 3:37 PM EDT Warner Music Group today named Alfonso Perez-Soto its new senior vice president, business development for Latin America, Spain and emerging markets. Perez-Soto previous had worked as vice president of the content corporate unit at Telefonica. In h ...

  13. Former EMI Owner Terra Firma Seeks Appeal in Lawsuit Against Citigroup

    October 05, 2012 3:09 PM EDT Terra Firma Capital Partners LP has asked a U.S. appeals court for a new trial over its claims that it was deceived by Citigroup Inc. while bidding for EMI Music, according to numerous reports . The case originally went to trial in October 2010. A ...

  14. Guggenheim Partners Nearing Deal to Buy Dick Clark Productions

    August 30, 2012 8:55 AM EDT Guggenheim Partners has entered final negotiations to acquire Dick Clark Productions for an amount that exceeds its hefty asking price, multiple sources have told The Hollywood Reporter. The deal for the storied production company behind the Golde ...

  15. Universal-EMI Divestment Package Expected to Be Complete by Monday, Possibly Sooner

    July 20, 2012 6:25 PM EDT As of late Friday afternoon (ET), the Universal Music Group's remedies package of assets to be divested as part of its effort to win regulatory approval of its proposed acquisition of still had not been formally submitted to the EU Commission ...

  16. Dick Clark Productions Considering Sale (Report)

    June 14, 2012 6:30 AM EDT The owner of Dick Clark Productions, the producer of the Golden Globe awards show, started evaluating a sale of the firm after receiving an expression of interest from an unnamed Chinese media firm, the New York Times reported. As reported, Dick C ...

  17. Viacom Increases Quarterly Dividend

    May 24, 2012 7:45 AM EDT Viacom said Wednesday (May 23) that its board has approved a 10 percent increase in its quarterly dividend to 27.5 cents per share from 25 cents. Viacom Launches New Blog The increase will take effect starting with Viacom's next quarterly div ...

  18. ICM Finalizes Equity Firm Buyout, Excludes Former CEO Jeffrey Berg

    May 23, 2012 4:28 PM EDT International Creative Management has finalized its deal to buy out majority owner Rizvi Traverse Management and has formed a new partnership structure for the agency, the company said Wednesday. ICM will be renamed ICM Partners to reflect the cha ...

  19. Business Matters: Bono Will Make Maybe $10 Million, Not $1.5 Billion, From Facebook's IPO

    May 18, 2012 3:26 PM EDT Bono Will Make Millions -- But Not Billions -- Off Facebook's IPO Bono is rich but not as rich as you have been led to believe in the last few days. A report at NME.com , which was picked up by Spinner, Huffington Post and the New York Post ( ...

  20. Spotify Raising Funding at $4 Billion Valuation: Report

    May 17, 2012 2:49 PM EDT Music subscription service Spotify is raising money at a $4 billion valuation, according to a report Thursday at the New York Times . The report says Goldman Sachs is set to invest $100 million and the round -- which will not close for "many ...

  21. Facebook Boosts IPO Shares By 25 Percent

    May 16, 2012 9:28 AM EDT NEW YORK (AP) -- Facebook says 25 percent more shares will be sold as investors clamor for shares in the year's hottest stock offering. Facebook said in a regulatory filing Wednesday that about 421 million shares will be sold, up from 337 mil ...

  22. Live Nation 1Q Loss Expands; Revenue Ticks Up

    May 09, 2012 9:55 PM EDT Concert promoter Live Nation Entertainment Inc. said Wednesday that its first-quarter net loss expanded even as revenue ticked higher, as it did not repeat an income tax windfall from a year ago. The net loss in the three months to March 31 grew t ...

  23. Google Announces Stock Split; First-Quarter Revenue Up 24%

    April 12, 2012 5:03 PM EDT Google Inc. plans to split its stock 2-for-1 to preserve its leadership's control over the company and maintain its long-term focus. The online search leader said Thursday that it is issuing a new class of stock to shareholders, but the new s ...

  24. Business Matters: The Adele Effect: What 2012's First Quarter Might Have Looked Like Without '21'

    April 06, 2012 4:05 PM EDT The Adele Effect, and Other First-Quarter Observations -- The first quarter of 2012 has come to a close and the "Adele Effect" is everywhere. Not only did the singer's breakthrough album 21 provide the highlights of the Grammy Award ...

  25. Best Buy to Close 50 Big-Box Stores, Open 100 Mobile Locations

    March 29, 2012 11:16 AM EDT Best Buy Co. said it plans to close 50 big box stores and open 100 small mobile locations in the U.S. in fiscal 2013 and cut $800 million in costs by fiscal 2015. The news came Thursday as the biggest U.S. specialty electronics retailer posted a f ...

  26. IFPI 2012 Report: Global Music Revenue Down 3%; Sync, PRO, Digital Income Up

    March 26, 2012 9:28 AM EDT Trade revenue generated by the global recorded music industry in 2011 dropped by 3% to $16.6 billion, according to the International Federation of the Phonographic Industry's (IFPI) annual "Recording Industry in Numbers" report, pub ...

  27. How To Get Your Music & Tech Startup Funded Panel @ SXSW

    March 14, 2012 1:19 PM EDT SXSW's "Getting Your Music/Tech Startup Funded" panel brought together a spectrum of financial backers, from the bottom level to the very high end. Moderated by the San Jose Mercury News' Peter Delevett, the panel was populated ...

  28. John Hogan Named Chairman/CEO of Clear Channel Media and Entertainment

    February 24, 2012 5:49 PM EST John Hogan -- no. 12 on Billboard's recent "Power 100" list -- has been promoted to chairman and CEO of Clear Channel Media and Entertainment, effective immediately, the radio giant's parent company said Friday. Hogan, who had ...

  29. SESAC for Sale, Owners Seeking $500 Million: Report

    February 15, 2012 8:45 AM EST SESAC's owners, which include investment bank Allen & Co. and hedge fund Och-Ziff, are seeking approximately $500 million for performing-rights organization, according to the New York Post . The organization has hired Goldman Sachs to sho ...

  30. EMI Split Sale Approaches, But Complications Persist

    November 10, 2011 7:14 PM EST Press reports in the Guardian and the Wall Street Journal may suggest that Citigroup is close to completing two separate deals to sell EMI, but sources say that both negotiations still have complications to overcome. Citigroup is seeking $1.7 mill ...

  31. Groupon Raises $700 Million With IPO at $20 Per Share

    November 04, 2011 8:11 AM EDT SAN FRANCISCO (AP) - Daily deals pioneer Groupon raised about $700 million with an initial public offering of stock priced well above expectations. The IPO was set late Thursday at $20 per share, above the anticipated range of $16 to $18. The high ...

  32. Live Nation's Third-Quarter Revenue Down, Net Income Slightly Up

    November 03, 2011 5:15 PM EDT Concert promoter Live Nation Entertainment Inc. said Thursday that its third-quarter net income inched up 1 percent though revenue from selling concert tickets fell. The company's overall revenue fell short of analyst expectations. Don't ...

  33. Berlin Promoter Deutsche Entertainment AG Expanding To Switzerland With Starclick

    October 28, 2011 2:32 PM EDT BERLIN - The German concert promoter Deutsche Entertainment AG (DEAG) in Berlin has joined forces with the Swiss media company Ringier AG to form the concert agency Starclick Entertainment AG, in Zurich The new company will work independently in S ...

  34. Amazon's Third-Quarter Profit Down 73%, Stocks Drop

    October 25, 2011 4:37 PM EDT Amazon says its third-quarter net income sank 73 percent despite sales growth as the online retailer spent money to grow its business. The company's earnings fell short of analyst expectations and its stock fell nearly 20 percent in after-hou ...

  35. Business Matters: Shrinking IPO Market Hurt Venture Capital in Q3

    October 11, 2011 8:15 PM EDT Shrinking IPO Market Hurt Venture Capital in Q3 -- Venture capital fundraising fell to an eight-year low in the third quarter, according to the National Venture Capital Association (NVCA). Firms raised $1.7 billion in the quarter, down sharply fro ...

  36. Yahoo Withdraws Hulu Bid (Report)

    October 11, 2011 7:15 AM EDT NEW YORK - Yahoo, which made an initial approach that kicked off a sales process for online joint venture Hulu, has withdrawn from the bidding process, the Wall Street Journal reported Monday. The auction continues with satellite TV firm Dish Netw ...

  37. Guy Hands Launches New Lawsuit Against Citigroup Over EMI

    September 08, 2011 2:05 PM EDT Terra Firma chairman Guy Hands has instigated legal proceedings against Citigroup over the way it acquired EMI, according to reports. U.K. newspaper The Guardian claims Hands has applied to the high court requesting information about the condition ...

  38. Warner Music Group Plans Modest Restructuring Under Access Ownership

    July 25, 2011 9:00 AM EDT Now officially under new ownership , the Warner Music Group plans to achieve cost savings between $50-65 million over the next 27 months. The company plans to achieve those saving through "certain planned corporate restructuring initiatives,& ...

  39. Access Industries Completes Acquisition of Warner Music Group

    July 20, 2011 12:51 PM EDT Access Industries has completed its acquisition of the Warner Music Group ahead of plan, thanks to compliant regulatory agencies and a resilient bond market willing to absorb $1.045 billion in a new bond offering from the company and shareholders ...

  40. Warner Music Group Shareholders Approve Sale

    July 06, 2011 10:43 AM EDT Warner Music Group shareholders approved the $3.3 billion sale to Len Blavatnik's Access Industries at a special meeting of stockholders on Wednesday. Shareholders will receive $8.25 per share in cash at the closing of the transaction, which ...

  41. Paty Cantu Partners with Univision, MasterCard

    June 21, 2011 7:10 AM EDT Univision Communications and MasterCard have partnered with a music artist-Mexican pop singer Paty Cantu-to be the new face of Univision's MasterCard Prepaid Card and also, to appear on a series of spots for MasterCard's "Priceless& ...

  42. EMI Gears Up for 'Possible Sale' -- Read CEO Roger Faxon's Memo to Staff

    June 20, 2011 3:23 PM EDT EMI issued a statement on Monday saying that it has launched an effort to find a new owner, among other "strategic alternatives." The company's board "has initiated a process to explore and evaluate potential strategic alternat ...

  43. Pandora Ends First Day of Public Trading Up Just 9%, But Worth More Than Live Nation, Warner Music Group

    June 15, 2011 5:38 PM EDT For a brief moment on the opening day of trading of Pandora's stock, the company had a market value of $4.2 billion - over three times that of Warner Music Group's current $1.28 billion market value. But after the company's shares r ...

  44. Business Matters: Pandora Goes Public During Market Downturn, Not That it Matters

    June 15, 2011 5:10 PM EDT Pandora Goes Public During Market Downturn -- Not That it Matters -- Pandora's successful IPO arrives as the broader stock market has gone through a slump. But the timing isn't necessary bad. A cloudy market shouldn't be a problem f ...

  45. Music Companies: History Shows That a Successful IPO Does Not Guarantee a Good Investment

    June 15, 2011 12:12 PM EDT Today's IPO of Internet radio company Pandora is sure to put even more of a spotlight on digital music. The company raised its IPO price to $16 - it was originally slated to go between $9 and $11 - and it added another 1 million shares to the ...

  46. Business Matters: Pandora Thinks Its IPO Could Net It $33 Million

    June 03, 2011 3:14 PM EDT Pandora Thinks Its IPO Could Net It $33 Million Pandora is hoping its IPO will raise a total of about $141 million. If you've read about the IPO in the news, that's the number being used as the total amount of proceeds the company will r ...

  47. Access Reveals Its Warner Music Acquisition Financing Plan in Proxy Statement

    May 23, 2011 4:57 PM EDT Access Industries plans to finance its planned $3.3 billion acquisition of the Warner Music Group by putting up $1.118 billion in equity, obtaining $1.045 billion in bridge loans from Credit Suisse AG and UBS Loan Finance. It will ask the senior s ...

  48. Sale of Warner Music Group Means Less Financial Transparency in Music Business

    May 06, 2011 4:22 PM EDT While insiders don't expect many major operational changes stemming from Access Industries' acquisition of the Warner Music Group , the move certainly means less transparency in the music industry and the loss of the only publicly traded ...

  49. What Can We Expect From a Blavatnik-Owned Warner Music Group?

    May 06, 2011 11:39 AM EDT Warner Music Group may have a new owner in the form of Len Blavatnik's Access Industries , but broadly speaking, insiders feel we can expect more of the same from the company. That's because his close relationship with WMG chairman and C ...

  50. It's Official: Access Industries to Acquire Warner Music Group for $3.3 Billion

    May 06, 2011 9:49 AM EDT Access Industries' winning bid for Warner Music Group will pay $8.25 per share in an all-cash deal, according to a joint press release issued Friday morning. The deal is for both Warner's recorded music and publishing divisions. Shares o ...

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