Tag: merger

Reliance, Disney announce giant India media merger

MUMBAI, Feb 29, 2024 (AFP) – India’s Reliance Industries and Walt Disney have agreed to merge their Indian media businesses, creating a $8.5 billion entertainment giant in the world’s most populous nation. India’s entertainment market is already one of the world’s biggest, with the merger expected to further shake up the multi-billion-dollar industry. The two companies had signed “binding definitive agreements” to form a joint venture that will combine the businesses of Reliance-backed Viacom18 and […]

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Sony ‘terminates’ Indian merger with Zee

By Simon Sturdee with Anuj Srivas in Mumbai TOKYO, Jan 22, 2024 (AFP) – Sony “terminated” on Monday the $10-billion merger of its Indian operations with local rival Zee Entertainment that would have created a new streaming giant in the world’s most populous nation. The joint entity with mooted annual revenue of $2 billion would have helped both firms better compete with Disney, Amazon and Netflix in the entertainment market of 1.4 billion people. But […]

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White House urges ‘serious scrutiny’ of US Steel takeover deal

WASHINGTON, Dec 23, 2023 (AFP) – A proposed deal that would see US Steel Corp bought by Japan’s Nippon Steel should be closely investigated by American authorities, the White House said Thursday, warning it could have national security implications. Unveiling the planned transaction this week, the two companies depicted the deal as a marriage of the holders of top technologies that would boost steel output and accelerate efforts toward decarbonization. But US Steel’s possible sale […]

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Japan’s Nippon Steel to buy US Steel for $14.1 bn: firms

TOKYO, Dec 18, 2023 (AFP) – Japan’s Nippon Steel has agreed to buy US Steel Corp for $14.1 billion, the companies announced on Monday, months after the steelmaker rejected an offer from its main US rival. The leading Japanese steelmaker will acquire US Steel in an all-cash deal at $55 per share, a 40 percent premium above its closing price on December 15, representing an equity value of about $14.1 billion, the companies said in […]

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Investors propose buying US retailer Macy’s for $5.8 bn: report

WASHINGTON, Dec 11, 2023 (AFP) – A group of investors have offered to buy US department store giant Macy’s for $5.8 billion, the Wall Street Journal reported Monday. Arkhouse Management, a firm specializing in real estate investments, and asset manager Brigade Capital Management submitted a proposal to acquire the company’s remaining stock for $21 per share, the financial daily reported, citing “people familiar with the matter.” Macy’s shares were trading for $17.39 per share as […]

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Alaska Airlines to acquire Hawaiian Airlines in $1.9 billion deal

SAN FRANCISCO, Dec 4, 2023 (AFP) – Alaska Airlines announced Sunday that it would buy Hawaiian Airlines for $1.9 billion, consolidating its position as the nation’s fifth biggest carrier if it can attain regulatory approval. Both brands will continue to exist under the terms of the agreement, which could take up to 18 months to finalize, according to a joint press release. The combined airlines would have a fleet of 365 narrow and widebody aircraft, […]

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Disney completes Hulu takeover with $8.6 billion deal

SAN FRANCISCO, Nov 1, 2023 (AFP) – The Walt Disney Company on Wednesday announced it will buy Comcast’s $8.6 billion stake in Hulu, completing its takeover of the streaming service. The acquisition will “further Disney’s streaming objectives,” the company said in a press release, and comes as it strives to boost subscriber numbers at its Disney+ streaming service. The deal values Hulu at $27.5 billion in total, according to Disney, which said the transaction will […]

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Over $68 bn withdrawn from Credit Suisse ahead of UBS takeover

Zurich, Switzerland | AFP | Monday 4/24/2023 by Nathalie OLOF-ORS Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank’s earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover. Switzerland’s long-time second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone, it said Monday in what is likely its final quarterly report before it […]

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Sega to buy Angry Birds maker Rovio

Helsinki, Finland | AFP | by Elias HUUHTANEN Japanese gaming group Sega has offered to buy the creator of the popular Angry Birds franchise, Finland’s Rovio, in a deal worth more than 700 million euros ($770 million), the companies said Monday. The deal would mark the end the independence of Finnish mobile game makers, which burst into the scene when Rovio launched its slingshot-bird game more than a decade ago. The bid by Sega, famous […]

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Swiss parliament fumes over Credit Suisse collapse

by Nathalie OLOF-ORS Agence France-Presse BERN, Switzerland (AFP) — The Swiss parliament voiced its fury on Tuesday at the collapse of Credit Suisse and how the rules intended to prevent such a major bank from getting itself into trouble completely failed. At an extraordinary session of parliament called to debate the implosion of the bank and its takeover by larger rival UBS, Swiss President Alain Berset defended orchestrating the merger, saying a bankruptcy would have […]

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URGENT: Musk says buying Twitter to enable ‘healthy’ debate of ideas

New York, United States | AFP | Elon Musk said Thursday he is acquiring Twitter to enable “healthy” debate on a wide range of ideas and counter a trend in which social media splinters into partisan “echo chambers.” The billionaire entrepreneur pursued the deal “because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting […]

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Big staff cuts likely at Twitter: report

San Francisco, United States | AFP | Massive layoffs appear to be on the horizon at Twitter, especially if billionaire Elon Musk completes his $44 billion purchase of the company, the Washington Post reported on Thursday. While pitching his deal to buy Twitter to investors, Musk said he planned to get rid of nearly three-quarters of the firm’s workers, lopping its ranks to just over 2,000 employees, the Post reported. Even if Musk’s deal to […]

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