Richard Branson's Virgin Media, said it has delayed its sale until the environment improves enough for all interested parties to bid. The British billionaire Branson is the largest shareholder of this cable TV company, which received one bid from the Carlyle group for some $23 billion, and some nibbles from other private equity players.
There's no question that Blockbuster's livelihood is under attack--the business of driving to a store to rent a DVD and driving back when you're done is threatened from video on demand, and digital downloads, especially since both technologies are getting better and faster. So, looking to avoid going the way of the Beta Max, Blockbuster just purchased online movie downloading company Movielink for under $20 million.
Rupert Murdoch's News Corp. on Wednesday said fourth-quarter profit rose 4.5% on higher advertising sales and affiliate revenue from the Fox News Channel and on more new subscribers at the Sky Italia satellite TV service.
News Corp earnings come out after the bell, followed by a conference call at 4:30 eastern. Analysts focus on the call (there's always a Q&A period after the presentation) will be much less on the numbers, and much more on CEO Rupert Murdoch's guidance. The hot topic of the day is Dow Jones. Analysts may ask Murdoch to justify the 67% premium he's paying for the company in an industry facing such slow growth.
The Fed's comments yesterday calmed some of the credit angst in the markets and set the stage for a move higher in global equities. U.S. stocks are positioned to trade higher this morning, and Cisco's strong earnings news is adding some punch to the Nasdaq.
The family that controls Dow Jones doubled the quarterly dividend it receives ahead of its decision to approve a takeover offer from News Corp. , the New York Post reported Monday.
The market's wild swings are expected to continue through the summer, analysts say, but investors should take advantage of the volatility instead of fearing it. "There's no reason to think these 100, 200-point swings won't continue," said Rob Brown, chief investment officer at Genworth Financial. "That provides an investment opportunity."
The amnesiac assassin Jason Bourne is back, and this time he clobbered Homer Simpson. "The Bourne Ultimatum," the third movie in the espionage action series starring Matt Damon as a one-time CIA hit man searching for his past, grossed $70.2 million its opening weekend to rank as North America's top film at the box office, according to estimates.
Dow Jones is considering a possible deal under which it would pay legal fees of shareholder Christopher Bancroft in a bid to get further support for its deal with News Corp., the Wall Street Journal reported on its Web site on Thursday.
Rupert Murdoch's deal to buy Dow Jones won support on Wednesday in the editorial pages of his long-coveted Wall Street Journal, which defended its new boss and tasked him with upholding more than a century of journalistic principle.
Stocks rose sharply in the final minutes of trading, with the Dow posting a triple-digit gain, as bargain hunters snapped up beaten down shares after credit jitters weighed on the markets all session. "At some point we have to look at the recent downturn as being slightly overdone," Arthur Hogan, managing director at Jefferies, told CNBC.com.
A hospital in Pittsburgh is banning Crocs, the comfy rubbery shoes with holes in them. Hospital officials call them a hazard, fearing a nurse might drop a syringe on his or her foot and, bingo! One nurse tells the AP that's a croc. "I mean, I can get a needle stuck in my arm or my leg."
A selling wave in global stock markets is sweeping futures lower this morning as subprime and credit woes once more rise to the surface. A new disclosure about a third troubled hedge fund at Bear Stearns is rattling investors.
Rupert Murdoch is set to achieve his decades-long dream of running the venerable Wall Street Journal after Dow Jones' board agreed to News Corp's $5 billion buyout offer.
Stocks closed broadly lower after a mortgage lender said it is unable to borrow money and crude oil closed above $78 a barrel for the first time. "We think the corrective phase in the financials is not yet over," said John Roque, technical analyst at Natixis Bleichroeder.
Rupert Murdoch's News Corp. has won enough shareholder support to acquire Dow Jones, publisher of the Wall Street Journal, CNBC's David Faber reported. A definitive agreement is expected as early as Tuesday night, Faber said, citing people familiar with the situation.
Three months after CNBC first broke the news that News Corp. was offering $60 a share to buy Dow Jones, enough of the company's controlling shareholders have now voted in favor of the deal, making it a reality. These last three months have been a story worthy of the Wall Street Journal's pages, where it has often wound up, and the last 24 hours have been no exception.
CBS announced second-quarter earnings that disappointed on the top line, beat expectations on the bottom line, and landed flat with growth-hungry Wall Street. Revenue disappointed--down 3% to $3.37 billion on a loss of TV revenue from shutting down UPN and the timing of the NCAA basketball tournament.
Stocks are ready to spring higher on the opening as economic data, earnings and some merger news gets investor attention this morning. GM's better-than-expected earnings report is adding a positive tone.
Despite all the concern about the credit crunch, a big private equity deal seems to be moving forward. On Monday, John Malone, Chairman of Liberty Media tells the Financial Times he's considering enterting the auction for Richard Branson's Virgin Media. This could be a huge deal--the largest cable transaction outside the U.S.