Over the weekend, a massive merger agreement was hammered out between telecom giant AT&T and entertainment company Discovery Inc. If it receives the blessing of federal regulators, AT&T will spin off its WarnerMedia unit—which includes CNN, HBO, and other assets—into a separate company that it will co-own with Discovery. The usual descriptions followed: it was a merger made in heaven (Discovery chief executive David Zaslav said the two “fit together like a glove”), with numerous synergies, and would create what the New York Times called “a juggernaut.” As Paul Farhi, Washington Post media reporter, pointed out following the news, a number of deals over the past two decades were described in similar terms, including the merger of Time Warner and AOL in 2000, in a deal that was worth about $165 billion at the time. It was later unwound, with Time Warner taking a massive write-down and spinning off AOL as a separate company. Despite the hyperbole, a number of analysts and media industry experts believe the deal represents an admission of failure by AT&T. The company said it planned to buy WarnerMedia in 2016, and spent the next two years fighting with competition regulators for approval to do the deal. The acquisition was finally approved in 2018, and AT&T bought the company for $85 billion, which it heralded as the start of a new media and entertainment empire. The unwinding of the deal is “a major course correction,” Axios wrote about the new arrangement.... Continue reading at 'Columbia Journalism Review'
[ Columbia Journalism Review | 2021-05-18 12:05:33 UTC ]
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Martin Sorrell's S4 Capital proposed a new share offering today in hopes of raising $126 million (or 100 million euros) to further its expansion through mergers and acquisitions. The disclosure was made as part of S4 Capital's latest trading update where the company, which houses digital media... Continue reading at AdWeek
[ AdWeek | 2020-07-15 20:58:21 UTC ]
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Both boards unanimously approved the termination of the merger, announced in May 2019 and originally expected to close in early 2020. Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2020-05-04 15:05:34 UTC ]
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The two major educational publishers announced an all-stock merger a year ago, but ran into regulatory issues and criticism around market dominance and pricing. The post Cengage Announces a Termination of Its McGraw-Hill Merger Agreement appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-05-04 13:19:39 UTC ]
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Publishers McGraw-Hill and Cengage have mutually agreed to call off their planned merger. Continue reading at The Bookseller
[ The Bookseller | 2020-05-04 10:50:25 UTC ]
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The inability to reach an agreement with the government about which divestitures the publishers needed to make to allow the merger to move forward led to the deal being canceled, the companies said. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-05-04 04:00:00 UTC ]
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The UK Competition & Markets Authority (CMA) has announced that it will move on to a Phase Two investigation of the proposed merger between Cengage and McGraw-Hill, after concluding in its first probe that the move could result in higher-priced university textbooks. Continue reading at The Bookseller
[ The Bookseller | 2020-03-24 16:41:27 UTC ]
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After an initial phase of investigation, the UK’s Competition & Markets Authority has decided that the loss of competition brought about by the proposed merger between Cengage and McGraw-Hill could raise the price of university textbooks. Continue reading at The Bookseller
[ The Bookseller | 2020-03-10 21:53:42 UTC ]
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President and CEO Tom Harty opened Meredith Corp.'s quarterly earnings call Thursday morning by declaring the integration of the now two-year-old Time Inc. acquisition "largely complete," leaving the company in "the strongest competitive position in its history." Performance in Meredith's... Continue reading at Folio Magazine
[ Folio Magazine | 2020-02-06 19:40:45 UTC ]
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B&N’s purchase by Elliott Adviors was the largest purchase in a quiet year for acquisitions in the book business. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-12-20 05:00:00 UTC ]
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In her annual year-end letter to Simon & Schuster staff, S&S CEO Carolyn Reidy cited the successful launch of new imprints and publishing initiatives and a long list of bestselling S&S titles, and projected a wave of new opportunities as part of ViacomCBS. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-12-19 05:00:00 UTC ]
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Simon & Schuster president and c.e.o. Carolyn Reidy has hailed the publisher's "expanded opportunities" following the recent CBS Viacom merger in her end-of-year letter to staff. Continue reading at The Bookseller
[ The Bookseller | 2019-12-18 20:23:10 UTC ]
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Sure, times are tough for the news media companies in the large Western media markets, but just think how rough Continue reading at Editor & Publisher
[ Editor & Publisher | 2019-12-16 18:30:39 UTC ]
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The merger of Simon & Schuster parent company CBS with US mass media conglomerate Viacom has been completed. Continue reading at The Bookseller
[ The Bookseller | 2019-12-06 12:57:56 UTC ]
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The merger of Simon & Schuster parent company CBS with Viacom was completed yesterday afternoon. The new ViacomCBS will have combined sales of about $28 billion. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-12-05 05:00:00 UTC ]
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Shareholders approved a deal to combine GateHouse Media, which has received SoftBank funding, with the publisher of USA Today. Continue reading at The New York Times
[ The New York Times | 2019-11-14 20:26:07 UTC ]
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Meredith Corp. has sold the Money magazine brand to Ad Practitioners LLC, a three-year-old Puerto Rico-based media and advertising startup behind the product review site ConsumersAdvocate.org, both parties announced Tuesday morning. Terms of the deal were not disclosed. One of a handful of... Continue reading at Folio Magazine
[ Folio Magazine | 2019-10-22 16:06:17 UTC ]
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Perhaps it was promising, years ago, to see the media industry booming thanks to investments by venture capital-backed funders and large media conglomerates hoping to cash in early on promising new digital media titles. But now, it's the time in the industry's life cycle for those same flashy... Continue reading at AdWeek
[ AdWeek | 2019-10-14 15:22:42 UTC ]
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A slew of digital media acquisitions over the past few weeks shows how unreliable private valuations can be. The only Continue reading at Editor & Publisher
[ Editor & Publisher | 2019-10-08 16:38:01 UTC ]
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A staff uprising at Sports Illustrated... Following Tuesday's New York Post report that editor-in-chief Chris Stone is exiting Sports Illustrated after 27 years with the magazine, The Wall Street Journal added late Wednesday evening that the brand's new operator, TheMaven Inc., is planning to... Continue reading at Folio Magazine
[ Folio Magazine | 2019-10-03 20:41:59 UTC ]
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Over 40 student organisations in the US have urged the US Department of Justice to block the proposed merger of publishers Cengage and McGraw-Hill. Continue reading at The Bookseller
[ The Bookseller | 2019-07-30 03:41:22 UTC ]
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