Ron Burkle - FishbowlLA

Will Monday Night’s Deadline/Soho House Bash Include a Big Announcement?*

Richard Horgan — Sun, 30 Sep 2012 16:00:00 +0000

A cryptic Deadline advisory posted Saturday morning by Nikki Finke has some Hollywood trade watchers speculating that the PMC-Variety deal is done. The 11:34 a.m. PDT September 29 message reads:

The Deadline Team won’t provide 24/7 news coverage for at least the next week. One of the reasons is DH business affecting the entire staff in LA, NY and Europe. As a result, we’ll probably miss some breaking stories and delay monitoring some comments, emails and phone calls. Please cut us some slack for the duration.

Which begs the question – will Jay Penske be making a “big” announcement at Soho House in West Hollywood tomorrow night? That’s when the “PMC” in Penske Media Corp. will briefly overlap with “private members’ club,” as Deadline hosts a “Kick Off the Awards Season” party there from 6 to 9 p.m. A who’s who of studio execs, film publicists and awards season PR consultants will hobnob with not just Penske but many other PMC/Deadline folks: film editor Mike Fleming, tv editor Nellie Andreeva, awards columnist Pete Hammond, marketing consultant Madelyn Hammond, executive editor David Lieberman, reporter Dominic Patten, PMC senior vp Nic Paul, PMC senior sales director Cathy Goepfert, Awards/Line managing editor Anthony D’Alessandro and Awards/Line editor Christy Grosz.*

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Report: Penske, Lasry Circling Discounted Variety Sale Price

Richard Horgan — Mon, 10 Sep 2012 08:20:57 +0000

Another week, another [BLANK]-is-in-the-lead-to-buy-Variety news story. This one from a pair of reporters (the New York Post’s Keith J. Kelly and Josh Kosman) who have filed several, similar previous dispatches.

According to the duo’s sources, Ron Burkle walked away after his recent low-ball $20 million range offer for the trade was rejected. Which reportedly leaves Jay Penske (PMC) and Marc Lasry (Avenue Capital Group):

Reed Elsevier has been forced to cut Variety’s asking price by more than 25 percent and offer “seller financing” to close the deal, The Post has learned. It has recently cut Variety’s asking price to below $30 million from its original $40 million price tag, sources close to the situation said.

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Report: Variety-Avenue Capital Deal is Stalled

Richard Horgan — Wed, 29 Aug 2012 07:15:12 +0000

The New York Post has been doing a good job of keeping tabs on the ongoing saga of Variety’s sale. This morning, the paper suggests that Avenue Capital Group’s outlook has been changed somewhat by the due diligence process:

Sources tell Page Six that when Avenue’s bean counters recently ran Variety’s numbers on the deal, they wound up lowering their bid. “Everyone’s been balking at the price,” a Hollywood insider familiar with the sale told us, adding, “another problem is that [any new buyer] will then have to put money into it immediately, to bring Variety into the modern age.”

The Post also claims that while Ron Burkle is officially out, PMC’s Jay Penske is “still circling.” Hear that, Variety gang? Nikki Finke and Mike Fleming could still possibly become colleagues.

Previously on FishbowlLA:
Report: Variety’s New Owner is… Avenue Capital

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Report: Variety’s New Owner is… Avenue Capital

Richard Horgan — Mon, 13 Aug 2012 15:00:13 +0000

So it looks as if it’s not going to be Ron Burkle after all.

According to the New York Post, Variety parent Reed Elsevier has accepted a formal bid for the trade publication. The winning party is a billionaire, but not the one who had recently been touted, partly because Burkle reportedly wasn’t willing to go high enough:

New York billionaire Marc Lasry’s Avenue Capital has emerged as the front-runner to take control of Hollywood trade Variety, The Post has learned. Variety’s parent company, Reed Elsevier, has accepted the hedge fund’s bid for between $30 million and $40 million, a source close to the talks said. Reed Elsevier has been seeking around $40 million.

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Report: Ron Burkle Set to Acquire Variety

Richard Horgan — Tue, 31 Jul 2012 11:45:51 +0000

As has been previously noted, there is only one bidder for Variety who has the capacity to write a check without picking up the phone. Thus, Ron Burkle was always seen as a leading contender to acquire the trade publication if he so chose. Apparently, he has.

According to an LA Times report by Ben Fritz, Burkle is now the leading contender to acquire the trade:

Burkle’s Yucaipa Co. has been the most aggressive bidder and is most likely to emerge victorious from a sales process currently underway, according to two people close to the sale but not authorized to discuss the matter publicly.

Much like the notion of Eli Broad purchasing the paper Fritz writes for, if it does transpire this way, it really could not have turned out any better for Variety. Burkle has deep pockets, tons of business acumen and, most likely, a solid big-picture plan that could spell trouble for the trade’s direct competitors. The purchase price would allegedly be close to what has previously been reported: $40 million.

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Daniel Frankel Revisits Variety Sweepstakes

Richard Horgan — Thu, 12 Jul 2012 22:00:05 +0000

One of the first reporters to accurately gauge the level of interest in a purchase of Variety has a follow-up piece tonight. This time, paidContent senior writer Daniel Frankel focuses on the eventual final price tag.

According to Frankel’s sources, a recent New York Post article was not entirely on the money. In addition to the hidden costs revealed once the trade is fully detached from its parent company, there will also be the matter of post-deal expenditures:

“That $40 million is a pretty considerable amount of money, but the problem is you’re not done at $40 million,” said one knowledgeable individual, who spoke at length to us. “You’re buying a property that’s had a decade of deferred maintenance. Whoever underwrites this is going to have to do this with a plan of investing significantly post-purchase.”

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Report: TheWrap, Penske and Ron Burkle in Hunt for Variety

Richard Horgan — Fri, 06 Jul 2012 11:05:43 +0000

Ever since Daniel Frankel at PaidContent revealed that 11 entities were interested in looking at the Variety books, the race has been on among media watchers to identify authoritatively who those parties might be.

The New York Post today seems to have claimed these honors. Per a Page Six report:

Billionaire Ron Burkle is looking to further extend his influence in Hollywood by buying entertainment trade paper Variety, sources tell Page Six. Taking over Variety would continue supermarket magnate Burkle’s buying spree, which this year alone includes investments in industry hangout Soho House, BlackBook Media, Ryan Kavanaugh’s Relativity Media, concert-booking firm Artist Group International and UK agent Duncan Heath’s Independent Talent Group. He’s also an investor in numerous Harvey Weinstein films and Al Gore’s Current TV.

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Magic Johnson Expands Media Holdings

Matthew Fleischer — Fri, 06 Jan 2012 10:53:08 +0000

Magic Johnson is turning into quite the media mogul. Nearly a year after purchasing Vibe Holdings and becoming its chairman, Johnson has teamed with Ron Burkle to acquire BlackBook Media. The move puts Johnson at the head of Vibe, Uptown and Blackbook magazines.

The lynchpin of the deal, however, was the inclusion of Blackbook’s “Access Network” content management and distribution technology platform. As the New York Post notes, Access Network technology is in use at over 100 media outlets–including Maxim Guides, MTV’s “Jersey Shore” Guides and Bravo!’s Top Chef Guide.

Says Magic, via release: “The technology we acquired as part of the Access Network will serve as a very important piece to enable us to reach consumers.”

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Magic Johnson Gets His Media Vibe On

Richard Horgan — Wed, 09 Feb 2011 08:20:42 +0000

It’s turning out to be a big week for sweeping, personality-driven LA media moves. Just a few days after Arianna Huffington announced the sale of The Huffington Post to AOL, former Lakers great Magic Johnson has partnered with Ron Burkle to invest in Vibe Holdings LLC, the parent company of Vibe Magazine, Vibe.com and the TV show Soul Train.

Bloomberg was first yesterday with the unconfirmed news, made official this morning via the Wall Street Journal. The companies of Johnson and Burkle are making an undisclosed eight-figure investment in Vibe Holdings, to be used mainly to acquire other African-American targeted media properties:

The investment comes about a year after Mr. Johnson aborted efforts to acquire Jet and Ebony magazines… A spokeswoman for the investors declined to comment on what properties the company might pursue next, saying only that its partners will target “brand name assets that speak to various demos in the multicultural segment.”

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Tina Daunt: Lifestyles of the Rich, Famous and Politically Active

Greg — Mon, 19 Nov 2007 10:29:17 +0000

We don’t like to think of Tina Daunt as a society columnist. She does so much more than just report the latest bon mots of sauced rich white people.

But, we guess, nobody gets a cool gig like hers without having to put in some time doing the expected tales of ostentatious wealth and envy-inducing real estate porn.

So we forgive her for this piece in yesterday’s Los Angeles Times Magazine which offers every last rich detail of the opulent estates of Ron Burkle, Rob Reiner, Norman Lear, Arianna Huffington, Bruce Cohen and Haim Saban.

Our favorite bit of dish comes in the Saban section:

A clear all-weather tent–lighted by chandeliers–is used as a central gathering spot behind the main house. But guests beware: The invitation should come with a Thomas Guide. You’ll find the exit after the watermill, the fountains and the topiary animals on the lawn.

She failed to mention whether the topiaries resembled Teenage Mutant Ninja Turtles.

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Clintons Head Back to Hollywood

Guest Blogger — Fri, 07 Sep 2007 12:47:26 +0000

Hollywood is bringing out a few heavyweights to help the Hillary Clinton presidential bid – and her husband is on board as well. Steve Bing, Scott Budnick, Ron Burkle, Michael Kives, David O’Connor and Lona Williams are hosting a reception with former President Bill Clinton on Sept. 18 at the Brentwood digs of O’Connor and Williams. An 8 p.m. VIP cocktail soiree is planned to go 30 minutes followed by the main reception immediately after. The difference between both comes down to price: it’s $250 (limited availability) or $500 a person for the main reception and $2,300 a head for the early VIP toast. It is open to the public so if you’re interested in schmoozing the Clintons and some CAA agents while contributing to Hilary’s campaign fund, click here.
- CHRIS GARDNER

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Another Suitor Tries to Woo LAT

Greg — Wed, 07 Feb 2007 14:54:58 +0000

Another surprise bidder has entered the contest for the Tribune Co., owner of the Los Angeles Times and other local properties. Chicago real estate magnate Sam Zell has offered what the LAT calls “a complicated proposal.”

In the most telling part of the story, the LAT reports that Zell would not return calls for comment. Sounds like the perfect potential corporate boss already.

The Trib’s board is considering all its options — which still include bids by former LAT owners the Chandler family and local billionaires Ron Burkle and Eli Broad.

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Newspaper Company Likely to Blow Deadline/Murdoch Joins the Game

Greg — Wed, 24 Jan 2007 10:00:57 +0000

The fate of the Los Angeles Times’ corporate parent, Tribune Co., is unclear. And it will remain that way as Trib is likely to blow its afternoon deadline for responding to a bid by two billionaires.

Ron Burkle and Eli Broad will likely be told to stay in the game, even though their offer won’t be formally accepted or rejected today, the LAT reports.

Meanwhile, Rupert Murdoch’s News Corp. agreed to take a minority stake in a bid by the Chandler family, the former owners of the LAT.

Under the deal, News Corp. would get an operating agreement allowing it to cut costs by combining certain noneditorial operations of Newsday with those of its own New York Post.

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LAT in 90 Seconds

Greg — Thu, 18 Jan 2007 08:10:09 +0000

Tribune Company Get Few Bids: The battle is now officially set between the Chandler family, which once owned the Los Angeles Times and other properties, and the billionaire alliance of Ron Burkle and Eli Broad. Only one other party, a private equity group submitted a bid, and that was just for the company’s broadcast properties.

Snow in Malibu: People pull their SUVs over on Kanan Road to build mini snowmen and take in the surreal sight of snowflakes by the beach.

American Idol rains on NBCs Parade: On the day that NBC was supposed to be pimping its mid-season lineup, most of the TV critic buzz centered on Idol’s jaw-dropping Tuesday premiere numbers.

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