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Posts Tagged ‘Steven Cohen’

Magic Johnson’s Group Buys Dodgers for $2 Billion

Do you believe in Magic?

Magic Johnson‘s bidding group reached a deal to purchase the Los Angeles Dodgers and Dodger Stadium from Frank McCourt for a whopping $2 billion — the highest amount ever paid for a sports franchise. Bankruptcy judge Kevin Gross is expected to approve of the deal on April 13, a little over two weeks before McCourt must pay his ex-wife Jamie $131 million as part of their divorce settlement.

Guggenheim Baseball Management LLC are the official owners, which include Johnson, Mark R. WalterPeter Guber, Stan Kasten, Bobby Patton and Todd Boehly. The controlling owner is Walter, chief executive officer of the financial services company. Kasten, the former president of the Washington Nationals and Atlanta Braves, is expected to run the day-to-day operations.

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Three Groups Left in Dodgers Bidding

And then there were three.

Another round of cuts were made in the Los Angeles Dodgers bidding process and we could have a winner as soon as next week, according to Bill Shaikin of the Los Angeles Times:

The three finalists include a group led by hedge-fund billionaire Steven Cohen and Los Angeles billionaire and philanthropist Patrick Soon-Shiong; a group led by Magic Johnson and veteran baseball executive Stan Kasten; and St. Louis Rams owner Stan Kroenke.

The cut was confirmed by two people familiar with the sale process but not authorized to comment.

Major League Baseball owners are expected to vote on the three remaining bidders early next week. Final negotiations then would take place with Frank McCourt and Blackstone Advisory Partners, the investment bank brokering the sale.

Reuters Mocks Hedge Fund Gossip

thomson11 reuters.jpgEarlier today we published a story from the Carolina Business News Initiative’s blog Talking News Biz regarding Reuters killing an investigative piece about hedge-funder Steven Cohen.

In response to flurry of coverage and subsequent internal backlash, Reuters employees were all forwarded this pithy little transcript written by News Editor Jack Reerink which imagined the conversation between himself, Cohen, Reuters’ editor in chief David Schlesinger, and company executive Devin Wenig.

Full memo below.

Read More: Reuters global company news editor mocks furor over killed story –Talking Biz News

Previously: Reuters Editor Responds To Complaints

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Reuters Editor Responds To Complaints

thomson reuters.jpgAccording to a December 21 blog post by Talking Biz News, Reuters killed a story last month investigating hedge fund executive Steven Cohen after Cohen complained to top brass at the newswire.

Reuters editor-in-chief David Schlesinger addressed this issue, among others, in a phone call to employees yesterday, the business journalism blog reported:

“It’s absolutely true that the fact that someone called [Reuters exec] Devin [Wenig] is why I got involved…Editors make judgments. You might not always agree with those judgments, and that’s fine. If you disagree with those judgments, then come to me. Keep it within editorial, and don’t go running to a blog.”

Employees evidently did not heed Schlesinger’s advice as the call was immediately reported back to Talking Biz News, which in turn ran two items on the employees-only phone call.

Read More: Reuters kills hedge fund story after pressure –Talking Biz News

Reuters editor in chief’s regular staff call focuses on killed story –Talking Biz News

Reuters editor in chief: We take all complaints seriously –Talking Biz News