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Posts Tagged ‘Vivendi’

Morning Media Newsfeed: Murdoch Withdraws Time Warner Bid | New Leaker Emerges

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After Pushback, Murdoch Abandons Fox’s Pursuit of Time Warner (NYT / DealBook)
At 4:07 p.m. Tuesday, the chief executive of Time Warner Inc., Jeffrey L. Bewkes, received an unexpected email. “On behalf of our board and senior management team, I am writing to inform you that we are withdrawing our offer to acquire Time Warner, effective immediately. Sincerely, Rupert Murdoch.” A hand-delivered letter bearing the same message arrived soon after. TVNewser In short, Murdoch’s 21st Century Fox withdrew its bid for Time Warner, CNN’s parent company. FishbowlNY Early last month, word leaked that Murdoch’s bid of $80 billion was rejected, which raised speculation that he’d try everything in his power to make it happen. Instead, the opposite has occurred. Politico / Dylan Byers on Media Subsequent reports speculated that Murdoch, dogged in his pursuit of an acquisition, would consider upping the offer by as much as $13.5 billion. Had such a deal gone through, it would have merged the country’s top-two cable providers, giving Murdoch control of several top-rated cable networks, including TNT, Fox News, TBS and Cartoon Network. WSJ Fox cited both Time Warner’s unwillingness to “engage with us” and a sharp drop in Fox’s stock price which made a deal “unattractive to Fox shareholders.” Fox’s stock had fallen about 11 percent since news broke last month that it had made a takeover offer for Time Warner, valued at $85 a share.

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NYC SeedStart Media 2011 to Provide Mentoring, Funding for Media Startups

A new opportunity has just popped up for media startups in New York. NYC SeedStart Media 2011 is a 12 week summer boot camp specifically for startups in the digital media space, including ad infrastructure, mobile, digital content and ecommerce businesses.  Each of the 10 companies selected for the program will receive  $20,000 in funding, space to work, and mentoring from an impressive group of media, advertising, and tech companies in New York City that includes AOL Ventures, Comcast, Google, Hearst, MTV Networks, News Corporation, New York Times, Ogilvy, Time Warner, and Vivendi, as well as veteran VCs and entrepreneurs.  The ideal applicant is a media-focused team of two with at least one technical co-founder and a source code or beta product ready to go.  The program begins on June 15th and they’ll be accepting applications through March 31st.  To apply, click here.

GE, Vivendi Reach Deal On NBCU, Paving Way For Comcast To Buy Net

Several news outlets reported last night that General Electric had reached an agreement with Vivendi to buy the remaining stake in NBC Universal that it did not yet own. This long-expected agreement now paves the way for Comcast to step in and pick up a controlling interested in NBCU from GE.

Our sister blog TVNewser has a run down of some of the coverage on the deal. Among the highlights:

- GE will reportedly buy Vivendi’s 20 percent stake in NBCU for about $5.8 billion.

- An agreement was reached after its GE CEO Jeffrey Immelt went to Paris for face-to-face negotiations with Vivendi’s CEO Jean-Bernard Levy last week.

- The 51 percent stake in NBCU that Comcast has been eying is valued at about $30 billion

- If the GE-Comcast deal doesn’t close by the end of next year, GE has agreed to pay Vivendi an additional $2 billion.

Read more: General Electric, Vivendi Agree On NBCU Stake, Paving Way for Comcast Deal –TVNewser

Previously: Zucker To Lead Comcast-NBCU Venture

Will Comcast Buy NBC Universal From GE?

nbcu.jpgRumors, theories and conjectures have been swirling since The Wrap reported yesterday that a deal between cable provider Comcast and GE-owned NBC Universal “had already been completed at a purchase price of $35 billion.”

But reps from Comcast later told Bloomberg, “the report that Comcast has a deal to purchase NBC Universal is inaccurate.”

However, that same report revaled that “negotiations for Comcast to buy about 50 percent of NBC Universal have been under way for at least two months.” Such a deal would depend on whether French company Vivendi SA decides to sell its 20 percent stake in NBCU.

After the jump, what some people around the industry are saying about the possible deal.

Update: Our sister blog TVNewser has an email from NBCU CEO Jeff Zucker to employees. Of the future of Vivendi’s stake, Zucker said, “They have not yet made us aware of any final decisions about their future with us; should they choose to exit, there are a number of possible things that could happen.”

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Vivendi Will Hold Onto NBC/Universal For The Time Being

zucker3.jpgVivendi has decided to abandon its sale of its 20% stake in NBC Universal, the Hollywood Reporter said.

One source told the Reporter that it may not be the right time to sell, but Vivendi is very pleased with NBC/Uni’s oversight.

That certainly wasn’t always the case. But now Vivendi has gone out of its way to praise NBC/Uni chair Jeff Zucker.

The media and telecom conglomerate has an annual option window that ends Friday. During that period, it can trigger a sale by notifying GE, which controls 80% of NBC Uni. The industrial conglomerate in turn can opt to buy those shares or let Vivendi sell up to $4 billion of them in the public market the following year.

Is iTunes In Trouble?

jos.jpegFirst Vivendi shifted its weight away from Mr. Jobs, and now NBC is following suit. Rivals from MTV and Amazon.com, EMI and Wal-Mart are also nipping at the digital music titan’s heels.

Per Reuters: NBC decided not to renew its contract with iTunes, pulling Battlestar Gallactica and Heroes from the teeny-tiny screen and becoming the second major media company to challenge Apple.

Per the The New York Times: MTV last week said it was going to fold its digital music service into a venture with the owners of the Rhapsody, “as part of a renewed challenge to Apple’s market-leading iTunes store.”

Per the Financial Times: “NBC appears to be embracing a rival. The media group, owned by General Electric, has begun to sell digital downloads through Amazon.com, the online retailer that is gearing up to challenge iTunes.”