DealZone

Deals wrap: A status update from Twitter

March 3, 2011

Twitter co-founder Biz Stone attends the "World Economy and Future Forum" hosted by broadcaster MBN in Seoul March 3, 2011. Stone denied a report that Twitter was in talks to sell a $450 million stake of the company to a JP Morgan fund, reiterating that it was committed to remaining independent.   REUTERS/Lee Jae-WonCross Twitter off your IPO watch-list, at least for now. Co-founder Biz Stone told Reuters in an exclusive interview that the social networking service has no plans to go public or raise funds any time in the immediate future, saying his company is making enough money on its own at the moment.

Stone also flat-out rejected a Financial Times report earlier this week that said a J.P. Morgan technology fund was in talks to take a 10-percent stake in the social networking message service. “(The report is) made up,” he said.

News Corp CEO Rupert Murdoch’s media empire is about to get a little bit bigger. The British government gave a green light to the company’s planned $14-billion buyout of satellite pay-TV company British Sky Broadcasting after Murdoch and co agreed to spin off a chunk of his Sky News channel into a separate company.

Taxpayers should celebrate that AIG is a step closer today to paying off its bailout debt to the U.S. government. The insurer sold $9.6 billion worth of MetLife shares on Wednesday, which should give it about $6.3 billion in gross proceeds to send back into the Treasury’s coffers.

Expect to see more mega-deals in the mining sector this year. A new report that shows a surge in global mining M&A last year also points out that deal valuations in the sector are set to increase this year as mining companies continue to reap the benefits of rising metal prices. The survey by PricewaterhouseCoopers tracked 2,693 global mining deals in 2010 worth a total of $113 billion.

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