NEW YORK, Aug 3 (Reuters) – Wall Street firms led by Goldman
Sachs Group Inc are close to buying a stake in chat and
instant messaging startup Perzo Inc in pursuit of an alternative
to a similar application from Bloomberg LP, sources familiar
with Goldman’s plans said.
Banks are trying to cut costs as sluggish trading volumes
and higher regulation weigh on revenues. Bloomberg has dominated
messaging on Wall Street for years, but its application is part
of a data, trading and news terminal that costs about $20,000 a
year. The Perzo applications are free.
(Reuters) – News and information company Thomson Reuters Corp (TRI.N: Quote, Profile, Research, Stock Buzz) (TRI.TO: Quote, Profile, Research, Stock Buzz) on Wednesday reported a higher-than-expected quarterly profit on a 1 percent rise in revenue, boosted by growth in its Tax & Accounting and Legal divisions.
The company also announced a plan to buy back up to an additional $1 billion in shares through the end of 2015 after completing a $1 billion program announced last October.
July 29 (Reuters) – The New York Times Co reported a
dip in second-quarter revenue as print advertising revenue
erased the previous quarter’s rise, and the company expects
print ad revenue to continue to decline in the future.
Shares of the company dropped almost 6 percent to $13.30
during Tuesday morning trading after the results were released.
(Reuters) – Activist hedge fund Elliott Management has taken a 6.7 percent stake, worth about $570 million, in advertising firm Interpublic Group of Cos Inc (IPG.N: Quote, Profile, Research, Stock Buzz), setting up a showdown that could result in a sale.
The $24 billion hedge fund run by Paul Singer disclosed in a regulatory filing on Thursday that IPG’s shares “are undervalued and represent an attractive investment opportunity.” Elliott said it wants to “engage in a constructive dialogue” with the company’s board of directors to maximize shareholder value.
July 18 (Reuters) – Forbes magazine’s publisher has agreed
to sell a majority stake of its media business to a Hong
Kong-based group of investors for an undisclosed sum, Forbes
Media said on Friday, capping an eight-month hunt for a buyer
for the company.
The Forbes family, which founded the magazine 97 years ago,
is retaining a “significant” interest in the company and remains
an active part of management, Forbes Media said in a statement.
Steve Forbes will continue to serve as chairman and
(Reuters) – Forbes magazine’s publisher agreed to sell a majority stake to a group of international investors for an undisclosed sum, Forbes Media said on Friday, capping an eight-month hunt for a buyer for the company.
The Forbes family, which founded the magazine 97 years ago, is retaining a “significant” interest in the company and remains an active part of management, Forbes Media said in a statement. Steve Forbes will continue to serve as chairman and editor-in-chief.
(Reuters) – If Rupert Murdoch succeeds in buying Time Warner Inc and CNN is put up for sale, the 24-hour cable news network could be worth $5 billion, according to one analyst’s estimate.
Gabelli & Co’s Brett Harriss said CNN is worth about 11 times annual estimated earnings before interest, taxes, depreciation and amortization (EBITDA) of $450 million.
SEATTLE/NEW YORK, July 6 (Reuters) – The U.S. air safety
regulator is drafting rules to permit small drones to be used
for commercial purposes, a step toward allowing remote-control
planes and helicopters to be deployed for everything from TV
news coverage to monitoring crops.
Media companies, energy companies, farmers and other groups
have been pressuring the Federal Aviation Administration to lift
its ban on flying drones, known as unmanned aerial systems
(UAS), for commercial use. Late last month, the agency’s
watchdog said the FAA was likely to miss the Sept. 30, 2015
deadline that Congress set for integrating drones into the
NEW YORK (Reuters) – While the New York Times Co has shrunk by more than half in the past eight years, the compensation of the top three executives at the company has held steady. Measured against some key metrics of financial performance at comparable U.S. media companies, their pay is among the most generous, a Reuters analysis shows.
The collective total compensation of Times Co Chairman and Publisher Arthur Sulzberger Jr., CEO Mark Thompson and Vice Chairman Michael Golden, including the value of stock awards and incentive payments, was $11.9 million in 2013, according to the company’s annual proxy statement.
June 9 (Reuters) – Time Inc, the magazine company
that is home to People, Sports Illustrated and Time, saw its
shares fall lower on the New York Stock Exchange on Monday in
its first trading session following a spinoff from its parent,
Time Warner Inc.
Led by Chief Executive Joe Ripp, Time Inc will operate on its
own, no longer buffered by its lucrative cousins at Time Warner
Inc such as pay-TV channel HBO or movie studio Warner Bros.