October 24, 2013 |
Safeway Inc. shares have climbed for two straight days on speculation of a buyout offer just weeks after the grocery giant deflected another potential takeover. Buyout rumors erupted this week on reports that private equity firm Cerberus Capital Management was involved in discussions to acquire some or all of Safeway, which also operates the Vons and Pavilions chains. Cerberus currently owns a supermarket business that operates Albertsons and Shaw's. Investors responded by snapping up Safeway's stock, which rose nearly 10% this week to close at $36.06 on Thursday.
October 10, 2013 |
The owner of the Orange County Register has increased his holdings in Southern California by agreeing to buy the Press-Enterprise, which circulates in Riverside and San Bernardino counties. Freedom Communications Holdings Inc. said it will pay $27.25 million to acquire the newspaper from A.H. Belo Corp., a Dallas company that has owned it for 16 years. The acquisition is the latest in a series of moves by Freedom owner Aaron Kushner. Since buying Freedom last year, he bucked a nationwide trend of newspaper downsizing by doubling the Register's staff of reporters and editors, adding regional editions and launching a new five-day daily, the Long Beach Register.
October 8, 2013 |
A California man has been indicted by a federal grand jury on charges of securities fraud in connection with the Walt Disney Co.'s $4-billion acquisition of Marvel Entertainment. Toby G. Scammell, 28, allegedly learned confidential details of the planned transaction from his girlfriend, who had been working on a six-month externship in Disney's corporate strategy department in the months leading up to the deal. The indictment alleges Scammell acquired call options in Marvel, based on non-public information he had gleaned that Disney planned to offer about $50 a share to buy the comic book publisher.
September 4, 2013 |
Dial Global, the New York-based radio programming company, has changed its name to WestwoodOne, reviving the better-known brand. WestwoodOne, which Dial Global bought in 2011 , was one of the most recognizable names in the radio industry for decades. However, after the acquisition the name was dropped in favor of Dial Global. By returning to the WestwoodOne name, the company is trying to tap into a brand that already has strong awareness among advertisers and consumers, said Paul Caine, Dial Global's chief executive. “It seemed like a very simple solution to gain awareness and recognition by the broader market,” he said. PHOTOS: 2012 highest-paid media executives WestwoodOne will continue to carry events including NFL games, the Olympic Games and the Grammy Awards to local radio stations around the country.
August 14, 2013 |
NEW YORK -- It was a day filled with more hope than promise. When pitchers Joe Blanton, Tommy Hanson, Ryan Madson and Sean Burnett were introduced together at the ESPN Zone in Anaheim on Dec. 12, the numbers on their new Angels jerseys could have been replaced by question marks. They all had issues, with injuries or declining performance, but if they could remain physically sound and deliver their typical seasons, they would add much-needed depth to the Angels' rotation and bullpen.
July 23, 2013 |
In a blockbuster L.A. financial merger, Pacific Western Bank plans to acquire CapitalSource Bank, creating a robust regional bank with a national commercial lending arm - but wiping out a source of high-yield savings accounts for Southern Californians. CapitalSource had specialized in providing savings options for conservative investors, offering among the best rates in the country at a time when many institutions are paying virtually zero interest. The banks' parent firms, PacWest Bancorp and CapitalSource Inc., said late Monday that PacWest would pay CapitalSource shareholders about $2.3 billion in cash and stock.