December 24, 1987 |
Sony Corp. has received U.S. and Japanese government approval for its $2-billion purchase of CBS Records Group, clearing the way for the Japanese electronics giant to become the world's largest record company next month. Sony and CBS Inc. announced Nov. 18 that they had reached an agreement on the deal, subject to approval by the U.S. Federal Trade Commission and Japan's Ministry of Finance. Sony said Wednesday that both agencies approved the sale this week and the deal would close Jan. 5.
October 15, 1987 |
CBS Inc. announced Wednesday that its board of directors made no decision about whether to sell CBS Records Group to Sony Corp., which has offered a reported $2 billion for the division. The company said it is "continuing to explore alternate ways to maximize the short- and long-term shareholder values in its records operations." According to sources, CBS President and Chief Executive Laurence A. Tisch has been in favor of unloading the record operation, while CBS founder and Chairman William S.
May 20, 1988 |
CBS Inc. has sued the two top executives of its former record division, CBS Records Group, for allegedly mismanaging funds in the days before the division was sold to Sony Corp. for $2 billion last December. Filed in New York Supreme Court, the CBS suit names Walter Yetnikoff, president and chief executive of the now Sony-owned CBS Records Inc., and Seymour Gartenberg, executive vice president of the company.
September 12, 1987 |
CBS confirmed Friday that Sony has asked whether the broadcast company is interested in selling all or part of its CBS Records Group, the world's largest purveyor of recorded music. In a statement issued in response to press reports, CBS said it "will consider and respond to Sony's inquiry in due course," but that "no negotiations are now under way" to sell its record operations. It declined to comment further. A spokesman for Sony told Reuters: "We're not in a position to say anything about it."
November 19, 1987 |
Ending months of on-again, off-again negotiations and widespread Wall Street speculation, CBS Inc. announced late Wednesday afternoon that it has reached an agreement to sell its record division to Sony Corp. "The Sony board in Tokyo and CBS board in New York approved the sale of the record division for $2 billion in cash. It was unanimous," said CBS President and Chief Executive Laurence A.
October 19, 1987 |
CBS Inc. will decide soon if it will sell all or part of the CBS Records Group or keep that division in its present form, Laurence A. Tisch, the company's president, said Friday. "It's all under review," he said in a brief phone interview. "We're looking at all our options, and I'm sure the board will come up with a decision on that within the next month or so."