January 21, 1998 |
Barry Diller received another big stock-option package from the media company he runs, as HSN Inc. granted him the right to acquire 4.75 million common shares through 2007. The package will generate about $292 million in profit for Diller if HSN shares appreciate 10% annually during the 10-year period, according to a proxy statement recently filed with the Securities and Exchange Commission. These figures assume Diller holds all of the options until 2007.
November 20, 1997 |
The crowded television marketplace will soon have a seventh broadcast network--and there won't be any need for parental warnings about sex and violence. Promising family entertainment like "Touched By An Angel" reruns, the co-founder of Home Shopping Network said Wednesday that Pax Net will begin operating on Aug. 31, 1998, and be available in more than four-fifths of the nation's homes.
November 4, 1997 |
Barry Diller's surprise deal to control most of Universal Studios' television business continues to be a provocative topic in Hollywood. The decision by Seagram chief Edgar Bronfman Jr. to sell Universal's USA Network, Sci-Fi Network and its domestic TV production and distribution business to Diller's HSN Inc. in a deal valued at $4.1 billion is widely viewed as a smart, if highly perplexing, move.
October 24, 1997 |
On the heels of Monday's announcement that it planned to buy most of Universal Studios' television operations for $4.08 billion, HSN on Thursday announced an offer to buy the half of Ticketmaster it doesn't already own, for $307.5 million in cash. Ticketmaster Chief Executive Fred Rosen said he expects Ticketmaster's board to meet next week to appoint an independent committee to review the proposal.
October 21, 1997 |
Hollywood giant Universal Studios announced Monday that it is selling its major television assets to a company controlled by entertainment mogul Barry Diller, creating a novel alliance that would use both cable and broadcast television as a backbone for a new national network. The transaction, valued at $4.1 billion, is the boldest initiative yet in the remolding of Universal since it was purchased in 1995 by Seagram Co., the Canadian beverage and spirits giant.
October 21, 1997 |
The HSN-Universal Studios transaction announced by Barry Diller and Edgar Bronfman Jr. involves several other major industry figures. John Malone, 56, chairman of Tele-Communications Inc. Liberty Media, TCI's wholly owned programming arm, is one of the Home Shopping Network's largest shareholders. Liberty would own 15% of the newly formed operation and would have the option to increase that stake to 25%. Malone heads Colorado-based TCI, the United States' largest cable television operator.
May 20, 1997 |
Giving up his dream of making Ticketmaster Corp. a centerpiece of his new-media empire, billionaire Paul Allen has reached an agreement to sell his 55% stake in the Los Angeles-based ticketing giant to Home Shopping Network Inc. for $17 a share, sources said Monday. The deal gives Allen a 33% premium over Ticketmaster's current market price. Although details were unavailable, the deal appears to value the billionaire's stake at roughly $230 million.
August 27, 1996 |
Home Shopping Network was one of the hottest new stock offerings of the 1980s--the Netscape Communications of its day. Home Shopping raised $36 million in its initial stock offering in May 1986, only to see the company's market value balloon to $4 billion by early 1987 on wild projections about the earnings prospects of the business. The stock, adjusted for splits, rocketed from $3 at the offering price to a peak of $47 in 1987, a nearly sixteenfold increase.