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July 19, 1993 | From Times Staff and Wire Reports
Murdoch Plan Probed: The Australian Broadcasting Authority has launched an investigation into media mogul Rupert Murdoch's plan to buy 15% of Seven Network Ltd., one of the nation's three commercial television networks. Sources said the watchdog group is most concerned about Murdoch News Corp. Ltd.'s relationship with another big investor, Telstra Corp. Ltd., the government-owned operator of Australia's largest telephone company, which plans to take 10% of the network.
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BUSINESS
December 21, 2006 | From the Associated Press
Mobile e-mail provider Visto Corp. said a federal judge in Texas had ordered rival Seven Networks Inc. of Redwood City, Calif., to pay $7.7 million in damages for infringing three patents, affirming a jury's verdict reached in April. The ruling represents Visto's biggest victory yet in its legal crusade to protect several patents on technology used by wireless phone providers to deliver e-mail on their mobile networks. Visto, also based in Redwood City, also has sued Good Technology Inc.
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BUSINESS
December 21, 2006 | From the Associated Press
Mobile e-mail provider Visto Corp. said a federal judge in Texas had ordered rival Seven Networks Inc. of Redwood City, Calif., to pay $7.7 million in damages for infringing three patents, affirming a jury's verdict reached in April. The ruling represents Visto's biggest victory yet in its legal crusade to protect several patents on technology used by wireless phone providers to deliver e-mail on their mobile networks. Visto, also based in Redwood City, also has sued Good Technology Inc.
BUSINESS
August 20, 1998 | CLAUDIA ELLER, TIMES STAFF WRITER
Australia's Seven Network said Wednesday that it was bailing out as one of Metro-Goldwyn-Mayer's two major financial backers, selling its 25% stake in the cash-strapped studio to majority shareholder Kirk Kerkorian for $389 million.
BUSINESS
August 20, 1998 | CLAUDIA ELLER, TIMES STAFF WRITER
Australia's Seven Network said Wednesday that it was bailing out as one of Metro-Goldwyn-Mayer's two major financial backers, selling its 25% stake in the cash-strapped studio to majority shareholder Kirk Kerkorian for $389 million.
BUSINESS
August 6, 1997
As expected, Metro-Goldwyn-Mayer Inc. said it is proposing to offer shares to the public as soon as possible. MGM released no details, but it is expected to try to raise about $250 million by selling a 12.5% stake in the company. The company also is expected to offer the stock through a group of underwriters led by J.P. Morgan and Merrill Lynch. MGM was bought last year for $1.3 billion by a group led by billionaire Kirk Kerkorian's Tracinda Corp.
BUSINESS
September 12, 1997 | Bloomberg News
Metro-Goldwyn-Mayer Inc. said it expects to raise $232.5 million for debt repayment after expenses in its planned initial public offering, filed Thursday with the Securities and Exchange Commission. The IPO is part of the studio's plan to raise money for debt repayment. The investor group, led by Kirk Kerkorian's Tracinda Corp., will retain a controlling stake in the Santa Monica company after the IPO. Tracinda currently owns 68.96% while Seven Network Ltd.
BUSINESS
August 30, 1996 | From Reuters
Italian businessman Giancarlo Parretti, former owner of Metro Goldwyn Mayer, has rejoined the fight to own the venerable Hollywood film studio with new allegations of bribery and fraud. Citing recent evidence, Parretti's attorneys Thursday asked the Delaware Chancery Court to reopen the 1991 case in which the legally troubled financier lost control of MGM. "The ultimate purpose of this is to get control of MGM," Parretti's Beverly Hills-based lawyer, Jay Coggan, said in an interview.
ENTERTAINMENT
July 22, 1996 | JUDY BRENNAN, SPECIAL TO THE TIMES
The Centennial Olympics were blamed for disappointing openings of four new pictures this weekend, including Michael Keaton's "Multiplicity." But it sure didn't hurt "Independence Day," which took in another $20.9 million. "ID4" should hit the $200-million mark today after 21 days in release, breaking another record set by "Jurassic Park," which arrived at the $200-million benchmark in 23 days.
BUSINESS
October 22, 1997 | From Bloomberg News
Metro-Goldwyn-Mayer Inc. said it plans to sell 12.5 million shares with an expected price range of $20 to $23 a share in an initial public offering to raise money for debt reduction. The company said in a filing with the Securities and Exchange Commission that it would raise as much as $322 million in the IPO, including shares that may be issued to cover over-allotments to investors. The company plans to sell 10 million shares in the U.S. and Canada and 2.5 million shares elsewhere.
BUSINESS
July 19, 1993 | From Times Staff and Wire Reports
Murdoch Plan Probed: The Australian Broadcasting Authority has launched an investigation into media mogul Rupert Murdoch's plan to buy 15% of Seven Network Ltd., one of the nation's three commercial television networks. Sources said the watchdog group is most concerned about Murdoch News Corp. Ltd.'s relationship with another big investor, Telstra Corp. Ltd., the government-owned operator of Australia's largest telephone company, which plans to take 10% of the network.
BUSINESS
July 25, 1998 | From Times Wire Services
Metro-Goldwyn-Mayer Inc. on Friday reported a second-quarter loss and said it will raise $250 million in equity capital, partly because it expects to generate cash more slowly than expected from TV and home video operations. The Santa Monica-based company said it lost $55 million, or 84 cents a diluted share, reflecting a write-down related to the release of certain feature films, litigation and other expenses. The company lost $14.
NEWS
July 17, 1996 | JAMES BATES and CLAUDIA ELLER, TIMES STAFF WRITERS
The fabled Metro-Goldwyn-Mayer movie studio and its roaring lion logo will be acquired for $1.3 billion by a management-led group whose main backer, billionaire Kirk Kerkorian, has already bought and sold the company twice. Tuesday's agreement was perhaps the strangest twist yet in a decades-long odyssey that has seen MGM plunge from its perch as one of Hollywood's premier studios, lose many of its prized assets and fall briefly into insolvency.
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