July 12, 2013 |
A merger between US Airways and American Airlines, creating the nation's largest air carrier, has taken another step forward with the approval of a majority of US Airways shareholders. About 99% of US Airways Group shareholders who voted Friday supported the merger with American's parent company, AMR Corp. The vote was not surprising as it was US Airways that first proposed the merger after AMR Corp. filed for bankruptcy in 2011. "This approval is a major milestone on our path to completing the merger, and we continue to make excellent progress overall thanks to the focused efforts of the dedicated representatives from both companies," said Doug Parker, chairman and chief executive of US Airways and incoming chief executive of the combined company.
June 26, 2013 |
Japanese telecom giant SoftBank Corp. got shareholder approval for its mammoth takeover of Sprint Nextel Corp., giving America's No. 3 wireless carrier ammunition to take on industry leaders Verizon Wireless and AT&T. The $21.6-billion deal for a majority stake in Sprint is expected to enable the company to speed up the rollout of its high-speed 4G LTE service in new markets around the country. That should help it attract new customers, analysts said. "This is exactly what Sprint needs," said Jeff Kagan, a technology industry analyst.
June 25, 2013 |
Sprint shareholders approved a $21.6-billion acquisition by SoftBank on Tuesday, bringing an end to the takeover drama involving Dish Network Corp., which had also made a play for the No. 3 U.S. carrier. About 98% of shareholders voted to approve the deal, which will pay them either $7.65 per share for the stock they now hold, or give the same number of shares of new Sprint common stock. The deal will give SoftBank 78% ownership of Sprint. “The transaction with SoftBank should enhance Sprint's long-term value and competitive position by creating a company with greater financial flexibility," Sprint Chief Executive Dan Hesse said in a statement . PHOTOS: The 10 biggest tech gadget fails Sprint said it expects the Federal Communications Commission to approve the deal early next month.
June 12, 2013 |
SAN FRANCISCO - Facebook Inc. Chief Executive Mark Zuckerberg, grilled by shareholders unhappy about the slumping stock price, took pains to defend the company he founded. With the stock trading nearly 37% below its offer price of $38, Zuckerberg fielded a litany of angry comments from investors at the company's annual meeting Tuesday, when the shares fell 30 cents, or 1.2%, to $24.03. The tenor of the shareholder meeting - Facebook's first since its rocky initial public offering in May 2012 - showed just how far he has to go in convincing Wall Street that the prospects for Facebook's future are bright.
June 12, 2013 |
News Corp. has moved closer to its historic breakup that is expected to test whether investors share Chairman Rupert Murdoch's confidence that there is a solid future for newspapers. On Tuesday, shareholders approved measures that will allow Murdoch's sprawling media empire to be cleaved into two separate publicly traded companies. The most profitable assets - Fox News Channel, the Fox broadcast TV network, Fox regional sports networks, FX and the 20th Century Fox movie studio - will form 21st Century Fox Inc. The publishing assets, including the Wall Street Journal, Times of London, New York Post, the Australian, HarperCollins book publishing house and several Australian television properties, will form a separate company.
June 10, 2013 |
SAN FRANCISCO -- Facebook is the latest Silicon Valley company to bar the media from attending its annual meeting. Google and Zynga also decided to keep out the media this year. Instead, Facebook suggests the media watch a live webcast of its first shareholder meeting on Tuesday morning. Google also webcast its meeting. Zynga did not webcast its shareholder meeting, which was held one day after the company laid off 520 employees. Notably Apple allowed reporters to attend its annual meeting in February.
June 7, 2013 |
There may be lots of questions yet to be answered about Southern California Edison's permanent shutdown of its San Onofre nuclear plant, but here are a couple about which there's no doubt. Who's responsible? Edison, 100%. Accept no argument that it did the best it could in overseeing a $700-million generator replacement project, but accidents happen. This wasn't an accident: It was the product of what Edison claims was its rigorous oversight of contractors. How much should Edison's customers pay for the misengineering and mismanagement that led to mothballing a hugely important generating station?
June 6, 2013 |
Shares of Media General Inc. jumped as much as 29% Thursday morning after the company announced it will merge with privately held Young Broadcasting in an all-stock deal. The combined company will own or operate 30 TV stations in 27 markets, extending its reach to 14% of U.S. households, and will retain the name Media General and its Richmond, Va., headquarters. Following the close of the transaction, shareholders of Nashville-based Young will...