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BUSINESS
July 29, 1999
Hewlett-Packard Co. said the medical-equipment and electronic measurement company it plans to spin off next year will be called Agilent Technologies Inc. The new company will have annual sales of $8 billion and 43,000 employees. It will be based in Palo Alto, along with the new HP, and will make everything from ultrasound-imaging technologies to semiconductor-testing equipment. Its initial public offering, expected to be completed next year, is likely to be one of the biggest ever.
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BUSINESS
March 17, 2014 | By Shan Li
Chesapeake Energy Corp. said it plans to spin off its oil field services division into a separate publicly traded company. The news came weeks after the the oil and natural gas producer said it was pursuing strategic alternatives for the division, including a possible sale. The Oklahoma City company, which is the second-largest producer of natural gas in the U.S., has been moving to cut costs after a year of upheaval that included the ouster of Chief Executive Aubrey McClendon.
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BUSINESS
December 24, 1996 | GREG MILLER
Odetics Inc. said it plans to raise as much as $19.8 million by spinning off the company's ATL Products subsidiary in a stock offering next year. Odetics, an Anaheim-based company that makes a variety of high-tech products, said it plans to sell 1.65 million shares of ATL Products common stock at $10 to $12 per share. ATL Products makes automated tape libraries, or systems used for archival and backup storage of network computer data. Odetics officials declined to comment on the transaction.
BUSINESS
February 14, 2014 | By Shan Li
Occidental Petroleum is ending a nearly century-long run as a storied Los Angeles energy company and moving its headquarters to Houston as part of a corporate overhaul. The nation's fourth-largest oil firm also announced plans Friday to spin off its California assets into a separate publicly traded company based in the Southland. Occidental will continue to employ about 8,000 employees and contractors in the state. The company's split signals the end of an era for Occidental, which was founded in 1920 and led for many years by oil industry legend Armand Hammer.
ENTERTAINMENT
March 6, 2013 | By Joe Flint
There's no more Time Inc. at Time Warner. Time Warner said it is spinning off its Time Inc. magazine unit -- home to such titles as Time, People, Sports Illustrated and Fortune -- into a separate, publicly traded company. The move comes after talks to merge Time Inc. with Meredith Corp., another magazine publisher, collapsed. “After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc.," said Time Warner Chief Executive Jeff Bewkes, who added that the move will allow the company to "focus entirely on our television networks and film and TV production businesses" and give Time Inc. "the flexibility and focus of being a stand-alone public company.
BUSINESS
January 31, 2008 | From Times Wire Services
Altria Group Inc. will spin off its overseas unit March 28, bowing to U.S. investors demanding higher dividends and stock buybacks. Shareholders will get one Philip Morris International share for each Altria share, the New York company said. Altria Chief Executive Louis C. Camilleri will become CEO of the Lausanne, Switzerland-based overseas division and work to accelerate growth into emerging markets as smoking bans spread in Western Europe.
BUSINESS
October 24, 2003 | From Reuters
Cable operator Cablevision Systems Corp. said it would spin off its satellite TV platform as well as three television channels, just days after launching the satellite service and saying its costs were uncertain. Cablevision said the spinoff of Rainbow DBS would also include Rainbow Media properties AMC, the Independent Film Channel and WE: Women's Entertainment.
NEWS
November 7, 1988 | Associated Press
Pillsbury Co., which is fending off a hostile $5.23-billion takeover bid from a large British conglomerate, announced today that it will spin off its troubled Burger King subsidiary. Under a plan approved by Pillsbury's board of directors, the fast-food chain would be spun off to its shareholders as a separate public company, distributing one share of Burger King common stock for each outstanding share of Pillsbury common stock, payable on Jan. 27 or earlier for shareholders of record Dec. 2.
BUSINESS
September 7, 2000 | Bloomberg News
Telefonos de Mexico, Mexico's largest phone company, said it will spin off its mobile phone unit and most of its international units to form the largest mobile phone operator in Latin America. Telmex shareholders will receive an equal amount of shares in the new company, to be called America Movil, the company said in a press release. America Movil will have 9.9 million clients. The investments the foreign assets require to develop now won't affect the parent company, said Chairman Carlos Slim.
BUSINESS
August 12, 1988 | Associated Press
Bally Manufacturing Corp. said late Thursday that it will spin off its hotel-casino group, which accounts for nearly half of its revenue, as a separate publicly-held company but will retain up to a 15% stake in the business. Bally stockholders will receive, tax-free, one share of common stock in the hotel-casino business for each share of Bally Manufacturing they own on the effective date of the spinoff, the Chicago-based company said in a statement.
BUSINESS
February 6, 2014 | By Andrea Chang
Sony Corp. is exiting the PC market, announcing Thursday that it was selling its Vaio personal computer division. The Japanese company said the move came after a "comprehensive analysis of factors, including the drastic changes in the global PC industry. " Sony said it had tentatively agreed to sell Vaio to Japan Industrial Partners Inc., a Japanese investment fund. The sale of Vaio is intended to help Sony better grow its mobile electronics business, which going forward would focus more on smartphones and tablets, the company said.
BUSINESS
February 6, 2014 | By Andrea Chang and Daniel Miller
Sony Corp., a struggling electronics maker trying to regain its once stalwart status, is undertaking a major restructuring that includes the sale of its PC division, a spinoff of its TV business and layoffs of thousands of employees. The Japanese tech giant said Thursday that it had decided to shed its Vaio personal computer brand after a "comprehensive analysis of factors, including the drastic changes in the global PC industry. " It is in talks to sell Vaio to Japan Industrial Partners Inc., a Japanese investment fund.
BUSINESS
December 19, 2013 | By Tiffany Hsu
Darden Restaurants Inc. said it would separate itself from its Red Lobster business while halting expansion at Olive Garden and stopping acquisitions “for the foreseeable future.” Orlando, Fla.-based Darden has struggled recently along with the rest of the casual dining sector as price-conscious consumers moved into the cheaper fast-casual tier that includes chains such as Smashburger and Panera. Darden said the Red Lobster move may take the form of a tax-free spinoff to shareholders or an outright sale.
ENTERTAINMENT
August 5, 2013 | By Daniel Miller
Sony Corp. has rejected a proposal by activist investor Daniel Loeb to make a public offering of up to 20% of its entertainment arm. The Tokyo electronics and media giant said in an Aug. 6 letter addressed to Loeb, the chief executive of hedge fund Third Point, that it "unanimously concluded that continuing to own 100% of our entertainment business is the best path forward. " Loeb's Third Point owns about 7% of Sony, whose entertainment arm, Sony Entertainment Inc., includes film and television studio Sony Pictures Entertainment, Sony/ATV Music Publishing and Sony Music Entertainment.
BUSINESS
July 16, 2013 | By Walter Hamilton
With the planned spinoff of its newspaper unit underway, Tribune Co. is turning its attention to its real estate. The media company announced Tuesday the hiring of real estate veteran Murray McQueen to fill the newly created position of president of real estate. He will assess whether Tribune is making as much money as it can from its holdings, including the historic Los Angeles Times headquarters in downtown L.A. All told, the company owns more than 7 million square feet of real estate, including buildings, printing plants and other facilities.
BUSINESS
July 10, 2013 | By Walter Hamilton and Meg James
Tribune Co. is getting out of the faltering newspaper business, but probably not the way it hoped. The media giant announced Wednesday that it will spin off its publishing unit into a separate company, a maneuver that's likely to delay a long-expected sale of the Los Angeles Times. The spinoff could take nine months to a year to complete. The new entity, to be called Tribune Publishing Co., would comprise The Times, the Chicago Tribune and six other daily papers. All other assets, including the company's real estate holdings and stakes in several Internet sites, would remain part of Tribune Co. The spinoff would be tax-free to Tribune shareholders.
BUSINESS
December 6, 1988 | From Reuters
Zayre Corp., in a move to boost profits after the sale of its money-losing Zayre Stores unit in October, said Monday that it will spin off its Warehouse Clubs division and then buy the 17% of TJX Cos. it does not already own. Zayre said it would change its name after the merger to TJX Cos. effective at the Zayre annual meeting in June. Zayre had spun off a minority interest in TJX, a profitable off-price retailer, in 1987. One analyst said the deal would value TJX at $32 a share or about $1.
BUSINESS
July 10, 2013 | By Walter Hamilton
Tribune Co. announced plans Wednesday to spin off its beleaguered newspaper unit into a separate company, freeing the media conglomerate to focus on its more promising television and Internet properties. The new entity, to be called Tribune Publishing Co., would include the Los Angeles Times, the Chicago Tribune and six other daily papers. All other assets, including the company's real estate holdings and stakes in several Internet sites, would remain part of Tribune Co. The spinoff would be tax-free to Tribune shareholders and could take as long as a year to complete.
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