News For TWX From The Last 14 Days Check below for free stories on TWX the last two weeks.
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November 19, 2009
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| 08:10 EDT |  | TWX |
| theflyonthewall.com: | AOL plans to cut one-third of workforce, take charge | | On November 19, 2009, AOL Inc. informed its employees of proposed restructuring activities as part of its continuing cost reduction initiatives aimed at aligning the company’s organizational structure and costs with its strategy. The restructuring is conditioned upon the successful completion of the company’s previously announced spin-off from Time Warner (TWX), as well as the approval of the company’s new board that will begin service in connection with the spin-off. It is anticipated that, if approved, the restructuring will include the reduction of approximately a third of the company’s current employee base, which will be conducted on a voluntary and involuntary basis. The goal of the restructuring is to reduce ongoing annual operating costs by approximately $300M. If the Restructuring is approved, the company expects to incur restructuring charges of up to $200M, substantially all of which is expected to be incurred from the date of the spin-off through the first half of 2010. :theflyonthewall.com |
| | 07:43 EDT |  | TWX |
| | 07:40 EDT | | TWX |
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November 17, 2009
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| 07:06 EDT |  | TWX |
| | 06:42 EDT |  | TWX |
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November 16, 2009
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| 16:25 EDT | | TWX |
| | 06:23 EDT | | TWX |
| theflyonthewall.com: | Virgin Media stalls channel sale to pursue alternative plan, U.K. Times says | | Virgin Media (VMED) has stalled its attempts to sell its GBP160M wholly-owned television channels as the cable company assesses whether it could raise more cash by pursuing an alternative plan, the U.K. Times reports. The company is considering whether to sell the channels — including Living, Bravo and Trouble — together with its GBP300M half-share in UKTV, its television joint venture with the BBC. Bundling the two together would help Virgin Media to generate more cash; otherwise, the stake in UKTV had been expected to be sold in parts to the BBC and Channel 4, both of which lack the resources for a highly priced bid. Virgin Media had narrowed down the bidders for its wholly-owned channels, grouped together under the VMTV tag, to three: Viacom (VIA), owner of MTV; Time Warner (TWX), the owner of CNN; and BSkyB, which is 39.1 per cent-owned by News Corporation, parent company of The Times.Reference Link :theflyonthewall.com |
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November 15, 2009
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| 18:27 EDT | | TWX |
| theflyonthewall.com: | The re-awakening IPO market has some investors skeptical, Barron's reports | | Initial public offerings, or IPO's, have revived of late. Despite a miserable performance through March, Renaissance Capital's global IPO index, boosted by strong Chinese returns, is up 44.5% this year, compared with 20.4% for the S&P's index. The IPO market may yet top 2008's volume, but many deals have been scaled back or postponed. No one wants to buy unseasoned new equity issues," says Hugh Evans, a portfolio manager for T. Rowe Price. The deals that have gotten done have tended to be from older, established companies with well-known brands, demonstrable earnings and some prospects for profit growth -- even if only from cost-cutting. About 40% of all IPOs this year have come from financial sponsors looking to raise equity for their portfolio companies, according to Dealogic. The concern is that buyout firms, which have suffered through their own period of miserable returns, are under pressure to raise as much money as possible, especially as their loans come due -- doing deals on their own terms, with very little regard to building value in the aftermarket. Another source of new supply comes from established companies via carve-outs. Although technology deals have lost much of their ability to generate headlines and huge aftermarket gains, they've been quietly staging a comeback, possibly a prelude to a more crowded offering calendar in 2010. So far this year there have been 12 tech-related deals. Last year there were just four tech IPOs. There's even a view that there's a shortage of underwriting capacity in the tech field since so many tech-oriented investment banks like Hambrecht & Quist and Robertson Stephens have disappeared. Barring some sort of financial catastrophe, most close observers of IPOs believe the market will continue to strengthen and broaden. Among the deals on investors' calendars are Time Warner's (TWX) spin-off of AOL and Cablevision's (CVC) sale of MSG. Of course, everyone would like to see Facebook, Twitter and LinkedIn tap the public markets, though they have ample financing sources. There also could be a mini-boomlet of health-care issues once the issue of health-care reform in the U.S. is resolved. Also, finance-related offerings, especially real estate, dominate the list of the biggest coming offerings. Reference Link :theflyonthewall.com |
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November 13, 2009
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| 07:40 EDT | | TWX |
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November 12, 2009
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| 06:29 EDT | | TWX |
| theflyonthewall.com: | On The Fly: Periodicals Wrap-Up | | WALL STREET JOURNAL: AIG (AIG) CEO Robert Benmosche, who just yesterday said he would quit the insurer over government interference, has seemingly reversed course and now says he's "totally committed to leading AIG through its challenges" even though he's frustrated with the government's compensation views, the Wall Street Journal reported...FINANCIAL TIMES: The Financial Times reported that Bank of America (BAC) may not meet the goal of naming a new CEO by Thanksgiving, as it is still weighing internal and external candidates to replace Ken Lewis, set to leave on December 31. Top internal candidates include Greg Curl, the bank's chief risk officer, and Brian Moynihan, in charge of BofA's retail banking...BARRON'S: Macy's (M) shares now fetch 17 times the $1.06 per share that the company estimates it may earn this year. That's no bargain for a store whose sales continue to be dogged by high-fixed costs, Barron's said. Macy's is still generating profits after cutting capital expenditures drastically this year, and it managed to cut its short-term debt by almost a billion dollars this year, but there will likely be a more reasonable price at which to obtain its shares between now and next year's holiday season...ALL THINGS DIGITAL: All Things Digital sources said Rupert Murdoch's News Corp. (NWS) may join the digital e-reader storefront joint venture that Time Inc. (TWX) and other magazine publishers are putting together. Other expected partners include Hearst, Conde Nast and, perhaps Meredith (MDP). :theflyonthewall.com |
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November 11, 2009
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| 08:29 EDT | | TWX |
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November 10, 2009
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| 07:59 EDT | | TWX |
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