News For TWX From The Last 14 Days Check below for free stories on TWX the last two weeks.
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November 25, 2009
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| 08:11 EDT |  | TWX |
| theflyonthewall.com: | Magazine consortium to build online newsstand, NY Times reports | | A group of magazine companies are forming an online newsstand, sometimes referred to iTunes for magazines. The New York Times reports that an announcement could come as early as December and Time (TWX), Condé Nast, Hearst and Meredith (MDP) all intend to be equity partners in the new company, although the deals have not yet been signed. Reference Link :theflyonthewall.com |
| | 08:02 EDT |  | TWX |
| theflyonthewall.com: | Time Warner volatility low into spin-off of AOL | | Time Warner (TWX) and AOL (AOL.WI) announced December 9 will be the spin-off distribution date for AOL, Time Warner stockholders of record as of 5 PM on November 27, will receive one share of AOL common stock for every eleven shares of Time Warner common stock they hold. Time Warner December option implied volatility is at 29; January is at 31; verses its six-month average of 36, according to Track Data, suggesting decreasing price movement. :theflyonthewall.com |
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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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