Telecom Shares Move Higher as Deal News Dominates -- Telecoms Roundup
July 10 2018 - 4:37PM
Dow Jones News
Shares of telecom and media companies were higher as deal news
continued to dominate the sector. John Malone's Liberty Media
Corp., which last month officially abandoned a plan buy a stake in
bankrupt iHeartMedia Inc., continues to express interest in the
nation's largest radio broadcaster, according to people familiar
with the matter. Liberty's interest in iHeartMedia sets up a
potential bidding battle with California-based private-equity firm
Silver Lake, the person said. Silver Lake, which has made an offer
for a 20% stake in iHeart, has been in talks with the radio-station
operator and its creditors about a potential deal, the person said.
Martin Sorrell's new marketing venture has agreed to acquire a
Netherlands-based digital production agency, topping a rival bid
from WPP PLC, the advertising giant he spent decades building.
Financial terms weren't disclosed, but people familiar with the
matter said Mr. Sorrell's new venture, which he plans to call S4
Capital, will pay around EUR300 million ($352 million) for
MediaMonks in cash and shares. The New Yorker magazine is
voluntarily recognizing the union of its editorial staff members,
becoming the latest prominent media organization to do so even as
the industry faces continued profit pressures.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
July 10, 2018 17:22 ET (21:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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