New York Times (NYT) announced that it is selling its TV station group. The group contains nine stations that management says will produce $43 million in earnings before interest, taxes, depreciation and amortization (EBITDA) in 2006. Recent transactions in TV have been around 13x EBITDA, potentially creating proceeds of $560 million. In the past, management […]
Sears Holding (SHLD) announced that it is increasing its share repurchase authorization by $500 million. About $118 million remains on the prior $1.5 billion authorization. So far, the company has repurchased 11 million shares at an average price of $126.14. As of August 29, the company had 154 million shares outstanding. At current prices, the […]
Tuesday’s rumor has it that Eddie Lampert is putting Sears Holding (SHLD) cash to work buying Home Depot (HD) shares. SHLD traded up on the news, and the stock has now recovered pretty much all the losses immediately post earnings. Those losses were due to either fears that (1) the share buyback would slow and […]
Overall, the Apple Computer (AAPL) announcements were in line with my expectations. I almost got right the new wireless device that will get the video you download to iTunes over to your TV: It’s not a MacMini; it’s just half the size. This product, due in the first quarter of 2007, is probably the most […]
NTL Incorporated (NTLI) CEO Stephen Burch made a presentation at Jefferies 4th Annual Communications Conference. The company made no comments and took no questions related to the status of negotiations with private equity firms over the possible takeover of NTLI. Based on press reports there is clearly something going on related to private equity. Whether […]
Sometime later today, Apple will unveil its long awaited new products and services. Consensus seems firmly to predict that new higher capacity iPod nanos with new outside covers will be introduced. Consensus has also coalesced around the launch of an iTunes movie store. The remaining question is what else might be coming. The invitation apparently […]
Today’s news that Telecom Italia plans to sell its mobile phone unit and focus on media investments reminds me that despite multiple compression and secular challenges, the media business is still viewed as sexy and seems to have an unblemished ability to draw wealthy investors. According to the Wall Street Journal Chairman Marco Tronchetti Provera […]
Apparently, Ronald Lauder has decided to pay for his $135 million acquisition of Gustav Klimt’s Adele Bloch-Bauer I by monetizing half of his 15.8% stake in Central European Media Enterprises (CETV). Last June, it was revealed that Lauder was buying the Klimt and paying the highest price ever for a painting, easily exceeding the $104 […]
Last week saw a flurry of acquisition and divestiture activity in the radio industry including news that the buyer of Disney’s radio assets, Citadel Broadcasting, wants to renegotiate to lower the purchase price. News that Citadel wants to renegotiate the terms of its buyout of ABC’s radio assets is not surprising and likely led to […]
Looking back at my recent posts on Sears Holdings (SHLD), I may have left the impression that improving same store sales trends are necessary to drive the stock higher. Just to be clear, Northlake’s long position in (SHLD) has never been about sales. It has been about free cash flow generation over the 2006 and […]
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