Archive for the ‘Business’ Category
Friday, December 16th, 2011
Fitch Ratings has downgraded Sony’s ratings to BBB- from BBB as a result of its “weakened financial performance” and the difficulties the company is predicted to have in recovering market share due to tough competition and despite an effort to regain growth through acquisitions.
“A likely overall FY12 EBIT loss, excluding financial services, and an increase in debt driven by acquisitions will significantly weaken Sony’s credit profile,” says Nitin Soni, Associate Director in Asia-Pacific Telecommunications, Media and Technology team.
Overall, Fitch expects the EBIT losses in Sony’s consumer products and services and professional, device and solutions will more than offset Sony’s pictures and music segment’s profits (which the agency expects to generate mid-single-digit EBIT margins) in FY12 and FY13. (DigitalLook)
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Tuesday, November 15th, 2011
Citigroup has revealed details of the sale of its EMI music and publishing business in two separate transactions for a total of around £2.6bn.
Vivendi indicated that it’ll finance the transaction from its existing credit lines. Vivendi and its subsidiary UMG will sell €500m worth of non-core UMG assets.
Meanwhile, Rob Wiesenthal, chief financial officer for Sony Corporation of America, said that “this transaction reinforces our strategy of building the operational breadth of Sony/ATV Music Publishing, while tapping the extraordinary expertise and experience of Marty Bandier and his management team”. (Digital Look)
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Wednesday, November 2nd, 2011
Yahoo! has signed a definitive agreement to acquire interactive advertisement firm interclick for $270m in cash.
Under terms of the all-cash tender offer for all outstanding shares of interclick, Yahoo! will pay $9 per share, a 22% premium over interclick’s closing share price.
“This investment underscores our focus on enhancing the performance of both our guaranteed and non-guaranteed display business across Yahoo and our partner sites and, combined with Yahoo!’s reach and advertising leadership, will deliver a powerful solution for marketers,” said Ross Levinsohn, Yahoo!’s executive vice president of the Americas region. (DigitalLook)
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