Providence Equity Partners and Goldman Sachs may finally get to cash out of the YES Network, which televises Yankee games, after holding the stake for eleven years. News Corp. said Tuesday it has agreed to buy a 49% stake in the Yankees Entertainment and Sports Network.
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Providence Equity Partners’ seventh fund will likely come in at around $5 billion, according to two sources who attended the firm’s annual meeting last week. Separately, Providence has finally completed the sale of their 10% stake in Hulu for $200 million.
As sale and IPO processes continue to wither in the face of turbulent markets, the owners of Hulu, the streaming entertainment company, announced late Thursday they would not, in fact, pursue a sale of the company. News Corp., Providence Equity Partners, and the Walt Disney Co. are among Hulu’s owners. Previously, it was reported that strategic bidders had failed to satisfy sellers’ requirements.
(Reuters) – Tom Perkins, co-founder of Kleiner Perkins Caufield & Byers and the backer of companies ranging from Genentech to Google, believes much of the venture capital industry has set itself up for failure.
“Mathematically, there’s no way that all venture capital in America will make 10 to 1,” or $10 for every dollar invested — a fairly typical return in past years — Perkins told Reuters.
There is too much money chasing too few companies, he said, and the increasingly large sums invested mean failures will hurt more. Firms hit by outsized failures will find it hard to …
The rental agency Airbnb issued a lengthy public apology yesterday afternoon, following days of dreadful press spawned by the story of “EJ,” a customer whose home was ransacked by someone who’d rented it through Airbnb. In the letter, CEO and co-founder Brian Chesky (pictured) stated that the company had “really screwed things up” in not [...]
Rupert Murdoch is feeling the love!
Yesterday, we asked you whether the head of News Corp. should step down. This came after a very interesting week for the eighty-year-old Murdoch. In questioning before Parliament, he refused to take responsibility for the hacking scandal plaguing News Corp. The U.S. Justice Department is reportedly preparing subpoenas as it investigates claims that NWS journalists in the U.K. tried to hack the phones of 9/11 victims. And, Murdoch nearly got hit with a fake pie that has made his wife, Wendi Murdoch, a media sensation. The Tiger Wife came through for Rupert in a smackdown heard around the world.
But I digress. Should the elder Murdoch step down from News Corp.? Late Thursday, about 53% of voters were saying they wanted Murdoch gone. That changed. A slim majority, or 54.4%, thinks Murdoch should stay at News Corp. But another 45.6% think he should leave.
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Rupert Murdoch has been all over the news lately.
The 80-year-old media mogul refused to take responsibility for the hacking scandal that has slashed billions from News Corp.’s market value. It got even more bizarre earlier this week when a protester tried to hit Murdoch with a cream pie.
Wendi Deng, Murdoch’s wife, smacked the protester before he was able to touch the elder CEO. (Deng has now become a trending topic on Twitter, and a fake Twitter
(Reuters) – News Corp. has sold Myspace for $35 million, a fraction of what it paid for the once-hot social media site even as a new generation of Web-based startups is enjoying sky-high valuations.
Advertising company Specific Media will team with the singer Justin Timberlake to acquire Myspace in a deal that caps a tumultuous period of ownership under Rupert Murdoch’s News Corp., which swooped in to buy Myspace for $580 million in 2005.
The sale was a boon for the venture firms that backed MySpace’s parent company, Intermix Media (formerly known as eUniverse). VantagePoint Venture Partners and Redpoint Ventures invested a total of $12 million in Intermix over two rounds, according to Thomson Reuters (publisher of peHUB). VantagePoint put $8 million into Intermix at a post-money valuation of $51.72 million in November 2003, while VantagePoint and Redpoint each put up