fundraising money

Providence’s Fund VII Target Reduced to $5B

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.

TPG Capital, News Corp., Time Warner Bid on Calik

TPG Capital, News Corp. and Time Warner have all put in bids for the media assets of Turkey’s Calik Holding, Reuters reported Monday. The bids were reportedly all around $1 billion, Reuters wrote.

Hulu Owners Bail on Deal Process

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.

VC Icon Tom Perkins Takes Swipe at Kleiner Perkins’ Big Bets on Cleantech

(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 …

Slideshow: If You Thought Airbnb’s PR Crisis Was Bad…

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 […]

Poll Results: Slim Majority Think Murdoch Should Stay as News Corp.’s Head

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.

Question of the Week: Should Murdoch Step Down as Head of News Corp.?

Create your free online surveys with SurveyMonkey, the world’s leading questionnaire tool.

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

Justin Timberlake and Ad Company Get MySpace for a Song

(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

News Corp Sells Stake in China TV Channels

(Reuters) – Rupert Murdoch’s News Corp (NWSA.O) said on Monday it will sell a controlling stake in its three China TV channels to a private equity fund backed by Shanghai Media Group (SMG), China’s No.2 media company. The deal would see China Media Capital acquire a controlling stake in News Corp’s Xing Kong, Xing Kong […]

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Did Owen Van Natta’s Social Skills Fail Him?

During a late afternoon meeting today at MySpace, chief executive Owen Van Natta, formerly the chief operating officer of Facebook, was nudged out the door. Just nine months after joining the company, he’s being replaced by Mike Jones and Jason Hirschhorn, executives who were brought in alongside Van Natta last April and who will now report as co-presidents to News Corp.’s digital chief, Jon Miller.

What happened? A News Corp. insider tells me tonight that the departure is a shock to no one for a variety of reasons, beginning with the near simultaneous way that Van Natta, Jones, and Hirschhorn were brought in. “Owen had little to no influence over that decision,” says this person, who adds that among Miller, Jones and Hirschhorn, Van Natta was “the odd man out” from nearly the outset.

Friction grew more extreme over time. “While Owen was off giving speeches around the world, Mike and Jason were doing the hard work,” say this person. “After a while, no one was sure what they needed [Van Natta] for.”

Permira and News Corp. Complete $3.6b NDS Acquisition

Permira and News Corp. have completed their $3.6 billion take-private buyout of NDS, a UK-based company that had been listed on the Nasdaq. Permira now holds a 51% stake, while News Corp. holds the remaining 49 percent. NDS provides end-to-end digital technology and services to digital pay-television platform operators and content providers.

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