News Corp has agreed to buy ad tech company Unruly for up to 114 million pounds. The transaction includes a cash payment of 58 million pounds at the closing. LUMA Partners advised Unruly on the deal. Unruly is backed by Amadeus Capital Partners, Endeit Capital and Business Growth Fund.Continue
Jimmy Lee, one of JPMorgan Chase & Co's (JPM.N) most senior investment bankers, died on [...]Continue
First Read ushers in the week with news of Brynwood Partners to acquire Wessanen's U.S. [...]Continue
News Corp. said Sunday it had acquired the VCCircle Network, which includes websites VCCirclecom, Techcircle.in, as well as VCCEdge, VCCircle Training and a conference business. Financial terms weren’t announced. Mosaic Media Ventures is the seller. Noida, India-based VCCircle is a media company.Continue
KKR has closed a $50 million investment in Next Issue Media. Next Issue is a joint venture formed by six publishers – Condé Nast, Hearst, Meredith, News Corp., Rogers Communications and Time Inc. – to provide unlimited access to digital magazine content in the U.S. and Canada. The Raine Group advised Next Issue.Continue
In Second Opinion, Snapchat is in talks to sell a stake worth $10 bln to [...]Continue
Providence Equity Partners and Goldman Sachs may finally get to cash out of the YES [...]Continue
Providence Equity Partners' seventh fund will likely come in at around $5 billion, according to [...]Continue
Walt Disney, Comcast Corp. and News Corp are buying Providence Equity’s 10% stake in Hulu, according to a report.Continue
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.Continue
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.Continue
(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 …Continue
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 […]Continue
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.Continue
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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 TwitterContinue
(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 upContinue
Yesterday, I attended the DeSilva + Phillips Media Dealmakers Summit. There was a lot of talk about tablets and Rupert Murdoch’s launch of The Daily during the morning. Normally, I hound these conferences for PE and banking sources, but the conversation was so interesting that I will share with you.Continue
Rising Prices: The N.I.H. anticipates cancer costs will grow substantially
Pushed Back: News Corp.’s daily iPad app is delayed
$15B?: That’s what Groupon says its worthContinue