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Tag: Business (1-7 of 7)

Paula Deen cooks up $75M comeback deal

Paula Deen has found a key ingredient to bringing some sizzle back to her career — a cash infusion worth at least $75 million from a private investment firm.

The Savannah-based celebrity cook announced Wednesday that she’s launched an umbrella company that will oversee her restaurants, cookbooks, product endorsements, and other remaining slices of her media empire. The new company, called Paula Deen Ventures, said private-equity firm Najafi Companies is investing $75 million to $100 million to help Deen make a comeback.

Deen’s fortunes took a dive last year after comments she made under oath during proceedings in a lawsuit, namely that she had used racial slurs in the past, became public. The Food Network dropped Deen, as did pork producer Smithfield Foods, book publisher Ballantine, and several other companies that paid her to endorse their products.

In a statement, Deen praised the partnership with Phoenix-based Najafi and the decision to name Steven Nanula, who has already worked with Deen for the past two years, to serve as CEO of Paula Deen Ventures. READ FULL STORY

Twitter boosts IPO price range

Twitter’s confidence appears to be increasing ahead of its initial public offering set for later this week.

The 7-year-old short messaging service on Monday boosted the price range for the IPO, saying that it now expects to price its shares at between $23 and $25 each. It previously planned to sell the shares for between $17 and $20 each.

At its new range, the IPO could raise more than $2 billion.

The increase doesn’t come as a big surprise. Many observers considered the previous pricing to be relatively conservative, given that Twitter is poised to pull off the year’s hottest IPO. And some predicted that rather than set its expectations too high; the company would likely raise its pricing in the days leading up to the IPO.

Twitter said in its regulatory filing that it still plans to sell 70 million shares. If all of those shares are sold, the offering’s underwriters can buy another 10.5 million shares.
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Twitter unseals IPO papers, hopes to raise $1B

Twitter has unsealed the documents for its planned initial public offering of stock and says it hopes to raise up to $1 billion.

The company is also revealing for the first time the amount of money it makes. Founded in 2006, Twitter has never turned a profit and has an uninterrupted history of losses totaling $419 million since its inception. But its revenue is growing.

Twitter disclosed three weeks ago that it filed confidential papers to start the IPO process.

On Thursday, San Francisco-based Twitter Inc. unsealed the papers with the Securities and Exchange Commission, giving potential investors and its user base a look inside its business. The company was taking advantage of federal legislation passed last year that allows companies with less than $1 billion in revenue in its last fiscal year to avoid submitting public IPO documents.
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Twitter tweets it'll go public

Twitter is going public. The short messaging service aptly tweeted on Thursday it has filed confidential documents for an initial public offering of stock.

But the documents are sealed, as Twitter is taking advantage of federal legislation passed last year that allows companies with less than $1 billion in revenue in its last fiscal year to avoid submitting public IPO documents.

San Francisco-based Twitter Inc. posted on its official Twitter account Thursday afternoon that it has “confidentially submitted an S-1 to the SEC for a planned IPO.”

The confidentiality will likely help Twitter avoid the public hoopla that surrounded the initial public offerings of other high-profile social networking companies, including Facebook Inc., which went public in May 2012.

Twitter’s IPO has been long expected. The company has been ramping up its advertising products and working to boost ad revenue in preparation.
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21st Century Fox acquires 5 percent stake in 'Vice'

Former News Corp subsidiary 21st Century Fox is set to take a 5 percent stake in digital media and publishing group Vice, the Financial Times reports. The deal will total $70 million, according to Fox’s $1.4 billion appraisal of Vice.

With an announcement set for Monday, the companies are expected to announce a push for Indian and European markets, where Fox already has stakes in existing media companies. Speculation about the deal has been brewing since last October when News Corp head Rupert Murdoch tweeted, “Who’s heard of VICE media? Wild, interesting effort to interest millenials [sic] who don’t read or watch established media. Global success.” READ FULL STORY

Yahoo plans to buy Tumblr for $1.1 billion

Yahoo agreed to buy the blogging service Tumblr for around $1.1 billion in cash, reports The New York Times. If the deal is approved, it would be the biggest yet under the tenure of new Yahoo CEO Marissa Mayer and a major move into social media for the Internet company. (It would also top Facebook’s acquisition of Instagram for $1 billion last year.) Founded in 2007, Tumblr has a young, active user base, with over 108 million blogs, that Yahoo will likely want to tap into.

Ousted Yahoo CEO has thyroid cancer: Report

Yahoo’s Scott Thompson, who was pressured to give up his CEO post because his official biography included a college degree he never received, reportedly has thyroid cancer.

The Wall Street Journal, citing people it did not identify, says that Thompson told Yahoo’s board and several colleagues of his condition before resigning from his role with the company.

The newspaper says it was told by one source that Thompson’s decision to resign was partly influenced by his cancer diagnosis.

Thompson was hired as Yahoo’s CEO in January to fill a void created by Carol Bartz’s firing.

Yahoo Inc. has named Ross Levinsohn as its interim CEO. Levinsohn had a successful stint running Internet services within Rupert Murdoch’s media empire at News Corp. before Bartz hired him in November 2010

Yahoo’s stock gained 33 cents, or 2.2 percent, to $15.52 in premarket trading Monday.

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