Sony will pay $750 million to the Michael Jackson estate for its share in the music catalog. Once the deal is closed, the estate will be no longer in debt.
Deals
Bankruptcy Looms Over Peabody Energy, Files Chapter 11 Sooner or Later
Peabody is facing difficulties as it shares declined sharply the past year. It is considering to file Chapter 11 sooner or later to protect it from creditors while restructuring the company and recovers from the large loss.
Vijay Mallya's Kingfisher House Auctioned at Rs 150 Crore Base Price
Vijay Mallya's Kingfisher's House is in auction with a base price fixed at Rs 150 crore. A consortium of SBI led the auction where interest buyers will bid online. Lenders are optimistic that the said e-auction will generate huge amount to suffice the amount to pay for the loans granted to Kingfisher Airlines and other debts.
Frankfurt and London Stock Exchange Has Reached a Merger Agreement
Two of the most prominent European stock exchange, Frankfurt and London has agreed to merge on Wednesday. The merger between them will create a new European trading powerhouse.
Sony Bought Jackson Estate’s Shares for $750 Million, Taking Over Catalogs Including The Beatles and Taylor Swift
The Michael Jackson estate lost its share in the joint venture with Sony Corp. when the music publisher bought Jackson’s share of 50 percent for $750 million. The transaction will wipe out the rest of Jackson’s $500 million debt he left when the artist died in 2009.
Latest News
It was agreed that Apollo Global Management is taking over Fresh Market Inc. Chairman and founder Ray Berry is not so pleased and is considering of making the company private where he and his son own 9.8% of shares. This would be Apollo's third largest acquisition that is worth more than a billion dollars.
Global venture capital funding for financial technology companies hit $13.8 billion last year. The number is a double from previous year, indicating a serious impact of fintech to the financial services.
Facebook acquired Masquerade to enhance its video features. On Wednesday, the largest social network bought MSQRD, giving its users ability to retouch their photo using playful and animated filters.
General Motors is moving forward to compete in the autonomous car markets. The giant automaker has acquired a driverless cars software maker, Cruise Automation, for reportedly more than $1 billion.
Life Insurance Corporation has invested in nine state-owned banks. The Indian-based insurance group has invested around ₹2,750 crore in shares of nine banks in order to strengthen their capital reserve.
Chicago Transport Authority has planned to replace 2,600 age old rail cars with 846 units of 7000-Series cars. CTA has awarded the $1.3 billion deal, the largest purchase in its history to a unit of CRR Corp. on Wednesday. Chinese companies have been awarded the second major deal following $567 million contract to supply trains for Boston’s subway system.
NEXON Co will purchase the entire outstanding shares from Big Huge Games. The company is moving forward with an aim of establishing a dominant presence in the gaming industry by creating partnerships with leading game developers.
In a Wednesday's public meeting, Franchise and Concession Review Committee of New York City approve the acquisition. The merger will create the second-largest cable operator in the United States, which raised a concern.
Nasdaq will acquire International Securities Exchange (ISE) for $1.1 billion from Germany's Deutsche Börse. The acquisition transaction is expected to close by end of 2016 year.
