Private Equity firm American Securities LLC has managed to sell Pittsburgh-based NEP Broadcasting LLC to another Private Equity firm Crestview Partners for reportedly $800 million to avert a potentially larger tax bill for such a deal in the New Year.
Industry
Disney Looks to Cut Costs, Ponders Layoffs
Walt Disney Co, which reported record earnings in November, started an internal cost cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.
Bank of America Reaches $11.6 Billion Settlement with Fannie Mae
Bank of America Corp on Monday entered an $11.6 billion settlement to end Fannie Mae's claims that the bank improperly sold it mortgages that later soured, and to resolve problems with foreclosures, the companies said.
Avis Budget to Drive Zipcar in U.S. Car-Sharing Market
With rise in demand for car-sharing services in the U.S., Avis Budget Group Inc. has decided to buy out car-sharing company Zipcar Inc. for estimated $500 million.
Al Jazeera Buys Current TV, Expands U.S. Presence
Qatar-based cable news channel Al Jazeera has reportedly taken over U.S.-based news and opinion channel Current TV for estimated at $500 million.
Latest News
Toshiba Corp is in talks with six different groups for the sale of up to 36 percent of its stake in the nuclear unit.
Qatar Airways said it was filing a $600 million legal claim against a contractor for a delay in opening a new international airport in Doha.
Wall Street's watchdog has fined five large firms over $4.48 million for seeking reimbursement for payments to lobbyists using proceeds from municipal and state bond offerings.
China's consumers are leading an uneven recovery in the world's second biggest economy that has retailers expecting stronger sales in six months, early results of a national survey showed on Wednesday.
Samsung Electronics said on Wednesday it had filed a complaint against Ericsson with the U.S. International Trade Commission (ITC), requesting a U.S. import ban and sales ban on some of the Swedish telecoms equipment maker's products.
Nike Inc reported forecast-topping quarterly profit on Thursday on strong North American demand, and its orders volume indicated steady worldwide demand. Its shares were up 6 percent after the bell.
The 62-year-old Jeep brand is poised to get a sweeping multibillion-dollar overhaul that will expand the product range, boost its overseas presence and knit the fortunes of Jeep and U.S. parent Chrysler even more closely with those of Italy's Fiat SpA.
Wal-Mart Stores Inc, which is facing bribery investigations by the U.S. Department of Justice and the Securities and Exchange Commission, named a new general counsel, Karen Roberts, effective February 1, 2013.
Best Buy Co Inc has struck a deal to sell Vizio televisions, bringing one of the most popular and aggressively priced U.S. TV brands to the world's largest consumer electronics retailer's aisles later this month.
