Other funds that are among Nines owners will trim their collective holding to 30.2 percent from 46.5 kim kardashian gallery percent. Under the restructuring plan agreed last October, about 60 percent of a A$5.75 billion debt and equity investment by CVC was wiped out. Senior lenders including Apollo and Oaktree received A$573 million in cash and a 95.5 percent stake in Nine, according to Federal Court documents in December. London-based CVC had bought the broadcaster from billionaire James Packers Publishing & Broadcasting Ltd. Chief Executive Officer David Gyngell will receive a A$2.5 million cash bonus for completing the IPO and 4.55 million shares, according to the prospectus. The broadcaster will also issue 4.9 million shares to non-executive directors and another 1.1 million shares to employees. It will have a total of 931 million shares.
"At this price you'd have to assume that's the case. It's not a good deal if Ten comes back," he said. Nine has made a number of comebacks in its 56-year history. It hit a rough patch in the late 1980s when it was owned by Alan Bond, who sold the network back to the Packer family for a fraction of the A$1 billion he had paid two years earlier. Under the late media billionaire Kerry Packer's control again, Nine bloomed and consistently led the local TV ratings, partly thanks to popular sporting events such as cricket and rugby. After Mr. Packer's death, his son James sold Nine to CVC to help build his casino empire.
SFX Entertainment had its initial public offering in October. It produces dance music view events around the world, including Tomorrowland and Life in Color. It also operates Beatport, an online music store that sells electronic dance songs. Made Event produces Electric Zoo, an annual three-day electronic dance music festival held in New York during Labor Day weekend. It attracts more than 100,000 attendees and was started in 2009. This year, the .. [read more] final day of the festival was cancelled after two concert-goers died from drug overdoses.
Australia?s Nine Entertainment to Launch IPO
If you're like me, you probably find it hard to believe that the entertainment industry doesn't have have the funds to offer paid internships. In fact, even the rap mogul worth a reported $580 million, Sean "Diddy" Combs , isn't willing to share his Benjamins with http://linyvwoncpioburn.centerblog.net any of his interns. His former intern is slapping his record label Bad Boy Entertainment with a class-action lawsuit. An estimated 500 ex-interns who have worked at Bad Boy since August 2007 are also eligible to join this class-action claim. With all eyes on the entertainment industry, it's time to take a look at why entertainment industry interns deserve to be paid -- just like any other employee.
The company, whichowns free-to-air broadcasterNine Network,expects to raise A$697 million ($660 million) of fresh capital, and have an initial market capitalization of A$2.2 billion ($2.09 billion). Nine is owned by a collection of private equity funds, which gained control last year in a debt for equity swap. It was previously controlled by James Packer . The flotation comes just a year after the company avoided going into administration, the local version of Chapter 11. We are excited about the initial public offering and providing new shareholders with exposure to our leading integrated portfolio of complementary media businesses, David Gyngell (pictured), Nine Entertainmentschief exec, said in a statement. A listing on the ASX will help us to continue our strong momentum and consolidate our position as a leading free-to-air TV network in Australia, maintain our strong industry position and expand the Nine Events business. Nine also owns ticketing services operator Ticketek and Australias largest indoor music venue.
Home entertainment sales remain steady after years in decline
Digital delivery saw a 24 percent gain for both the quarter and for the first nine months of 2013. Electronic sellthrough, video-on-demand and subscription streaming brought in $4.63 billion for the first three quarters, up from $3.73 billion year-over-year. The slow death march of the disc is sounding, with disc rentals and sales down -- for the most part. DVD sales are down on the year, falling 7.35 percent since January and 13.4 percent for the quarter. A bright spot is that Blu-ray Disc sales are up with a 7 percent increase year-over-year for the first three quarters. So far in 2013 both DVD and Blu-ray sales have totaled $5 billion, slightly down from $5.4 billion at this time last year.