Time Warner Cable To Sell Its Stake In Clearwire
Time Warner Cable plans to sell its 46.4 million shares of Clearwire to build a nationwide high-speed wireless Internet network, Bloomberg reports. The second-largest U.S. cable company alerted other Clearwire investors of its intention to sell the holdings in a filing last week. Time Warner Cable and Comcast agreed late last year to market and sell Verizon Wireless, allowing the cable companies to combine wireless service with their television, land-line phone and broadband Internet services. The U.S. Justice Department approved the Verizon deal last month. Clearwire fell 4.9 percent to $1.54 at the close in New York.
Receivership Prospect For Australia’s Nine Entertainment
Australia’s Nine Entertainment could be placed in receivership next month as the company struggles to refinance $A2.8B in debt by next February, according to some media analysts. CVC Asia Pacific, which bought Nine for $5.5B in 2007, is considered likely to breach a key covenant relating to its debt-to-earnings ratio at the end of September, The Australian reported. U.S. hedge funds Apollo Group and Oaktree, which own just over a third of the senior debt, and Goldman Sachs, which manages $1B in mezzanine debt, are at a stand-off over the refinancing. If there’s no agreement and Nine’s management is unable to sign off on the annual accounts at the end of next month or early November, the paper said Nine would be forced to call in administrators. One media analyst told Deadline that Oaktree and Apollo would favor that option because holders of senior debt rank ahead of other lenders. But the analyst calculates that a sale of Nine would likely yield just $1.5B on a valuation of six times annual earnings of $253 million before interest, tax, depreciation and amortization.- Don Groves
Lachlan Murdoch and Fairfax Media Settle Defamation Case
News Corp director Lachlan Murdoch has settled his defamation case against Australia’s Fairfax Media, accepting $A50,000 ($52,300) which goes to the Murdoch Children’s Research Institute. The charity, which researches conditions affecting babies, children and adolescents, was founded with the support of Lachlan’s grandmother Dame Elisabeth Murdoch. Lachlan sued over a September 6 article in Fairfax’s The Age and Sydney Morning Herald which falsely alleged he spent $304,000 of time travelling in News Corp’s corporate jet in the past year to the detriment of his role as chairman of Network Ten. The article was based on News’ annual report which referred to his brother James’ use of the jet. The News-owned Australian reported Lachlan had not used the jet for seven years. On September 10 the papers published a correction and an apology for suggesting Murdoch had used his position as a director of News Corp for his personal benefit.- Don Groves
Sam Neill, Rosamund Pike Cast In ‘A Long Way Down’
Sam Neill and Rosamund Pike join Pierce Brosnan, Toni Collette, Aaron Paul and Imogen Poots in the Paschal Chaumeil-directed adaptation of the Nick Hornby novel. The film focuses on four people who plan to commit suicide and befriend one another when they meet atop a London skyscraper on New Year’s Eve. Jack Thorne wrote the script and Finola Dwyer and Amanda Posey are producing. A Long Way Down is currently being shot on location in England and Spain.