SONY-EMI DEAL DEBT SCRAMBLE: The debt offering for the Sony-led $2.2 billion acquisition of EMI Music Publishing has attracted a bevy of interested investors. The effort to raise $1.3 billion to fund the deal was so popular, the anticipated interest rate on the bonds, expected just last November to be about 12%, will come in at roughtly 5.5%. The Sony and UBS offering, which closed Friday, was so sought after, it attracted up to $3 billion in offers. “The market rewards consolidation because it creates cost savings and enhanced cash flow,” a UBS banker said. Sony is expected to own a 38% stake in EMI Music Publishing and shell out around $325 million of the $900 million in equity—with the remainder coming from a consortium that includes the estate of Michael Jackson, Mubadala Development Co., Blackstone’s GCO Capital Partners and David Geffen, among others. (2/21p)
VMAs BEAMING BACK
TO THE BIG APPLE Getting back to where they once belonged (4/24a)
THE COUNT: ALL THE DESERT'S A STAGE
Jon Wayne is rolling over in his grave. (4/24a)
| ||
THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
|