Gemstar-TV Guide Hangs "For Sale" Sign
By Glen Dickson -- Broadcasting & Cable, 7/10/2007 4:53:00 AM
Electronic programming guide giant Gemstar-TV Guide International is mulling a sale, the company announced late Monday.
Gemstar-TV Guides says its board has "authorized the Company and its advisors to explore strategic alternatives intended to maximize shareholder value, which may include a sale of the Company."
The company, in which News Corp. owns a controlling stake, has tapped UBS Investment Bank as its financial advisor and M&A specialists Wachtell, Lipton, Rosen & Katz as legal counsel.
“The Company has made significant improvements throughout its businesses and the Board is very pleased with the growth and strategic direction under CEO Richard Battista.," said Gemstar Chairman Anthea Disney in a statement. "We are now poised to investigate the range of available strategic alternatives for continuing to build shareholder value.”
Gemstar-TV Guide stated it can't guarantee that the exploration of strategic alternatives will result in any transaction, and added that it "undertakes no obligation to make any further announcements regarding the exploration of strategic alternatives unless and until a final decision is made."
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