Media Company to Downsize Bridge Loan in Effort to Move Takeover Along
By Jon Hemingway -- Broadcasting & Cable, 12/6/2007 6:14:00 AM
Tribune will use available cash to reduce the debt financing needed for its take-private transaction, the company announced Thursday morning.
In a statement, the company said it will use cash to downsize by $500 million its bridge loan from $2.1 billion to $1.6 billion. Tribune expects to refinance the loan with an offering of high-yield debt through financing managers Bank of America, Citigroup, JP Morgan and Merrill Lynch.
The company has hopes to close the deal by the end of the year, which would still require satisfying some remaining conditions of sale, including receiving a solvency opinion and completed financing. Last week, the company cleared a key regulatory hurdle when the Federal Communications Commission granted it newspaper-broadcast cross-ownership waivers.
Tribune agreed in March to be taken private by real estate mogul Sam Zell in an $8.2 billion transaction.
Digital Rapids is the leading provider of professional hardware and software tools, technology and expertise for bringing video to wider audiences and new viewing platforms. Continuing to set new standards in quality, productivity and versatility...
more
Telestream products are used by the world's leading media and entertainment companies and corporations for transcoding and workflow automation. Telestream helps customers transform their media for multiplatform distribution to web, mobile, DVD...
more
Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from...
more
JVC U.S.A. is a division of JVC Americas Corp., a wholly owned subsidiary of Victor Company of Japan, Limited. JVC is a leading developer and manufacturer of sophisticated audio and video products that use superior technologies to deliver high...
more
ESPN, Inc. is the world's leading multinational, multimedia sports entertainment company featuring a portfolio of over 50 multimedia sports assets. The company is comprised of six domestic television networks (ESPN, ESPN2, ESPN Classic, ESPNEWS...
more
In this week's edition of B&C Tech Talk, senior editor Glen Dickson talks about Scripps Television becoming the latest station group to consolidate its graphics operations with Chyron's Internet-based Axis system
