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14 July 2008 - Michael Jackson News & Mentionings

http://www.hitsdailydouble.com/news/newsPage.cgi?news07166m01

SONY-BMG ABOUT TO COME UNDONE

Bertelsmann Ready to Sell Its Share Back to Sony Corp.

July 14, 2008

The Sony BMG pairing is about to come undone.
A Bertelsmann supervisory board meeting will take place today to discuss the German media conglom’s sale of its 50% stake in the company back to Sony, with a final decision expected to be revealed by the end of the month, pending a similar meeting of the Sony Corp. board.

Bertie execs have set a price tag of $2.8 billion for their half of the company, though insiders the actual number will be closer to $1.5 billion given the current credit shortfall.

The original five-year joint venture agreement, struck in 2004, is due to expire in August 2009, but new Bertie CEO Hartmut Ostrowski, who took over this past January, reportedly wants to fast-track the sale.

Just last March, he listed his companies options as “taking over 100%, selling our 50% to Sony or continuing the joint venture,” but it looks like he now wants to get out as quickly as possible.

Any unraveling of the venture would have to be approved by the regulatory bodies in both Europe, where ironically, the original pairing is still being fought in the European Commission, and the U.S., which would be expected to take up to three months.

Each partner in the joint venture has right of first refusal in any attempt to spin off their half.

In addition, Bertie has agreed to sell its Direct Group unit, which consists of Columbia House, BMG Music Club and the Bookspan book club, to Phoenix-based private equity firm Najafi Cos.

The company lost $636.4 million on $1.39 billion revenue for the year ended Dec. 31, due to a $652 million in write-offs: $455 million due to impairment of good will and other intangible assets, and $197 million in restructuring and valuation allowances due to the merger of the record clubs with Bookspan. Without those write-offs, the merged company had $15.6 million in operating earnings before interest and taxes.

Record club sales were reportedly so weak that the company expected to discontinue that business by 2010, Bertelesmann said when it disclosed its year-end financial results.

The Direct Group management team, headed up by Stuart Goldfarb, will remain in place, according to Najafi CEO Jahm Najafi.
 
Thanks for the news today Raylo.
And thank you too L.J and Datsy and hopespringseternal. :)
Enjoyed the videos. MJ really is a sweetheart. He makes me smile. ^_^
 
hopespringseternal said:
http://www.hitsdailydouble.com/news/newsPage.cgi?news07166m01

SONY-BMG ABOUT TO COME UNDONE

Bertelsmann Ready to Sell Its Share Back to Sony Corp.

July 14, 2008

The Sony BMG pairing is about to come undone.
A Bertelsmann supervisory board meeting will take place today to discuss the German media conglom’s sale of its 50% stake in the company back to Sony, with a final decision expected to be revealed by the end of the month, pending a similar meeting of the Sony Corp. board.

Bertie execs have set a price tag of $2.8 billion for their half of the company, though insiders the actual number will be closer to $1.5 billion given the current credit shortfall.

The original five-year joint venture agreement, struck in 2004, is due to expire in August 2009, but new Bertie CEO Hartmut Ostrowski, who took over this past January, reportedly wants to fast-track the sale.

Just last March, he listed his companies options as “taking over 100%, selling our 50% to Sony or continuing the joint venture,” but it looks like he now wants to get out as quickly as possible.

Any unraveling of the venture would have to be approved by the regulatory bodies in both Europe, where ironically, the original pairing is still being fought in the European Commission, and the U.S., which would be expected to take up to three months.

Each partner in the joint venture has right of first refusal in any attempt to spin off their half.

In addition, Bertie has agreed to sell its Direct Group unit, which consists of Columbia House, BMG Music Club and the Bookspan book club, to Phoenix-based private equity firm Najafi Cos.

The company lost $636.4 million on $1.39 billion revenue for the year ended Dec. 31, due to a $652 million in write-offs: $455 million due to impairment of good will and other intangible assets, and $197 million in restructuring and valuation allowances due to the merger of the record clubs with Bookspan. Without those write-offs, the merged company had $15.6 million in operating earnings before interest and taxes.

Record club sales were reportedly so weak that the company expected to discontinue that business by 2010, Bertelesmann said when it disclosed its year-end financial results.

The Direct Group management team, headed up by Stuart Goldfarb, will remain in place, according to Najafi CEO Jahm Najafi.
Click to expand...

this doesn't affects Michael's Sony/ATV since it was never part of the deal with the merger of Sony and BMG...

but not sure how Michael will fare (as fare as a + for him) if BMG still wants to get into publishing...
 
http://www.baristanet.com/2008/07/michael_jackson_turns_50in_new.php


Michael Jackson To Turn 50...In Newark, Sort Of

Monday, July 14, 2008

First there were the fantasy announcer contests with the New Jersey Jackals. Now the Newark Bears have their own promotion...
The (former) King of Pop is turning 50 this summer and the Newark Bears are throwing him a party on July 18. Fans are encouraged to put on a sequin batting glove and head over to the Bears game for Michael Jackson's 50th birthday celebration.
​
A Michael Jackson impersonator will be on hand to take on Bears mascot Rip 'N Ruppert in a Thriller Dance off. Here's the Bears' impersonator on

YouTube

from last year. Oh, and fans can enter the Bears' moonwalk competition on top of the dugout. But wait, there's also a happy birthday MJ fireworks spectacular. We're guessing there might be a baseball game in there somewhere as well. For info, go here.
 
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He is the "former" KOP yet they want to celebrate his birthday? What hypocrites. Blah.

Thanks for the news, DM.
 
The article on Sony-BMG ME is ignorant. There is nothing to "undone" and Sony will not buy its share "back".

Sony-BMG ME was created merging two companies' music divisions, and Sony never sold anything to buy it "back". Also, the company is not going to be dismantled, it will be the same merged company, so there will nothing be "undone".

What discussed is Sony buying out BMG's 50% share to have wholly own united company, not just mere SME as it was before merging with BMG Music Group.

Media like to make bolder titles to their articles, so we have this unprofessionalism.
 
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Thank you Dr Feelgood. It seems evident that they had to destroy Michael's name and reputation. he was just too hot to handle.
 
SONY-BMG ABOUT TO COME UNDONE

Bertelsmann Ready to Sell Its Share Back to Sony Corp.

July 14, 2008

The Sony BMG pairing is about to come undone.
A Bertelsmann supervisory board meeting will take place today to discuss the German media conglom’s sale of its 50% stake in the company back to Sony, with a final decision expected to be revealed by the end of the month, pending a similar meeting of the Sony Corp. board.

Bertie execs have set a price tag of $2.8 billion for their half of the company, though insiders the actual number will be closer to $1.5 billion given the current credit shortfall.

The original five-year joint venture agreement, struck in 2004, is due to expire in August 2009, but new Bertie CEO Hartmut Ostrowski, who took over this past January, reportedly wants to fast-track the sale.

Just last March, he listed his companies options as “taking over 100%, selling our 50% to Sony or continuing the joint venture,” but it looks like he now wants to get out as quickly as possible.

Any unraveling of the venture would have to be approved by the regulatory bodies in both Europe, where ironically, the original pairing is still being fought in the European Commission, and the U.S., which would be expected to take up to three months.

Each partner in the joint venture has right of first refusal in any attempt to spin off their half.

In addition, Bertie has agreed to sell its Direct Group unit, which consists of Columbia House, BMG Music Club and the Bookspan book club, to Phoenix-based private equity firm Najafi Cos.

The company lost $636.4 million on $1.39 billion revenue for the year ended Dec. 31, due to a $652 million in write-offs: $455 million due to impairment of good will and other intangible assets, and $197 million in restructuring and valuation allowances due to the merger of the record clubs with Bookspan. Without those write-offs, the merged company had $15.6 million in operating earnings before interest and taxes.

Record club sales were reportedly so weak that the company expected to discontinue that business by 2010, Bertelesmann said when it disclosed its year-end financial results.

The Direct Group management team, headed up by Stuart Goldfarb, will remain in place, according to Najafi CEO Jahm Najafi.
Click to expand...

id presume this effects mj and the deal that was happeing to allow sony/bmg to go into publishing. a deal was anounced a few months back but there was no offical announcement as they said there would be one later but there never was.it was potentially big $ for mj as they had to get mjs permission to go into publishing but i presume thats all off now as the merger is being ended
 
elusive moonwalker said:
id presume this effects mj and the deal that was happeing to allow sony/bmg to go into publishing. a deal was anounced a few months back but there was no offical announcement as they said there would be one later but there never was.it was potentially big $ for mj as they had to get mjs permission to go into publishing but i presume thats all off now as the merger is being ended
Click to expand...

It doesn't have to be off though, cause if a deal was made, all that would happen is that deal is past on to the new buyer, which could well be sony. So Sony would have 2 separate interest in publishing, just like MJ has.
 
yeah i guess it could be passsed on to a new buyer but i presume they would have to agree with it as they might not want it. also i think the whole deal was because of the merger so tbh i doubt sony would be intrested in creating a publishing company just for themselves as they already have sony/atv. i guess it was something coming more from BMG as they werent into publishing before the merger
 
elusive moonwalker said:
yeah i guess it could be passsed on to a new buyer but i presume they would have to agree with it as they might not want it. also i think the whole deal was because of the merger so tbh i doubt sony would be intrested in creating a publishing company just for themselves as they already have sony/atv. i guess it was something coming more from BMG as they werent into publishing before the merger
Click to expand...
Yes you are right about that. What I was referring to was the likelihood that a deal was already struck, then all that would happen is that sony would take the whole thing over, unless MJ stipulated in another clause that forbid sony from doing so. In any case it would make sony having another publishing to deal with just like MJ has his own one too.:D
 
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