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Digest
Nielsen Media likely to have new owner
By Times staff and wires
Published May 24, 2006
Nielsen Media Research, home to 1,800 employees at its Oldsmar campus, could be under new ownership in a few weeks. Private-equity group Valcon Acquisition BV has acquired 79 percent of shares in VNU NV, Nielsen's Dutch parent company. June 9 is the deadline for purchases of further shares in a deal totaling nearly $10-billion. The new owners are expected to sell off parts of VNU within 18 months. Nielsen and its TV rating service are the most valuable chunk of VNU, but company officials predict business as usual in Oldsmar, whatever the ownership. McClatchy finds buyer for Philadelphia papers McClatchy Co. is selling the Philadelphia Inquirer and the Philadelphia Daily News for $562-million to a group of local investors who hope to reverse circulation declines by emphasizing local news and doing more with the Internet. The papers are being bought by a group led by advertising executive Brian Tierney and Bruce Toll, co-founder of luxury home builder Toll Brothers Inc. The papers are among 12 currently owned by Knight Ridder that McClatchy plans to sell. McClatchy and the investor group said they intend to finish the deal around the same time that McClatchy closes its deal with Knight Ridder, which is expected this summer. Decision bolsters NYSE's Europe bid Shareholders of European stock exchange operator Euronext rejected a proposal Tuesday to commit in principle to a takeover by Deutsche Boerse Group, giving a boost to a rival bid from the New York Stock Exchange. Euronext CEO Jean-Francois Theodore said he and the supervisory board had not made a final decision to formally endorse either bid, but advised shareholders to vote against Deutsche Boerse. Hurricane forecast drives up oil prices Crude futures gained more than 2 percent Tuesday, as scientists' predictions about the next Atlantic hurricane season and a fire at a Louisiana refinery renewed concerns about potential supply disruptions in the Gulf of Mexico. Hurricane experts said the season should be an active one, but that this year's is unlikely to be as strong as in 2005. Light, sweet crude for July delivery rose $1.80 to settle at $71.76 a barrel Tuesday the New York Mercantile Exchange. Brokerage to pay $98M in OT case Citigroup's Smith Barney brokerage unit has agreed to pay $98-million to settle claims on behalf of thousands of current and former brokers that they are owed overtime pay and other reimbursements. The proposed settlement is the latest and largest by securities firms that claim brokers are exempt from state and federal overtime laws because they are salaried, administrative employees.
[Last modified May 24, 2006, 05:42:11]
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