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Merger

All articles tagged with #merger

Oregon ends bid to delay Paramount–Warner merger after dropping records demand
policy4 hours ago

Oregon ends bid to delay Paramount–Warner merger after dropping records demand

Oregon Attorney General Dan Rayfield withdrew his civil investigative demand and a 60-day delay to review Paramount's takeover of Warner Bros. Discovery after Paramount declined to turn over the requested records, including lobbying documents codenamed 'Project Warrior.' The move ends Oregon's attempt to stall the deal for review, though other states and the UK are weighing antitrust actions and Hollywood has opposed the merger.

via The Verge|
#antitrust#merger#oregon
Oregon Drops Bid to Slow Paramount-WB Merger, Court Date Remains
business21 hours ago

Oregon Drops Bid to Slow Paramount-WB Merger, Court Date Remains

Oregon Attorney General Dan Rayfield withdrew a civil investigative demand for Paramount to turn over records and dropped a plan to delay the Paramount-Warner Bros. Discovery merger by 60 days; a Multnomah County hearing is set to review next steps. Paramount welcomed the move, saying it avoids delaying a lawful, pro-competitive deal. California and other states are weighing legal challenges, while regulators worldwide have largely cleared or reviewed the transaction. The AG had also sought documents on Paramount’s lobbying strategies, including a plan dubbed “Project Warrior,” which Paramount argued are not relevant to antitrust review.

via Deadline|
#antitrust#business#merger
Oregon AG Pushes 60-Day Pause and Docs in Paramount-WBD Merger
business2 days ago

Oregon AG Pushes 60-Day Pause and Docs in Paramount-WBD Merger

Oregon Attorney General Dan Rayfield asked a Multnomah County judge to postpone Paramount’s closing of its Warner Bros. Discovery deal by 60 days and to compel Paramount to hand over documents related to the merger, including lobbying materials tied to the DOJ-regulated process. A hearing is set for Monday as Paramount faces EU regulatory reviews; the DOJ has approved the deal, while UK officials and other states consider challenges. Paramount has objected to the document requests, arguing they are burdensome and marginal to Oregon’s antitrust inquiry.

via Deadline|
#antitrust#business#merger
States Prepare Antitrust Push Against Paramount-WBD Merger
business2 days ago

States Prepare Antitrust Push Against Paramount-WBD Merger

State attorneys general are finalizing a multistate antitrust lawsuit to challenge Paramount’s planned takeover of Warner Bros. Discovery, a filing expected next week that could derail Paramount’s timetable to take control of WBD despite the Justice Department’s clearance. The effort, which mirrors other state-level challenges to major deals after federal review, comes as California’s AG and others scrutinize the deal, Oregon pursues subpoenas, and Paramount says regulators around the world have already approved the transaction and will be defended in court.

via CNN|
#antitrust#business#merger
Michigan Banks Merge: Comerica Customers to Switch to Fifth Third Sept. 8
business5 days ago

Michigan Banks Merge: Comerica Customers to Switch to Fifth Third Sept. 8

Fifth Third Bank completed its $10.9 billion acquisition of Comerica, and beginning Sept. 8 Comerica customers will transition to Fifth Third’s systems. Customers must create a new user ID and password, with debit cards, ATMs, direct deposits, and ACHs transferring automatically; welcome packets will be mailed in August to guide the process. The deal will close more than 70 branches, but the combined network is expected to offer more options in Southeast Michigan and Detroit; a potential rename of Comerica Park is under review and to be decided in the offseason.

via ClickOnDetroit | WDIV Local 4|
#business#comerica#detroit
Sky-ITV Merger Poised to Reshape UK Broadcasting
business5 days ago

Sky-ITV Merger Poised to Reshape UK Broadcasting

Comcast-owned Sky will acquire ITV’s networks and ITVX for £1.6 billion ($2.13B), creating a UK-focused streaming and broadcasting powerhouse with ITV Studios spun off as a separate company. Regulators will scrutinize the deal for competition and public‑service broadcasting plurality, while Sky argues the merger boosts scale to compete with global platforms. Sky News will remain distinct, and the plan foresees roughly £200 million in run‑rate synergies mainly from marketing/tech with some UK headcount reductions. If approved within about a year, the tie-up could leverage NBCUniversal assets to grow a dominant UK ad-supported and subscription offering, accelerating consolidation in the British media landscape.

via The Hollywood Reporter|
#business#itv#merger
Paula Reid exits CNN as Ellison takeover sparks leadership uncertainty
business9 days ago

Paula Reid exits CNN as Ellison takeover sparks leadership uncertainty

CNN chief legal affairs correspondent Paula Reid will not renew her contract amid uncertainty about the post‑merger leadership of CNN under David Ellison’s planned takeover of Warner Bros. Discovery, with executives unable to guarantee how the network will operate after the deal; her departure would make her the first major CNN journalist to leave amid the upheaval as others weigh their futures.

via New York Post|
#business#cnn#david-ellison
Paramount Offers Remedies to Clear EU Waters for WBD Merger
business10 days ago

Paramount Offers Remedies to Clear EU Waters for WBD Merger

Paramount has filed concessions with the European Commission to win clearance for its $111 billion Warner Bros. Discovery merger, hoping remedies address EC concerns and speed approval ahead of a July 22 decision. The company did not disclose the specifics of the concessions, but says they directly address the EC’s preliminary concerns. The development comes as the UK weighs intervention and the CMA continues its review, while the DOJ has already approved the deal in the US and state attorneys general weigh possible antitrust action.

via Deadline|
#business#concessions#european-commission
Regulator Roadblock Forces Getty-Shutterstock $3.7B Merger to Fold
business10 days ago

Regulator Roadblock Forces Getty-Shutterstock $3.7B Merger to Fold

Getty Images walked away from its $3.7 billion merger with Shutterstock after the UK CMA demanded the sale of Shutterstock’s editorial business, a condition the Getty board deemed a non-starter. The company says it will hire a financial adviser to explore strategic financing alternatives as it contemplates next steps. The deal would have generated roughly $150–$200 million in annual synergies and would have consolidated stock and editorial visuals, underscoring regulatory leverage in major media deals even as Getty had recently inked a licensing pact with OpenAI to license its library for ChatGPT.

via The Hollywood Reporter|
#business#cma#getty-images
Paula Reid Poised to Exit CNN Ahead of Paramount-WBD Merger Shakeup
media10 days ago

Paula Reid Poised to Exit CNN Ahead of Paramount-WBD Merger Shakeup

Paula Reid, CNN's chief legal affairs correspondent, is expected to depart the network as Paramount's planned acquisition of Warner Bros. Discovery creates newsroom uncertainty about future leadership under the new owner. Reid joined CNN from CBS News in 2021 and was named chief legal affairs correspondent in 2023; CNN declined to comment on her plans as the Paramount-WBD merger is poised to close later this year.

via Deadline|
#cnn#media#merger
Patrick Industries and LCI Industries Forge All-Stock Merger to Create Global Component Platform
business11 days ago

Patrick Industries and LCI Industries Forge All-Stock Merger to Create Global Component Platform

Patrick Industries and LCI Industries announced an all-stock merger creating a premier component-solutions platform for outdoor recreation, housing, and transportation markets. LCI shareholders will receive 1.2440 Patrick shares per LCI share, resulting in ~52% Patrick and ~48% Lippert ownership, with pro forma revenue of about $8.1 billion, adjusted EBITDA of roughly $1.0 billion (including synergies), and free cash flow around $508 million; the deal is expected to deliver over $150 million in run-rate cost synergies and a net leverage near 2.1x, with a disciplined capital-allocation plan. The combined company plans to invest in growth and shareholder returns, and will be led by CEO Andy Nemeth (Patrick) with Todd Cleveland as Chair and Johnny Sirpilla as Vice Chair; HQ will be in Elkhart, Indiana, and closure is targeted for the first half of 2027, subject to approvals. A conference call and dedicated website will provide more details.

via Business Wire|
#business#elkhart-indiana#lci-industries
Patrick Industries and Lippert Merge in All-Stock Deal to Create a Major RV Component Leader
business11 days ago

Patrick Industries and Lippert Merge in All-Stock Deal to Create a Major RV Component Leader

Patrick Industries and Lippert (LCI Industries) will merge in an all-stock deal, with Lippert shareholders receiving 1.2440 Patrick shares per LCI share, resulting in a combined company that Patrick will own ~52% and Lippert ~48%. The merger aims to create a diversified component solutions provider across RVs, housing, and transportation, plus over $150 million in run-rate synergies. Pro forma 12-month revenue is about $8.1 billion, EBITDA around $1.0 billion, and free cash flow about $508 million; leverage ~2.1x. The deal is expected to close in H1 2027, subject to regulatory and shareholder approvals. Andy Nemeth will be CEO, Todd Cleveland will chair the board, and Johnny Sirpilla will be vice chair; the company will be headquartered in Elkhart, Indiana. A joint conference call and webcast are planned.

via RVBusiness|
#all-stock#business#lci-industries