Connect with us

News

Elliott and Brookfield near $15bn deal to buy TV ratings group Nielsen

Published

on

Elliott and Brookfield near bn deal to buy TV ratings group Nielsen

Tv rankings group Nielsen is nearing a $15bn deal to be acquired by a consortium of personal fairness consumers led by Elliott Administration and Brookfield Asset Administration in what could be the biggest firm takeover since Russia’s invasion of Ukraine.

Elliott and Brookfield are finalising a financing package deal with a number of giant banks, mentioned individuals briefed concerning the matter, including {that a} deal may very well be introduced inside per week. The transaction may nonetheless crumble because the talks are ongoing.

A deal could be a significant take a look at of takeover financing after world fairness markets have bought off sharply in 2022 on fears of rising rates of interest and the outbreak of conflict in Europe. Elliott and Brookfield declined to remark.

It might additionally sign that personal fairness consumers stay assured Nielsen’s core enterprise of measuring promoting attain on cable and broadcast networks has a future regardless of being threatened by the rise of streaming platforms resembling Netflix, Amazon and Hulu. For years, Nielsen has struggled to retain its dominance as an middleman for consumers of promoting.

Some business observers say there is a chance out there for corporations that might supply extra refined viewers information about streaming providers. Netflix has not too long ago began releasing its prime 10 reveals each week, however such figures lack context. Most streaming providers supply even much less viewer information.

Advertisement

Elliott’s transfer to place collectively a consortium to purchase Nielsen additional highlights how the hedge fund best-known for getting small stakes and waging bruising activist campaigns at goal corporations is embracing personal fairness dealmaking.

Current personal fairness offers undertaken by Elliott embrace the $16.5bn takeover of software program firm Citrix in January and the $17bn sale of Athenahealth to a consortium of personal fairness consumers.

Whereas financing prices are rising due to rising rates of interest and larger volatility, the market stays open for giant leveraged buyouts. In March, a consortium of Creation Worldwide, Permira and Crosspoint Capital accomplished the greater than $14bn takeover of McAfee, simply days after Russia’s invasion.

Elliott, which first invested in Nielsen in 2018, had earlier pressured the media information firm to discover a sale which attracted a number of bids from personal fairness teams, together with one led by Blackstone and Hellman & Friedman and one other from Chicago-based Madison Dearborn.

Finally, Nielsen determined to stay unbiased and in 2020 bought its World Join unit, which tracks gross sales of client items, to buyout group Creation Worldwide for $2.7bn.

Advertisement

At a $15bn enterprise worth, the proposed takeover would worth Nielsen at about $27 a share — a roughly 60 per cent premium to the group’s undisturbed market worth, in response to analyst Hunter Martin of CreditSights.

The Wall Avenue Journal first reported on Monday {that a} consortium led by Elliott was in superior talks to purchase Nielsen. A day later Bloomberg reported that Brookfield was a part of the consortium.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

News

Newsom Suspends State Environmental Rules for Rebuilding After Fires

Published

on

Newsom Suspends State Environmental Rules for Rebuilding After Fires

Governor Gavin Newsom has signed a broad executive order that aims to make it easier to rebuild after the fires by suspending California’s costly and time-consuming environmental review process for homeowners and businesses whose property was damaged or destroyed.

The order is likely to be the first of several permit streamlining measures issued by state, county and city agencies in the wake of the devastating fires across greater Los Angeles.

Mr. Newsom’s three-page order, signed Sunday, covers all of Los Angeles and Ventura Counties and directs state agencies to coordinate with local governments to remove or expedite permitting and approval processes during rebuilding. The most significant piece is a waiver on permitting requirements under the California Environmental Quality Act — a landmark environmental law known colloquially as C.E.Q.A. or “See Qua.”

The governor also announced that he had suspended all permitting requirements under the California State Coastal Act for properties rebuilding after the fires.

California is one of America’s most difficult and costly places to build — a driving factor behind the state’s longstanding affordable housing shortage. Between state agencies and local land use commissions, the process of developing buildings, from office complexes to subsidized rental complexes, is longer and more expensive than in almost every other state.

Advertisement

Of all the hurdles a project can be subjected to, few are more difficult and time-consuming than C.E.Q.A. The law often requires developers to fund in-depth environmental studies on a project’s potential impact on everything from local wildlife to noise, views and traffic. Groups who oppose a particular development often use C.E.Q.A. lawsuits to try to stop them. This can add years even to small projects.

While the state’s powerful environmental groups are fiercely protective of any attempts to amend C.E.Q.A. or the Coastal Act, the laws are routinely suspended in emergencies and for large projects such as sports stadiums.

Still, Mr. Newsom’s order was unusually extensive. For instance, after other disasters C.E.Q.A. suspensions have typically required rebuilding property owners to show they tried to comply with the law, even if they weren’t subjected to it. The order announced Sunday is a full waiver: For anyone rebuilding after the fires, C.E.Q.A. is effectively gone.

Continue Reading

News

California fires could be costliest disaster in US history, says governor

Published

on

California fires could be costliest disaster in US history, says governor

The California wildfires could be the costliest disaster in US history, the state’s governor said, as forecasts of heavy winds raised fears that the catastrophic blazes would spread further.

In remarks to NBC’s Meet the Press on Sunday, Gavin Newsom said the fires — which have burnt through more than 40,000 acres, according to CalFire, the state’s forestry and fire protection department — would be the worst the country has seen “in terms of just the costs associated with it, [and] in terms of the scale and scope”.

He added that there were likely to be “a lot more” fatalities confirmed. The death toll on Saturday evening stood at 16, according to Los Angeles authorities.

The prospect of a pick-up on Sunday in the Santa Ana winds that have fanned the flames has left tens of thousands of residents under evacuation orders. The fires were threatening homes in upscale Mandeville Canyon and the Brentwood neighbourhood, although officials said they had made progress in stemming the advance there.

The National Weather Service has forecast gusts of between 50mph and 70mph, while drought conditions remain.

Advertisement

“We know that elevated critical fire conditions will continue through Wednesday”, Los Angeles County fire chief Anthony Maroney said on Sunday.

LA is experiencing its second-driest start to its rainy season in more than a century, according to the non-profit Cal Matters news service. Halfway into the season, LA has only recorded about 0.2 inches of rain since October -— well below the 4.5 inches that is common by January.

Newsom, a Democrat, responded to a barrage of attacks from Donald Trump. The incoming Republican president has accused the governor of depleting water reserves to protect an endangered species of fish, and of refusing to sign a “water restoration declaration” that would have “allowed millions of gallons of water . . . to flow daily into many parts of California”. Newsom’s office has said no such declaration exists.

Trump, who has a long-standing feud with Newsom and refers to him as “Newscum”, also called on the Californian to resign, accusing him of “gross incompetence”.

“The reservoirs are completely full, the state reservoirs here in Southern California,” Newsom said.

Advertisement
The charred remains of a jewellery store and other shops at a corner of Sunset Boulevard © Michael Nigro/Bloomberg
An air tanker drops fire retardant at the Palisades Fire © Ringo Chiu/Reuters

“That mis- and disinformation I don’t think advantages or aids any of us,” he added. “Responding to Donald Trump’s insults, we would spend another month. I’m very familiar with them. Every elected official that he disagrees with is very familiar with them.”

Newsom also said he had invited the president-elect to visit the affected areas, but had yet to receive a response from the Trump transition team.

Firefighters have tamed three fires since Tuesday, including the Sunset blaze that threatened the Hollywood hills. The Hurst fire in the San Fernando Valley, north of Los Angeles, was 80 per cent contained on Sunday afternoon.

But firefighters are still struggling to tame the two biggest blazes. Newsom said on social media platform X that the Palisades and Eaton fires were 11 per cent and 27 per cent contained. Thousands of firefighters have been deployed to battle the Palisades fire with heavy trucks and air support, the mayor’s office said Sunday. The city has also opened shelters to affected families.

The Federal Emergency Management Agency (Fema) has staff in LA to help Angelenos apply for disaster relief, while the Federal Small Business Administration is offering home and business disaster loans.

Newsom issued an executive order that he said would prevent those who lost their homes from being “caught up in bureaucratic red tape” so they could quickly rebuild.

Advertisement

The head of Fema on Sunday raised the prospect of US troops being sent to Los Angeles to help control the blaze.

“There are active-duty military personnel that are on a prepare-to-deploy order, that are ready to go in and continue to support the firefighting effort,” Deanne Criswell told ABC’s This Week programme. Speaking on CNN, she warned that strong winds expected in the coming days could spread the fire further.

Map showing the perimeters of the fires in LA and evacuation orders and warnings currently in place

No official estimate of the cost of the damage has yet been released, but analysts at AccuWeather last week calculated the economic loss to be between $135bn and $150bn — short of the $250bn cost associated with last year’s Hurricane Helene. At least 12,300 structures had been destroyed, according to CalFire.

President Joe Biden on Thursday pledged that the US government would pay for “100 per cent of all the costs” created by the disaster, and would ask Congress for more financial aid.

Trump, who on the campaign trail last year threatened to withhold disaster funding from California, has thus far remained silent on whether he would provide similar assistance. On Sunday, he renewed his attacks on the state’s officials.

“The incompetent pols have no idea how to put [the fires] out,” he wrote. “There is death all over the place. This is one of the worst catastrophes in the history of our country. They just can’t put out the fires. What’s wrong with them?”

Advertisement
Continue Reading

News

On the way out: Transportation Sec. Buttigieg looks back on achievements, challenges : Consider This from NPR

Published

on

On the way out: Transportation Sec. Buttigieg looks back on achievements, challenges : Consider This from NPR

U.S. Secretary of Transportation Pete Buttigieg speaks to questions during a news conference at Ronald Reagan Washington National Airport November 21, 2024 in Arlington, Virginia.

Alex Wong/Getty Images


hide caption

toggle caption

Advertisement

Alex Wong/Getty Images


U.S. Secretary of Transportation Pete Buttigieg speaks to questions during a news conference at Ronald Reagan Washington National Airport November 21, 2024 in Arlington, Virginia.

Alex Wong/Getty Images

From handling crises in the rail and airline industries to overseeing the distribution of billions of dollars in infrastructure funding, Transportation Secretary Pete Buttigieg has taken on a lot over the last four years.

Now, his tenure is coming to an end.

Advertisement

Host Scott Detrow speaks with Buttigieg about what the Biden administration accomplished, what it didn’t get done, and what he’s taking away from an election where voters resoundingly called for something different.

For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org

Email us at considerthis@npr.org

This episode was produced by Brianna Scott, Avery Keatley and Tyler Bartlam. It was edited by Adam Raney.

Our executive producer is Sami Yenigun.

Advertisement
Continue Reading

Trending