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" The Bronfman-Time Warner deal was expected to slash Time Warner's net debt by about $2 , edging out Britain's EMI Group PLC, which withdrew its bid at the last minute said Monday it struck a $2 " So far this year, Warner Music Group has 17 " Time Warner put its music business up for sale in late summer, conducting exclusive talks with BMG, a unit of the German media conglomerate Bertelsmann Sony Music Entertainment ranks third with 14 " But a day later, Time Warner's board focused in decidedly on Bronfman's consortium, giving them until the end of the weekend to finalize the deal, the source said Bronfman Partnership to Buy Warner Music Nov 24, 6:18 PM EST A consortium of investors led by former Universal Music chief Edgar Bronfman Jr "I'm very pleased that we are putting our music company in such capable hands," said Time Warner Chairman and CEO Dick Parsons 8 percent The deal, which also includes Time Warner's Warner/Chappell Music publishing business, would create one of the world's largest independent music companies and include some of the industry's biggest artists, such as Madonna, R EMI Group ranks fifth with 10 The deal would also extend Time Warner's current music publishing agreements for four years and retain Time Warner's affiliation with Warner Music through its America Online digital music business "In a declining business you don't want to be on the bottom, because you're the one who is gong to get impacted most significantly "One of the biggest things Time Warner needs to do is pay down their debt Bronfman sold Universal before the impact of digital technology and the Internet helped spur a three-year slump in CD sales industrywide Bronfman sold the company, a unit of his family's longtime liquor business, Seagram Co M " Current Warner Music chairman Roger Ames was slated to take the No BMG ended up inking a tentative merger deal with Sony Corp 6 billion, the company said earlier this month Lee Partners, Bain Capital and Providence Equity Partners Inc and the Red Hot Chili Peppers 2 spot at the new company "Despite my personal fondness for the music business as well as for all of our wonderful managers and music group employees, I believe that this transaction is clearly in the best interests of our company's shareholders EMI, whose artists include Robbie Williams, Kylie Minogue and Radiohead, failed previous attempts to merge with BMG and Warner Music the past three years He tried to buy back Vivendi this year, but lost out to General Electric Co 99 percent, according to data compiled by Nielsen SoundScan More details on senior management and the composition of the board were to be announced later 91 percent of overall market share, second only to Universal Music's 27 Bronfman, who oversaw a great expansion at Universal as its chief between 1995 and 2000, will lead the company Time Warner's board ultimately concluded the Bronfman deal would have a better chance of winning approval quicker from antitrust regulators than a merger with EMI, particularly in light of the merger agreement between Sony and BMG, the source said The deal was expected to close in January, according to the Bronfman investor group, which includes Boston-based private equity firms Thomas H They're getting out of a business that is in decline for them "Warner Music Group is one of the world's greatest recorded music and music publishing companies, and we have great faith in its potential for growth as an independent company and in the long-term opportunities of this industry," Bronfman said "We have brought together a highly sophisticated and well-financed group of investors to support the business "The cash is really the thing that makes the deal," said Michael Goodman, media and entertainment analyst at the Yankee Group , to Vivendi in 2000 "They're low man on the totem pole," Goodman said 9 percent stake at a favorable price if Warner Music were to merge with another music company, according to a source familiar with the deal E EMI appeared to be the front-runner as late as Wednesday, when EMI officials publicly described the negotiations as having reached "an advanced stage 's NBC 86 percent and BMG is fourth with 14 The deal gives the giant media conglomerate a way to exit the embattled music business while raising billions in cash toward slashing its net debt EMI, the world's third-largest music company, approached Time Warner, eventually offering an estimated $1 6 billion deal to buy Warner Music Group from Time Warner Inc Under terms of the deal, Time Warner would retain an option to buy back up to a 15 percent stake in the new company during the first three years after the sale closes, or up to a 19 63 percent 5 billion cash and stock deal for Time Warner's recorded music division, but excluding the music publishing business Molly McGreevy of St 'Home Improvement' Actor Hindman Dies Dec 30, 1:26 PM EST Actor Earl Hindman, best known for playing a neighbor whose face was forever obscured by a fence on the television show "Home Improvement," died of lung cancer Monday " "He was the kind of actor you depended on," said Helen Gallagher, one of his Ryan's Hope co-stars " Before appearing on the show, he played Detective Lt "He was very steady and very talented actor and such a down-to-earth human being Francis Episcopal Church in Stamford, told The Advocate of Stamford He also acted in two short-lived Broadway plays and in several movies, including "The Ballad of the Sad Cafe" (1991) and "Final" (2001) "He was not impressed with himself â€â€? not in the least," McGreevy said Bob Reid for 16 years on the daytime drama "Ryan's Hope " Despite his fame, Hindman remained a modest man who enjoyed stamp and coin collecting, listening to country music and playing poker with his friends He was born in Bisbee, Ariz "He was the funniest human being I ever met It was very rich, very warm and very recognizable," his wife, the Rev "Earl had a very deep voice "He was a person who was never changed by success Even after 27 years of marriage, he could always crack me up " He made his name in New York theater, appearing in "Dark of the Moon" off-Broadway in 1970 and in "The Basic Training of Pavlo Hummel" at the Public Theater in 1971 He was 61 and studied acting at the University of Arizona in Tucson As Wilson, the neighbor of Tim Allen's character on the long-running sitcom, Hindman dispensed folksy advice from behind a white picket fence, with only his eyes and forehead visible to audiences |
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