Turner Sells More AOL TW Shares
Outgoing AOL Time Warner Vice Chairman Ted Turner sold more than 5 million additional shares of the company’s common stock last Monday, according to a Securities and Exchange Commission form made public Thursday.
Mr. Turner sold 5 million shares directly and 32,000 shares through Turner Partners LP for $10.05 to $10.61 a share.
After the transactions, Mr. Turner directly owned 107.2 million common shares and indirectly owned 10.6 million common shares, including 7.8 million common shares through Turner Partners LP, of which he is a general partner.
Turner also sold 462,600 shares Feb. 19. He sold 5 million shares of the company Feb. 11; 450,000 shares Feb. 4; and 1.3 million shares Jan. 31.
Shares of AOL Time Warner recently traded at $10.70, up 4.2 percent or 43 cents.
Univision Closer to Buying HBC
Univision Communications reached a tentative agreement with the Justice Department that could give the Spanish-language media company approval to acquire Hispanic Broadcasting Corp.
The agreement hinges on Univision’s taking steps to limit its voting rights in Entravision Communications Corp., the Santa Monica, Calif., media company that owns dozens of Spanish-language radio and television stations, and eventually reducing its 27 percent investment in Entravision.
Univision’s proposed acquisition of Hispanic Broadcasting was valued at about $3.5 billion when it was announced last June.
Univision and Hispanic Broadcasting said Thursday in a joint statement that the Justice Department won’t object to the proposed acquisition under two conditions: First, Univision must convert all of its shares of Entravision capital stock into a new class of nonvoting preferred stock. The new preferred Entravision stock will have limited voting rights.
The second condition for approval is that Univision must sell enough Entravision stock during the next six years to ensure that its ownership won’t exceed 10 percent by the end of the period.
The companies expect to close the transaction, which is subject to approval by shareholders and the Federal Communications Commission, by March 14.
SportsLine Cuts Gambling Ties
SportsLine.com is divesting its gambling assets, a move that will make CBS, which currently owns 31 percent of SportsLine, more comfortable when it buys majority ownership of the sports operator in April.
While SportsLine stands to lose 10 percent to 15 percent of its sales by cutting its gambling ties, it is important to CBS parent Viacom to distance SportsLine from sports betting.
Furthermore, SportsLine announced Wednesday that it will create the official Web site for the NCAA basketball championships, using rights it licenses from CBS Sports. SportsLine’s NCAA contract shows that it was required to get out of gambling-related businesses to get the NCAA deal.