Advertisement

Archive for Tuesday, July 24, 2001

Briefcase

July 24, 2001

Advertisement

McDonald's Japan to take orders for public shares

The arrival of McDonald's in Japan helped change the eating habits of a nation wooing rice-lovers to burgers and fries, making fast food a part of everyday life and marking the birth of a business empire.

Thirty years later, McDonald's Co. Japan is becoming a publicly listed company a first among the McDonald's operations outside the United States making its initial public offering Thursday on the Jasdaq market for ventures.

At a price of $35 per share for 26.2 million shares, the IPO is expected to earn about $405 million and promises to be one of the hottest in Japan this year.

Going public is part of a move by McDonald's to grow bigger and boost its corporate profile in Japan.

Television

Disney buys cable network for $3 billion, will rename it

In a deal that will give The Walt Disney Co. valuable distribution and ensure News Corp. cash to finance an acquisition of its own, Disney is buying Fox Family Worldwide Inc. for $3 billion in cash and assuming $2.3 billion in debt.

The deal, announced Monday, adds the children's cable network to Disney's portfolio, which already includes ESPN, the Disney Channel and stakes in A&E and Lifetime. Fox Family Channel, which Disney plans to rename ABC Family, reaches about 81 million cable subscribers in the United States.

Internet

Amazon.com beats forecast, announces alliance with AOL

Amazon.com's second-quarter net loss narrowed, beating Wall Street's expectations, as the online retailer said it remained on track to record "pro forma" operating profitability by the fourth-quarter.

Separately, Amazon.com announced a strategic alliance with America Online to provide a special e-commerce offering for AOL's more than 30 million users. In exchange, AOL is making a $100 million equity investment in Amazon.com.

For the quarter ended June 30, the Seattle retailer reported a net loss of $168.4 million, or 47 cents a share, compared with a loss of $317.2 million, or 91 cents a share, in the same period last year.

Films

Hallmark Entertainment sells 700 titles from library

Crown Media Holdings Inc. shareholders have approved a plan to buy a majority of the titles in Hallmark Entertainment's film library.

The deal, worth about $820 million, was approved by holders of 79 percent of Crown's class A stock, according to a Securities and Exchange Commission filing made last week.

Crown Media, which is based in Greenwood Village, Colo., said it would give Hallmark shares of its stock worth about $600 million and assume $220 million of Hallmark Entertainment Inc.'s debt. The number of shares will be based on the average price of Crown Media's stock on particular dates.

The deal will provide Crown Media with about 700 titles from about 1,100 titles in the library of Hallmark Entertainment Distribution, which is the distribution arm of Hallmark Entertainment, a wholly owned subsidiary of Kansas City, Mo.-based Hallmark Cards. Many were television movies that were shown from 1993 to 1999.

Commenting has been disabled for this item.