Morning Brief: Big PE firms mull bid for a Yahoo!; USA Today shuffles the deck; Hearst’s Carey talks to Reuters
The stock market went a little crazy yesterday, didn’t it? Don’t expect a repeat performance today though as investors start to ask themselves if the move by the central banks in fact reflects a recognition that things really are going badly. This morning European stock markets are mixed which is about as good as one could hope for following yesterday’s big run up in stock prices.
AP is reporting this morning that two of the giant PE firms, Blackstone and Bain are considering a bid for Yahoo. The number being thrown out there is $25 billion.
The bid, if it would occur, would see the two U.S. firms team up with China’s Alibada Group and Japan’s SoftBank to make the bid.
Well, as any B2B guy can tell you, watching the PE’s come in is always very bad news, and usually a sign of future layoffs and divestments.
Investor group plans to bid for Chicago Sun-Times – Oh, oh, speaking of PEs. The Chicago Tribune is reporting that Michael Ferro Jr., CEO of Merrick Ventures, may team up with Madison Dearborn Partners Chairman John Canning Jr. to make a bid for the local tabloid daily.
But, for now, the official line is that the paper is not for sale. “We are not for sale, we have never been put up for sale,” Sun-Times Media Chairman Jeremy Halbreich told the Trib.
Looks like a sale.
News media gives up on Cain campaign
USA Today shifts top editor, vice president of business development to new jobs
Hearst’s Carey talks digital, new Time Inc. CEO
Android 4.0 Upgrade: Coming Soon To Your Phone
Motorola, Nokia Phones Summon Past Glories: Rich Jaroslovsky
Apps aren’t cannibalising publishers’ print businesses… for now
Finally, read this morning’s column by Nicholas Kristof of the NYT. For me, it is the perfect answer to a relative I have who insists the whole world’s economic messes can be laid at the doors of those usually minority homeowners who are upside down on their mortgages. The column talks about one banker’s experiences in the late nineties and how the industry pushed subprime mortgages purely for profit, consequences be damned. My relative is beyond redemption, but maybe NYT readers can benefit.