SBD/16/Sports Media

Print All
  • ITT LOOSENS ASSETS FOR RUMORED NBC BID

         This morning's FINANCIAL TIMES reports ITT Corp is planning
    to sell St. Louis-based ITT Financial loan/mortgage division for
    between $3-4B, in order to raise revenue for a bid to purchase
    NBC.  The sale would bring ITT closer to the $5B which Walt
    Disney has reportedly offered GE for the network.  ITT also could
    offer the financial division "in part exchange for NBC."  GE's
    Capital financial services offers services similar to ITT
    Financial.  ITT is interested in acquiring a network to balance
    its operations among financial services, manufacturing, and
    leisure and entertainment interests (Richard Tomkins, FINANCIAL
    TIMES, 9/16).  N.Y. POST's John Crudele reports ITT has also
    looked at CBS.  NBC is considered more valuable because of its
    existing cable venture, CNBC, and solid GE stock which would
    "hardly move" if NBC were sold (N.Y. POST, 9/16).
         DIVERSITY OR DOUGH?:  In a related piece, Lehman Brothers
    analyst Phua Young said ITT's restructuring aims at moving "into
    areas where they can get a higher (price to earnings ratio) in
    the marketplace" (N.Y. POST, 9/16).    ITT's stock declined
    $1.50/share yesterday at 80.125, with "very heavy" trading of
    3.65M shares (N.Y. TIMES, 9/16).
    

    Print | Tags: CBS, NBC, Media, Viacom, Walt Disney
Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug