Menu
Download the app

SBJ subscribers – Enhance your experience with the revamped iOS app

Sports Media

GE DUMPS KIDDER; IS NBC THE NEXT TO GO?

     PaineWebber announced yesterday that they have signed a
"definitive purchase agreement" to take over most of Kidder
Peabody, the troubled investment banking subsidiary of General
Electric, for $670M in common and preferred stock.  The deal ends
GE's troubled eight-year ownership of Kidder, which has been hit
this year by tumbling bond markets and an alleged bond trading
fraud which resulted in fictitious profits of $350M.  The deal
will leave GE with a seat on the board and a 25% stake in
PaineWebber (Richard Waters, FINANCIAL TIMES, 10/18).  In all, GE
officials said the company expects a $500M write-off to cover the
transaction.  But that figure is well under the $1B or more that
some analysts had suggested it would cost to close Kidder
(Douglas Frantz, N.Y. TIMES, 10/18).  John Durie writes GE Chair
Jack Welch may look for a "blockbuster sale to wipe out the
Kidder memory" -- with NBC the prime target. Welch "is aiming for
a sale price of about $5.5 billion, or a capital gain of $2
billion."  Michael Eisner is Welch's "best hope," but a combo of
ITT and a baby bell or John Malone and Ted Turner is possible
(N.Y. POST, 10/18).

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/1994/10/18/Sports-Media/GE-DUMPS-KIDDER-IS-NBC-THE-NEXT-TO-GO.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/1994/10/18/Sports-Media/GE-DUMPS-KIDDER-IS-NBC-THE-NEXT-TO-GO.aspx

CLOSE