OWNERS IN THE NEWS: NO EXCITING ZAPATA? HICKS WINS PULITZER
Published May 22, 1998
Zapata Corp., the former oil company controlled by Bucs Owner MALCOLM GLAZER, offered yesterday to buy Internet search directory Excite for nearly $1.7B, but the offer "was immediately rejected by the company and ridiculed by some analysts," according to the TAMPA TRIBUNE. Excite cited the "complete lack of synergy" and gaping differences in market value between the two companies (TAMPA TRIBUNE, 5/22). In N.Y., Reed Abelson reports that Zapata CEO AVRAM GLAZER, "cannot understand why he is not getting more respect," as his company aims to become more involved in the Internet. Glazer: "If you look at my family's history, we have a history of going in on new things." Zapata's shares fell 87.5 cents, to close yesterday at $10.50. Excite's shares rose 81.25 cents, to close at $61 (N.Y. TIMES, 5/22). HICK'S LATEST PRIZE: Sources of DAILY VARIETY's Richard Morgan say that HICKS, MUSE, TATE & FURST has won the auction for Pulitzer Publishing Co.'s TV properties and "plans to fold the nine network-affiliated stations into Hicks Muse-controlled Chancellor Media Corp." The deal is expected to be valued at $1.8B (DAILY VARIETY, 5/22). Stars/Rangers Owner TOM HICKS is featured in a FORBES cover story. Matthew Schifrin writes that Hicks "rules over more than 400 radio stations in 100 markets across the U.S," has combined radio revenues of $1.5B and is "by no means finished building his media empire" (FORBES, 6/1 issue).