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).
