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Oakley Chair Jim Jannard will purchase up to an additional three million shares of Oakley stock subject to market conditions. Jannard has purchased almost four million shares since January of last year, and currently owns 38,567,800 shares, or 54.6% of the shares outstanding (Oakley). The WALL STREET JOURNAL reports that the announcement is a demonstration of Jannard's "belief that the stock price is undervalued." A purchase of three million additional shares would bring Jannard's Oakley stake up to 59%. Yesterday, Oakley shares fell $0.25 to $12.8125 a share in NYSE trading (WALL STREET JOURNAL, 6/2).
Agents Arn Tellem and Eric Fleisher "are negotiating the sale of their businesses" to Magicworks Entertainment Inc., a Miami-based concert and event promoter, according to sources of Josh Gotthelf of SPORTSBUSINESS JOURNAL. It has been reported that Fleisher would receive $25M for his business alone, but a source "close to the negotiations" said that price "would be for both agencies." Tellem, Fleisher and Magicworks spokesperson Frank Hawkins all declined to comment. One source familiar with the talks said that while there are still "significant issues" to be resolved, if a deal is reached, both Tellem and Fleisher "would stay on to run Magicworks' new sports division" (SPORTSBUSINESS JOURNAL, 6/1 issue).