Mergers and Acquisitions
Comcast announced its plan to acquire Time Warner Cable this morning, which is a big deal because it would make Comcast, currently the country’s largest cable company, even larger and a lot of money is involved.
But like most New Yorkers, we mostly care about how things affect us. So it’s a relief to know that NY1 won’t change. At least, for now.
Time Warner Inc. was rumored to be eyeing space at Hudson Yards as early as last spring, but only this month did the company confirm it would anchor Related Companies’ 30 Hudson Yards, an 80-story tower on the Far West Side. Concurrently, Related agreed to a deal to buy back the Time Warner Center in Columbus Circle for $1.3 billion and will market space there for the first time since the building came online a decade ago. The complex deals, which include a significant financial commitment to Hudson Yards by Time Warner, are vital for the ambitious development and another victory for Related Chairman Stephen Ross, who has long championed the viability of his plans for the once-barren pocket of Manhattan.
You’re going to want to stab another few pins into your Time Warner voodoo doll after hearing this one. For years, the cable conglomerate has been offering discounted (or even free) service to buildings’ supers in exchange for easier access to its repair technicians.
One could say that Time Warner subscribers have been living ~under the dome~ since early August, when the cable provider cut off access to CBS. In an effort to justify that $150 monthly bill, Time Warner is offering a gift bag of goodies to shut your complaint-filled face.
At a critical point during the Cold War, when it looked as though mutually assured destruction was just a crisis away, President Kennedy had his staff read Barbara Tuchman’s great book about the beginnings of World War I, The Guns of August. The book showed how the nations of Europe mobilized and went to Read More
Joseph Ripp will become the new CEO of Time Inc., the company announced on Monday. Mr. Ripp will start in September, shortly before the print division is spun off from Time Warner. Time Warner said in March that it would spin off Time Inc., the division devoted to magazines including Time, Sports Illustrated, and People.
The Time Inc. CEO at the time, Laura Lang, said that she would step down after the split. Time Warner began looking for a new CEO, a search that has dragged on for nearly five months.
Several of us watching Jersey Shore reruns last night suffered a rude shock when DirecTv rudely cut off our programming at midnight. Of course, we had been warned–a vague phone call earlier in the day, a hushed, automated voice telling us to call back our service provider, which we didn’t because we thought they were going to try to upgrade us again– but DirecTv’s inability to negotiate with Viacom portends a summer of bad news, television-wise.
No matter who you pick to serve up your TV, it looks like you’ll be getting screwed. Here’s how it breaks down.
On the Market
No wonder HBO turned down The Corrections…they probably can’t afford it! Yesterday, the news broke that Luck, the David Milch/Michael Mann show that was put out to pasture after suffering from low ratings and terrible P.R. due to multiple horse deaths, cost parent company Time Warner $35 million to cancel.
But it doesn’t end there…the sinkhole of a show could continue to balloon in costs despite being off the air, thanks to a new filing by PETA to the Los Angeles District Attorney’s Office for an independent investigation of animal abuse.
The real estate investor and British department store tycoon Mohamed Al Fayed is exploring a sale of the Manhattan office tower 75 Rockefeller Plaza.
According to executives who have been briefed on the offering, Mr. Al Fayed is aiming to negotiate a leasehold of the property in which he would continue to own the land under the 600,000-square-foot building and collect rent but put control of the asset in the hands of an investor.
While the football Giants will claim lots of attention in the coming days as they prepare to face the New England Patriots in the Super Bowl, let’s not forget that there are a couple of other New York teams in action these days. The Knicks’ season is in full swing after the long lockout, and the Rangers look like they will be strong contenders for this year’s Stanley Cup.
This time of year should be heaven on earth for New York sports fans.