Stories 1 - 20 |  Next >>

After Adelson Buys Vegas Paper, Editor Quits

Mike Hengel: departure from 'Review-Journal' probably 'a relief' to Adelsons

(Newser) - A staff already stunned that their newspaper had been secretly purchased by the family of billionaire GOP donor Sheldon Adelson was thrown another loop Tuesday evening: Its top editor is stepping down, CNNMoney reports. "I think my resignation probably comes as a relief to the new owners, and it... More »

Romney's Bain Had Loads of Profit, Bankruptcies

Wall Street Journal says Romney's firm didn't always turn things around

(Newser) - Mitt Romney has touted his time at Bain Capital as proof that he's the "turnaround artist" America needs, but an analysis of the companies he took over shows that may not be entirely true. The Wall Street Journal looked at 77 businesses Bain invested in under Romney's... More »

Ford Offers Buyouts to All 41K Hourly Workers

Low response expected for 2nd buyout offer of year

(Newser) - All 41,000 hourly union workers at Ford plants have been offered buyout or retirement deals as the company seeks to slash its workforce. Ford is in better shape than GM or Chrysler, but still has more workers than it needs, according to a company spokesman. The company failed to... More »

New York Times to Cut 100 Newsroom Jobs

Newspaper forced to reduce journalistic staff by 8%

(Newser) - In an effort to continue cutting costs, the New York Times will eliminate 100 jobs from its 1,300-person newsroom. The paper will offer buyouts before instituting layoffs if necessary, executive editor Bill Keller said in an email to his staff. The move comes on the heels of an across-the-board... More »

Times Cuts Salaries, Jobs; Post Offers More Buyouts

(Newser) - The economic crisis and outdated business models are forcing steep cuts at three venerable news organizations. The New York Times today announced a 5% pay cut for all employees, who were offered 10 extra days off as compensation, "in a spirit of shared sacrifice and as a way to... More »

7,500 Hourly UAW Workers Take GM Buyouts

The total is now 60,500 buyouts since '06

(Newser) - General Motors has convinced 7,500 unionized, hourly workers to accept buyouts and exit the company as early as next week, the Wall Street Journal reports. The automaker offered $20,000 in cash and $25,000 car vouchers—far less than previous offers—in this latest round of cuts to... More »

Credit Crisis Spells Disaster for Private Equity Firms

Debt tightens as profits fall for many acquired companies

(Newser) - After a nearly 3-year buyout spree, private equity firms are facing tightened credit conditions just as slumping consumer spending squeezes many of their acquisitions, the New York Times reports. The leveraged-buyout bubble that culminated in $796 billion in deals in 2007 is bursting, leading to a grim reckoning as firms... More »

Chavez: 'Hola, Comrade Bush'

Irony of White House plans to buy stakes in banks isn't lost on Venezuelan prez

(Newser) - A smirking Hugo Chavez noted the US bank bailout yesterday and duly welcomed George W. Bush to the club of socialist leaders, reports Reuters. Hailing "Comrade Bush" was high praise from the man who has variously referred to his American counterpart as the devil and a drunk, but Chavez... More »

Citi Demands Wells Fargo Give Wachovia Back

Bank says new buyout violates an exclusivity agreement

(Newser) - Citigroup is seeking to nullify the Wells Fargo takeover of Wachovia announced this morning, Bloomberg reports. Citi claims the $15.4 billion deal violates an exclusivity agreement it had worked out with Wachovia early this week. "Citi has substantial legal rights regarding Wachovia and this transaction,'' the bank... More »

'Silent Run' Doomed Wachovia

Panic pushed FDIC to use unprecedented authority in Citigroup merger

(Newser) - Customers made a “silent run” on Wachovia as the North Carolina bank negotiated a buyout from Citigroup last week, the Charlotte Observer reports. Wachovia execs noticed customers withdrawing money from large accounts following Washington Mutual’s failure, lowering their balances to below the federally insured limit. More »

Longs Picks CVS Despite Walgreen's Higher Bid

Investor calls move 'unfair' to shareholders

(Newser) - Longs Drugs today declined Walgreen’s premium buyout offer, opting for CVS’ in the pharmacy-market tussle, the AP reports. Longs’ largest shareholder calls the choice "totally unfair," but the board maintains that a Walgreen deal could get bogged down in antitrust review. Longs' stock dipped on the news,... More »

UK's Largest Mortgage Lender in Buyout Talks

HBOS could be sold to Lloyds as early as tomorrow

(Newser) - Britain's biggest mortgage lender, HBOS, is in advanced discussions with Lloyds about a possible buyout, reports the Financial Times. Stock in the troubled lender has yo-yoed today, falling to less than a pound a share before rocketing up and then plummeting again. While a Lloyds purchase of HBOS could trigger... More »

South Korean Banks Offer $5.3B for Stake in Lehman

Newspaper says Korea Development Bank plans a consortium to pay for the deal

(Newser) - Korea Development Bank—which in August backed out of negotiations to acquire struggling Lehman Brothers—is back with bid for a 25% stake in the capital-starved bank for as much as $5.3 billion, reports the AP. The state-owned lender says it will form a consortium of South Korean banks... More »

InBev Boosts Bid for Bud, Making Buyout Likely

Deal now tops $50 million, and Anheuser is likely to accept

(Newser) - InBev has increased its bid for Anheuser-Busch to $70 a share, the Wall Street Journal reports. Although willing to replace the Budweiser-brewer’s board in a hostile takeover, the $5-per-share boost—bringing the total deal to $50 billion—is a signal that InBev would prefer to keep things friendly. Anheuser... More »

American Axle Deal Restarts GM Plants

Wage cuts, buyouts, buydowns, plant closings a bitter pill for workers

(Newser) - General Motors is poised to resume production at dozens of idled plants as workers at American Axle & Manufacturing, a key GM supplier, have reached a tentative deal in their 11-week-old strike. The UAW strike had all but stopped the production of GM's highly profitable SUVs, pickups, and vans, reports... More »

Microsoft, Yahoo in Talks for Partial Buyout

Transaction would involved partial purchase of Internet giant

(Newser) - Microsoft is back at Yahoo's bargaining table, this time seeking a partial acquisition of the Internet portal, the Wall Street Journal reports. Buyout talks fizzled earlier this month, but billionaire Carl Icahn's push for a proxy war has left Yahoo honchos feeling shareholder pressure to cut a deal, though today... More »

Ballmer to Yahoo: That's Our Final Offer

CEO not impressed by Yahoo's Q1 profits

(Newser) - Microsoft won't raise its $44.6 billion takeover bid for Yahoo despite the Internet firm's strong first-quarter earnings, Bloomberg reports. "We are prepared to go forward without a merger," said CEO Steve Ballmer, who has threatened a proxy shareholder revolt to push the deal through, possibly at a... More »

In Q1, Yahoo Beats Estimates

Positive numbers may translate into leverage against Microsoft

(Newser) - Yahoo posted an increase in net income and reported sales that beat estimates in the first quarter, the company reported today. The jump in profit to $542.2 million translates to 37 cents per share, up from 10 cents a share a year ago—a number reflecting a onetime $401... More »

Bear Stearns Staffers Gird for Mass Layoffs After $3B Hit

After losing their shirts, half will also lose jobs

(Newser) - The Icarus-like fall of Bear Stearns stock, trading as high as $170 a share a year ago before plummeting to $2 last week, has cost Bear employees—who once owned nearly a third of the company—more than $3 billion. That's even after JPMorgan raised its bid for the investment... More »

Microsoft Likely to Raise Yahoo Bid: Analyst

Stock upgraded to a buy after $34-per-share offer predicted

(Newser) - A Citigroup analyst upgraded Yahoo stock to a buy today, predicting that Microsoft will raise its buyout bid from $31 per share to $34, MarketWatch reports. Acquiring Yahoo is the only way for Microsoft to successfully compete with Google for online advertising, said analyst Mark Mahaney, and so “the... More »

Stories 1 - 20 |  Next >>