Newspaper wrap-up: Investor group expected to announce raised stake in New York Times
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MAJOR PAPERS:
- According to public familiar with the matter, the Wall Street Journal reported that an investor group that includes Harbinger Capital Partners is expected to report a raised stake in The New York Times Company (NYSE: NYT). The raised stake is expected to be shut to matching the 19% stake owned by the Sulzberger family.
- The Goldman Sachs Group Inc (NYSE: GS) has been spared many of the problems of the subprime mortgage crisis, but other areas where it’s involved, such as investment banking and leveraged loans, are hurting the firms profitability, the Wall Street Journal reported.
OTHER PAPERS:
- Cablevision Systems Corporation (NYSE: CVC) is seeking to put a valuationon its Rainbow Media unit, in order to possibly sell it, sources say. In the past, the unit, which consists of several cable channels, has been valued at $3B, but the Dolan family is hoping to obtain a higher price, according to the New York Post. Possible buyers include Liberty Media Corporation (NASDAQ: LCAPA) and News Corporation (NYSE: NWS).
- Elan Corporation (NYSE: ELN) is considering splitting its biopharmaceuticals arm, which markets Tysabri, from its drug technology division, the Sunday Times famous. The potential spin-off could unlock up to $1.5B to share holders.
Original post by Laurie Pasternack
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