As usual, the British press is all over the map with their reports. The Times warns that “the entire Woolworths empire, including its stake in 2Entertain, the BBC joint venture, is likely to be in administration by the end of the week.” They add that “the BBC is trying to cut its initial 100 million pound offer to take full control of 2Entertain.” But the Guardian fires back with a spokeswoman for the BBC calling the threat of administration for 2Entertain “categorically untrue.” She adds, “Our view is it is not going to go into administration, you can’t put a […]
International News
Today's Debt Report: Redstone, Bertram's, and EUK
The WSJ continues to stay on top of Sumner Redstone’s efforts to restructure his debt and suggests that there may not be a clear answer (or end to speculation over CBS stock) this year: “Negotiations to restructure its debt are moving slowly and a deal looks increasingly unlikely this year, say people familiar with the situation.” Redstone is said to now have “a trove of cash and near-term liquid assets of around $500 million.” Along with the massive tax benefits that will come from his bargain sale of Midway Games, the hope is that provides National Amusements “with a cushion […]
UK Author Prevails, But Sour World May Finish Misery Lit
A British jury found in favor of author Constance Briscoe and her publisher Hodder & Stoughton in the odd case in which her mother Carmen Briscoe-Mitchell claimed the book UGLY was “a piece of fiction.” Briscoe said, “I can quite understand why my family went into collective denial but whilst child abuse may be committed behind closed doors it should never be swept under the carpet.” But the Guardian suggests that this will mark the permanent decline of the “misery memoir,” which has flourished in the UK even as it has faded in the US and elsewhere. “Despite Briscoe’s victory […]
Woolworth's Halts Trading
In the UK, trading in Woolworths’ shares was suspended this morning at the company’s request, as they are on the verge of bankruptcy and deep in negotiations for a rescue. They said in a statement that they are in talks to sell the BBC Woolworths’ 40 percent share of their 2entertain joint venture, which produces and distributes BBC shows on DVD. There are reports of agreement for a sale of that unit for 100 million pounds, but the Times says “the sale of the DVD business hinges on talks over the rest of the business.” The chain is still in […]
Woolworths on the Edge
In the UK, Woolworth’s–which has been headed for bankruptcy over the past two months–is now perched right on the edge. “Unless a deal is agreed in the next few days the entire Woolworths group looks poised to collapse into administration – putting 30,000 jobs at risk,” the Sunday Times writes. They add, “City sources say that Woolworths is fast running out of cash amid torrid trading conditions on the high street. It is thought that the company only has sufficient funds to last until about the middle of next month.” The banks hold the controlling cards in negotiations, according to […]
European Library Site Closes as Quickly as It Opened
After a busier-than-expected first day, the EU’s Europeana web site closed back down for scaling. The home page says they will be return “in a more robust version as soon as possible. We will be back by mid-December.” Their development/preview site is still online at http://dev.europeana.eu/.