EXCLUSIVE: Sony is continuing its restructuring, giving notice to 13 to 15 people in its Dallas distribution office that it will close operations there on June 2nd. In addition, layoffs also have impacted the Los Angeles cash department division of Sony’s distribution operations. The department numbers nine employees and the majority of the department are also being let go. A skeletal crew will remain. The round of dismissals come after Bain Captial were brought in to help Sony streamline its operations in an effort to increase profit margins. Tough times at Sony and its never easy to let people go, but this is not unusual for companies looking to improve their stock price and Sony has been charged with cutting costs.
The latest round of layoffs come only a week after the studio cut its entire Sony Pictures Interactive team which, for the last 15 years, supported the studio’s digital marketing efforts. Word came on March 14, that the studio was going to start implementing the layoffs. Read More »
Freelancer Cari Lynn is contributing to Deadline’s coverage of the All Things D Conference.
UPDATE, 10:30 AM: Clear Channel and Ryan Seacrest have a lot to offer each other in the investment deals announced earlier today, the radio giant’s CEO Bob Pittman says. The TV personality is now “one of our biggest stars,” Pittman told a conference sponsored by All Things D. Meanwhile, the radio company — which also has big ambitions in television and live entertainment — can provide Seacrest with marketing firepower. “We have 238M (listeners) per month, with 250 city affiliates,” Pittman says. “Why can’t we use our own advertising to cross promote (Seacrest)?” Pittman remains bullish on traditional broadcast radio. “We tried HD, commercial-free radio, and no one came. Why? They’ve already got 200 choices.” What’s more, he says that fans of Internet and satellite radio also “listen to more broadcast radio than the average user.”
PREVIOUS: 3:49 AM: This morning’s announcement involves two deals: First, Bain Capital and Thomas H. Lee Partners are putting $300M into Ryan Seacrest Media, the radio and TV personality’s investment holding company. And, second, Clear Channel — which is controlled by the investment firms — is buying a minority stake in Ryan Seacrest Productions, responsible for TV shows including Keeping Up With The Kardashians. Clear Channel chief Bob Pittman has said that he wants to expand and diversify the radio giant’s media presence. The companies didn’t disclose specific terms of their deals. Here’s the release: Read More »
Yahoo has fielded offers this week from at least three bidders seeking a stake of about 20% of the company, the Wall Street Journal and Bloomberg reported, and the company’s directors will likely discuss those offers at a regularly scheduled board meeting Wednesday in Sunnyvale, Calif. Bidders include private-equity firm TPG Capital and a group consisting of Silver Lake Partners, Microsoft Corp. and others. Separately the Chinese online company Alibaba Group Holding Ltd. and Softbank Corp. are looking to buy back Yahoo’s 40% stake in Alibaba and 35% stake in Yahoo Japan, sources said. Yahoo is also expected to receive an update on a continuing strategic review of the company at Wednesday’s board meeting. Yahoo would like to strike a deal on the minority stake sale by the end of the year, but failing that alternatives will be considered. The bids received this week place a per-share value on Yahoo of between $16 and $18, the sources said. Yahoo seeks a slightly higher price. The aforementioned firms have signed confidentiality agreements that limit their potential purchase to a minority stake. Bain, Blackstone and other firms including Providence Equity Partners and Hellman & Friedman have not signed confidentiality agreements with Yahoo because it would prevent them from going after the whole company. Additionally, Thomas H. Lee Partners is investigating an offer for Yahoo’s U.S. operations such as Yahoo Finance and Yahoo News and an Internet advertising business, other people familiar … Read More »