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| Posted By | Discussion Topic: NBC buys Telemundo for $2 billion | ||||
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| Cluster F | posted on 10-11-2001 @ 5:55 PM |    | |||
| O&A Board Regular Registered: Oct. 00  | Thursday October 11 5:09 PM ET NBC Buys Telemundo for $2 Billion By SETH SUTEL, AP Business Writer NEW YORK (AP) - NBC announced Thursday that it is buying Telemundo Communications Group Inc., the No. 2 Spanish-language broadcaster in the United States, for about $2 billion in cash and stock. The deal would give NBC a strong foothold in the burgeoning arena of Hispanic media, which has attracted the attention of major media conglomerates due to the rapidly expanding Hispanic population. Telemundo and other Spanish-language media have been growing despite an overall downturn in the advertising market, which took a sharp turn for the worse following the Sept. 11 terrorist attacks. Speaking at a news conference, NBC chairman Bob Wright said the company had been in talks to buy Telemundo for more than three years. Wright said the relatively high price NBC was paying for Telemundo would be justified by cost savings and opportunities to grow Telemundo's revenues by applying NBC's expertise in selling advertising, running broadcast stations and developing shows. NBC is paying $1.98 billion for the Hialeah, Fla.-based Telemundo in a mix of half cash and half stock in NBC's corporate parent, General Electric Co. NBC will also assume about $700 million in debt. GE's stock rose $1.03 to $38.94 Wednesday on the New York Stock Exchange (news - web sites). Sony Corp (news - web sites). currently owns about 40 percent of the closely held Telemundo, while Liberty Media, a company controlled by cable pioneer John Malone, has a 35 percent stake. The rest is held by other investors. GE has denied frequent rumors that it wants to sell the network, and it has charged NBC's management to expand the company's base of operations. The Telemundo deal would certainly fit the bill - Wright expects the deal to add up to $600 million in revenues and $250 million of cash flow within two years. NBC is the only major network not owned by a larger media empire. ABC is owned by Walt Disney Co., Viacom Inc. owns CBS and UPN; Rupert Murdoch's News Corp. owns Fox; and AOL Time Warner Inc. owns WB. Earlier Thursday, GE reported that NBC's revenues had tumbled 45 percent in the third quarter. Like other broadcasters, NBC has been hit by a revenue shortfall as advertisers pulled back in the wake of the terrorist attacks. Telemundo's reach is well behind that of leading Hispanic broadcaster Univision Communications Inc., which is based in Los Angeles. But Telemundo has been growing rapidly, and Univision is launching a second Spanish-language network, Telefutura, next year. NBC is believed to have bested a rival bid for Telemundo from Viacom, which in addition to CBS also owns MTV, the Paramount studio, Blockbuster and numerous radio stations. Viacom had already expanded into niche broadcasting with the purchase of BET, a cable network aimed at black viewers. The deal is not expected to face major regulatory hurdles. Even after combining the 10 full-power television stations owned by Telemundo with the 13 stations it already owns, NBC's national audience reach would remain under 30 percent, well under the 35 percent cap currently permitted by the government. In addition to the NBC broadcast network, NBC also owns CNBC, the business news cable channel, a half-interest in news channel MSNBC along with Microsoft Corp., as well as a minority stake in Paxson Communications Corp., owner of the family-friendly PAX broadcast network. NBC plans to keep the current management of Telemundo in place, including chief executive Jim McNamara, who will report to NBC president Andrew Lack, as well as Telemundo's chief operating officer Alan Sokol. Lack and Wright, speaking at the news conference, both acknowledged that they don't speak Spanish and said they would leave creative control of Telemundo's programming with McNamara and his team. They sat silently as McNamara rattled off his opening statement in Spanish, thanking his hosts and grouping his fingers into a hand purse gesture several times. Once McNamara was finished, Wright quipped, ``that's why it took so long to negotiate.'' Lack, asked later what his favorite show on Telemundo was, said ``I don't speak Spanish so I'm talking like a gringo ... but I like Laura,'' he said, referring to talk show host Laura Bozzo. I wonder if this means that since NBC lost their football rights, that they will now show soccer on sundays instead. This message was edited by Cluster F on 10-11-01 @ 6:06 PM | ||||
| TimCR125 | posted on 10-11-2001 @ 6:03 PM | | |||
| Hanger-On Registered: Aug. 01 | ?Que? | ||||
| GrkqtOandAfan Claim staked by FTL. | posted on 10-11-2001 @ 6:05 PM | | |||
| O&A Board Regular Registered: Oct. 00 | GOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOAAAAAAAAAAAAAAAAAAAAAAAA LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL  I can't believe the news today Oh, I can't close my eyes And make it go away I support the creation of an Astrology forum. If you do too, please add this line of text to your Signature. This message was edited by GrkqtOandAfan on 10-11-01 @ 6:13 PM | ||||
| QuickStop I won the last OA.com Sig contest & all I got was this cheesey status... Who is driving? Oh my God! Bear is Driving! How can that be?!? G.O.O.F.B.A.H.G.S. Kickflip b/s Tailslide Strike Team | posted on 10-11-2001 @ 6:26 PM | | |||
| O&A Board Regular Registered: Aug. 01 | CCCCCCCCCCAAAAAAAAAAAAAARRRRRRRRRRRRRREEEEEEEEEEEE? ;) I am Chuck's wasted time. My grandmother always said, "Why buy the cow, when you can get the sex for free." | ||||
| IkeaBoy P.L.F. Portugese Liberation Front- Liberating Status' everywhere from the Tyranny of Portugal I will die a traitor's death | posted on 10-11-2001 @ 6:30 PM | | |||
| O&A Board Veteran Registered: Sep. 00 | so i guess that means there is no chance for O&A to get their boston show back "I didn't realize how tragic it [the WTC attack] was until the celebrities told me"- Ron Bennington | ||||
| IrishAlkey Chucky Official OA.com Homo CUNT ROCKETTE Look who's laughing now, fuckers!!! Is It In Yet? JYD-4-LIFE [Sarcasm]Subzero316 fan since day one!!1!![/Sarcasm] "my mod powers are on temporary hiatus" This status is sponsored by: P®oJë©T M@¥hέm | posted on 10-11-2001 @ 7:52 PM | | |||
| O&A Board Veteran Registered: Aug. 01 | No me importa este carrajo, cono! | ||||
| QuickStop I won the last OA.com Sig contest & all I got was this cheesey status... Who is driving? Oh my God! Bear is Driving! How can that be?!? G.O.O.F.B.A.H.G.S. Kickflip b/s Tailslide Strike Team | posted on 10-11-2001 @ 7:58 PM | | |||
| O&A Board Regular Registered: Aug. 01 | quote: quote: I am Chuck's wasted time. My grandmother always said, "Why buy the cow, when you can get the sex for free." | ||||
| Joe Soprano | posted on 10-11-2001 @ 11:25 PM | | |||
| O&A Board Regular Registered: Sep. 00 | I can see it now... "Usted es la conexión más débil, adiós!"   <---- Kiss me helmet. | ||||
| Kid Afrika | posted on 10-11-2001 @ 11:32 PM | | |||
| Hanger-On Registered: Jan. 70 | Now there's even less chance for black people to be on NBC. And to top it off, they're gonna dilute the spics too. Fuckin' greedy-ass white folks.
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| red rocket Secret Sex Chat | posted on 10-11-2001 @ 11:37 PM | | |||
| O&A Board Regular Registered: Aug. 01 | I just went to the CNN board and one of the anchors asked "What's a dicfer?"  God Bless The USA. | ||||
| Joe Soprano | posted on 10-11-2001 @ 11:49 PM | | |||
| O&A Board Regular Registered: Sep. 00 | quote: That reminds me... I wonder if this means they're going to reinstate that "Will & Grace" episode in which a character calls someone a "tamale". (And NO, I don't watch the show, I just reverted to that story.) <---- Kiss me helmet. | ||||
| Kid Afrika | posted on 10-11-2001 @ 11:52 PM | | |||
| Hanger-On Registered: Jan. 70 | quote: Somebody give this kid a lollipop. Because that shit is fuckin' funny, and poignant.
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| IrishAlkey Chucky Official OA.com Homo CUNT ROCKETTE Look who's laughing now, fuckers!!! Is It In Yet? JYD-4-LIFE [Sarcasm]Subzero316 fan since day one!!1!![/Sarcasm] "my mod powers are on temporary hiatus" This status is sponsored by: P®oJë©T M@¥hέm | posted on 10-12-2001 @ 12:28 AM | | |||
| O&A Board Veteran Registered: Aug. 01 | quote: O, quieres a llamar un amigo? | ||||
| Joe Soprano | posted on 10-12-2001 @ 12:34 AM | | |||
| O&A Board Regular Registered: Sep. 00 | Era en este dÃa que lanzaron a Leon Klinghoffer del Achille Lauro... Vive de Nueva York, él es la noche de sábado! Y ahora, Jaaaaaaaaaaaaay Leno! God dammit, Babel Fish rules! <---- Kiss me helmet. | ||||
| GonzoStyle | posted on 10-12-2001 @ 1:33 AM | | |||
| Hanger-On Registered: Jan. 70 | hey as long as they don't replace the hottie rican hoochies with fuckin beauts like al roker I don't care. Toucho Mi Schmekelo  "These dead shall not have died in vain; that this nation shall have a new birth of freedom; and that this government of the people, by the people for the people, shall not perish from the earth." -- Abraham Lincoln She-Mail Me Here | ||||
Displaying 1-15 of 15 messages in this thread. |