Telecom Shares Move Higher as Deal News Dominates -- Telecoms Roundup

Shares of telecom and media companies were higher as deal news continued to dominate the sector. John Malone's Liberty Media Corp., which last month officially abandoned a plan buy a stake in bankrupt iHeartMedia Inc., continues to express interest in the nation's largest radio broadcaster, according to people familiar with the matter. Liberty's interest in iHeartMedia sets up a potential bidding battle with California-based private-equity firm Silver Lake, the person said. Silver Lake, which has made an offer for a 20% stake in iHeart, has been in talks with the radio-station operator and its creditors about a potential deal, the person said. Martin Sorrell's new marketing venture has agreed to acquire a Netherlands-based digital production agency, topping a rival bid from WPP PLC, the advertising giant he spent decades building. Financial terms weren't disclosed, but people familiar with the matter said Mr. Sorrell's new venture, which he plans to call S4 Capital, will pay around EUR300 million ($352 million) for MediaMonks in cash and shares. The New Yorker magazine is voluntarily recognizing the union of its editorial staff members, becoming the latest prominent media organization to do so even as the industry faces continued profit pressures.

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(END) Dow Jones Newswires

July 10, 2018 17:22 ET (21:22 GMT)

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