BUSINESS December 23, 2011 | 11:31 AM
In a deal is worth around $20 million, investment group Wrapports has acquired Sun-Times Media Holdings, which runs top daily and weekly newspapers including Chicago’s second-leading newspaper the Sun-Times and over 40 websites.
Second only to The Tribune, the Sun-Times has a circulation of almost 390,000. Sun-Times Media had filed for bankruptcy when James C. Tyree, then chief executive of Mesirow Financial Holdings, and other investors bought it in 2009 by for around $25 million. Since then, Sun-Times CEO Jeremy Halbreich turned the outfit around, steering it away from bankruptcy by cutting costs, partly by way of staff cuts and outsourcing the paper’s printing to Tribune’s Freedom Center.Read more »
BUSINESS December 23, 2011 | 10:48 AM
Google will release a new tablet PC of “the highest quality” in 2012 that it believes will challenge the dominance of Apple’s iPad.
The internet search giant plans to have its new tablet on store shelves within the first half of 2012, according to an interview with executive chairman Eric Schmidt published in Italian daily Corriere della Sera.Read more »
BUSINESS December 22, 2011 | 3:11 PM
The world’s oldest telecommunications company British Telecommunications is suing Google for patent infringements. The lawsuit was filed in the United States Court District for the district of Delaware.
In the 23-page lawsuit, British Telecomm says Google infringed on six of its patents, all of which are being used as part of the Android smartphone operating system. A company spokesman told the British newspaper The Guardian: “The patents in question relate to technologies that underpin location-based services, navigation and guidance information and personalized access to services and content.”Read more »
BUSINESS December 22, 2011 | 2:40 PM
The European Court of Justice has backed a move to charge airlines a carbon emissions tax, to take effect on January 1, 2012.
US and Canadian airlines oppose the move, contending that the fee is in breach of the Open Skies Agreement, which clears airlines to fly from the EU to the US. Chinese carriers are arguing that it will mean they could have to pay out almost $125 million.Read more »
FINANCE December 22, 2011 | 10:14 AM
Unable to solidify deals that would have saved Saab, the Swedish automaker has now filed for bankruptcy.
The bankruptcy filing comes after many attempts to keep the company afloat. In September, Saab, which is owned by Swedish Automobile, filed for protection from creditors. On Dec. 7, the administrator in charge of reorganizing the company filed to end reorganization, saying the automaker did not have the funds needed to continue.Read more »
BUSINESS December 21, 2011 | 4:23 PM
AT&T scrapped its $39 billion takeover bid for T-Mobile due to blocks thrown up by President Barack Obama’s administration preventing the company from creating the largest cellphone service provider in the US.
Both companies lose out as the deal fails to go ahead. AT&T will no longer be able to clear up its network and speed up service for cellular data coverage on devices heavily used in business, such as smartphones and iPhones, through T-Mobile’s cellular airwaves. Meanwhile, T-Mobile, which is trailing behind the three other national operators in the US - AT&T, Sprint Nextel and Verizon Wireless - has less promising prospects in absence of the deal.Read more »
BUSINESS December 21, 2011 | 2:45 PM
Supermarket operator Bi-Lo LLC has agreed to purchase food retailer chain Winn-Dixie Stores Inc. for $560 million, which will render the Jacksonville-based Winn-Dixie private.
When the merger goes through, the new grocery chain will have roughly 700 stores throughout the Southeast with approximately 63,000 employees, making it the ninth-largest supermarket chain in the US. The deal is expected to close in the next two to four months pending Winn-Dixie’s shareholder approval.Read more »
BUSINESS December 21, 2011 | 10:56 AM
Theme park followers can look forward to next month when details of new additions may be revealed as Universal Studios Hollywood film studio marks its 100th birthday. Company executives say the yearlong campaign will include news of “theme park activities,” according to the Orlando Sentinel.
Past theme park watchers certainly know of the Wizarding World of Harry Potter, which opened in Orlando, Florida, this year to create what some call “frenzied excitement among muggles worldwide.”Read more »
BUSINESS December 20, 2011 | 4:18 PM
Every US state except Hawaii and Utah has some form of legalized gambling to raise revenue, but cash-strapped states are increasingly betting that more slot machines and blackjack tables will be good bets to meet future funding needs.
“Since the national economy started its nosedive in the summer of 2008, governors and state lawmakers across the country have been pushing new and expanded gambling measures to boost revenue, either for general state coffers or particular accounts, like education funding," reports the Patriot Ledger newspaper in Boston.Read more »
FINANCE December 20, 2011 | 2:55 PM
Cameron International, which provides pressure management systems for the oil and gas industry, is to pay British oil company BP $250 million after legal proceedings following the April 20, 2010 oil spill, known as Deepwater Horizon, in the Gulf of Mexico.
Cameron and BP will both abandon their claims in the case, which was set to begin trial in February to determine fault in the leaking of over 200 million gallons of oil off the Louisiana coast.Read more »
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