Murdoch Exploring Satellite TV Merger?
News Corp. Chairman Rupert Murdoch said that U.S. regulators would find it difficult to prevent a merger of DirecTV Group Inc. and rival satellite television provider EchoStar Communications Corp. The union of the two largest U.S. satellite TV and service providers would pose less of a threat to competition than in the past because consumers have more ways to get news and entertainment, Murdoch said in an interview Thursday night on PBS’s “The Charlie Rose Show.” Murdoch didn’t say whether News Corp. or DirecTV is in talks to buy the smaller EchoStar, or whether he wants to bid for it. Antitrust regulators rejected EchoStar’s attempt in 2001 to buy DirecTV when it was a unit General Motors Corp. New York-based News Corp. purchased a controlling stake in DirecTV in 2003.
Villaraigosa Appointment
Mayor Antonio Villaraigosa announced the appointment of Karen Constine as interim general manager of the Los Angeles Department of Cultural Affairs. She takes office on Monday. Constine was previously the director of the California Film Commission under Gov. Gray Davis.
Herbalife Restructures Debt
Herbalife Ltd., the holding company that controls Inglewood supplement marketer Herbalife International, said it refinanced an existing $225 million senior secured credit line and will take a one-time charge of $14 million related to the refinancing. The Cayman Island-based New York Stock Exchange issue said it closed on a $300 million senior secured credit facility, which consists of a $200 million, seven-year loan and a $100 million, six-year revolving credit facility. After closing, Herbalife used $65 million of available cash and $15 million in borrowings under the revolver to repay outstanding borrowings under an existing credit line and to fund closing costs on the transaction.
Hilton Declares Dividend
Hilton Hotels Corp. declared a dividend of $.04 per share, payable in cash on September 15, 2006, to stockholders of record at the close of business on Sept. 2, 2006. The Beverly Hills-based hotel company is scheduled to announce its quarterly earnings on Aug. 1.
