India's Titan to buy majority stake in Dubai's Damas at $283 million enterprise value
(This story has been corrected to say Titan is buying Damas stake at 'enterprise value of $283 million,' not 'for $283 million,' in the headline and paragraph 1)
($1 = 3.6727 UAE dirham)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
2 hours ago
- Daily Mail
Industry shock as free-to-air network is sold for just $1
In a major shake-up of New Zealand 's media landscape, Sky TV will buy Warner Brothers Discovery (WBD)'s free-to-air network for just one dollar. The announcement was made to the New Zealand stock exchange on Tuesday. Sky TV, which operates a pay-to-view service similar to Foxtel in New Zealand, will acquire all of WBD's television channels, including Three (formerly TV3), Bravo, Eden, Rush, HGTV, and BVOD catch-up service ThreeNow. Sky announced it had 'agreed to acquire 100% of the shares in Discovery NZ Limited from Discovery Networks Asia-Pacific Pte Ltd (a subsidiary of Warner Bros Discovery, Inc)' for $1 on a cash-free, debt-free basis. The shocking news comes five years after Discovery purchased Three from MediaWorks in 2020 for a rumoured US$20million. From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new showbiz newsletter to stay in the loop. Discovery said the completion of the sale is expected to take place on August 1. This deal will profoundly reshape the commercial TV and streaming landscape in New Zealand, as it forges the biggest media company in the country by revenue and audience — all for the price of a singular gold coin. In April last year, WBD confirmed the closure of its New Zealand newsroom Newshub, ending the 6pm and AM TV news bulletins on channel Three. Sky will assume all of WBD's ongoing commercial contracts, including a partnership deal with Stuff ( that was struck with WBD days after Newshub closed last year. The digital publisher has been providing ThreeNews since June 6, 2024. Effectively, the 6pm news moved online – with Stuff hiring several beloved Newshub presenters who had been made redundant. Sinead Boucher, who purchased the Stuff company from Australia's Nine Entertainment for $1 in 2020, said she is 'delighted' to see Sky bring TV3 back into New Zealand ownership 'for the first time in decades'. 'My word this industry moves at pace!' ThreeNews presenter Samantha Hayes posted to Instagram on Tuesday. 'I was only just getting around to marking our one year anniversary of ThreeNews this month and now another seismic shift in the media landscape with Sky buying Three, ThreeNow and Discovery NZ's many other assets. 'We'll keep making our 6pm news bulletin like we always do and I'm excited about what the future holds... watch this space!' Sky's chief executive Sophie Moloney told Stuff the deal made sense, both strategically and financially for the pay TV giant. 'We've made no secret of the fact we want to grow our advertising revenue and the one platform we're actually missing in that ecosystem was a BVOD [broadcast video on demand] platform,' she said. 'Ultimately, we think this shores up the local media ecosystem which we're thrilled to participate in.' Warner Bros. Discovery will remain in New Zealand through its 'highly successful' film production business WBITVP, suite of pay TV channels, and a content licensing deal with Sky's streaming platform, Neon. Kiwi media pundits are saying the $1 price tag indicates that Discovery NZ's parent, WBD, simply wanted to exit the free-to-air business. 'Our decision to sell the business follows an extensive review of options to ensure long-term success for our New Zealand operations,' Australia and NZ managing director Michael Brooks said. 'Advertiser behaviour has shifted, viewer habits have shifted, and we're still going through this digital transition,' he told Stuff. 'The media industry has changed right across the board. I don't think there's a market or a company that hasn't been impacted over the last few years.' The sale is the latest move in WBD's global restructuring efforts, as the media Goliath splits its businesses up. One arm of the company will focus on streaming, and the other on global networks - many of which were downsized, or shut down, across Europe in 2023. Brooks said the New Zealand sale has 'absolutely no connection' to the global restructuring efforts. Meanwhile, NZ Prime Minister Christopher Luxon was unbothered about the deal. 'Yeah, I saw those reports,' Luxon said in parliament.
The Guardian
9 hours ago
- The Guardian
Telegraph sale poised to go ahead after Lords foreign ownership vote
The sale of the Telegraph looks set to finally go through after government legislation to allow foreign states to own up to 15% in British newspapers survived a potentially fatal vote in the House of Lords. Gerry Cardinale's RedBird Capital is leading a consortium looking to buy the Telegraph for £500m, in a deal that would result in the United Arab Emirates retaining a stake of 15%. Ministers have been attempting to push through legislation to allow foreign states to own passive stakes of up to 15% in British newspapers, after the previous Conservative administration proposed a law in March last year that set the limit at zero. That cap meant the joint venture RedBird IMI, which bought the Telegraph Media Group in November 2023, would have to sell up as it is 75% funded by International Media Investments (IMI) – controlled by Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the United Arab Emirates. The US private equity company RedBird Capital, which contributed the other 25% of funding, has tabled a deal to buy the Telegraph under which IMI would retain a minority stake of up to 15%, although RedBird has said it can fully fund a deal in its own right. The government's foreign ownership bill would allow this purchase to go ahead but the plan was put at risk on Tuesday after Liberal Democrat peers attempted to block it via a rare 'fatal motion', the strongest opposition that can be taken in the House of Lords, which would force ministers to reintroduce the legislation. After an almost three-hour debate, peers voted to reject the fatal motion 267 to 155, meaning the 15% cap will pass into law. However, another statutory instrument will need to be introduced after the parliamentary recess in September to add a rule that will stop foreign investors from buying multiple 15% stakes in British newspapers. No final deal for the Telegraph has yet been signed, and a takeover will still face regulatory hurdles, including a public interest test that will be triggered by the culture secretary, Lisa Nandy. It will also be subject to a full investigation by the Competition and Markets Authority. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion However, the government's win in the House of Lords is likely to prompt RedBird Capital to publicly announce its formal bid in the coming weeks. RedBird Capital – which holds various investments including a stake in the parent company of Liverpool football club and is seeking to jointly acquire the TV and film business Paramount – has said that if the deal goes ahead it would become the sole controlling investor of the Telegraph. It is also set to bring on British partners with small stakes, including the owner of the Daily Mail and Len Blavatnik, the owner of Warner Music and the sports and entertainment streaming service Dazn.
Reuters
10 hours ago
- Reuters
CapVest eyes majority stake in German drugmaker Stada, Bloomberg News reports
July 22 (Reuters) - London-based buyout firm CapVest Partners is in talks to acquire a majority stake in German drugmaker Stada Arzneimittel, Bloomberg News reported on Tuesday. The deal would value Stada Arzneimittel at about 10 billion euros ($11.75 billion) including debt, the report said, citing unnamed sources. CapVest is in discussions with Stada's private equity owners, Bain Capital and Cinven, regarding the transaction. Stada has also been exploring a potential listing, the report said. CapVest declined comment, while Stada did not immediately respond to a Reuters' request for comment. Stada, known for its cold medicine Grippostad, sunscreen Ladival and the cough syrup Silomat in March, postponed a planned IPO in Frankfurt due to market volatility. Bankers advising Bain Capital and Cinven recommended against proceeding with the listing at that time, Reuters reported. ($1 = 0.8511 euros)
