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Apple in Talks to Buy Universal Music | |
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| Time: 17:24 EST/22:24 GMT | News Source: Reuters | Posted By: Todd Richardson | ||
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Apple Computer Inc. is in talks to buy the world's largest record company, Universal Music Group, a source close to the matter said Friday, in a deal that could transform the music industry. The purchase would also reinvent Apple, which is suffering from weak computer demand, new markets for its PCs, software and the iPod digital music player, analysts said.
But the news did raise doubts among Apple shareholders, many of whom had bought the stock because of its cash cushion. Apple shares fell over nine percent in afternoon trading on Nasdaq.
Vivendi for its part would be able to cut its debt and regain investor credibility by selling assets, including its U.S. entertainment assets, known collectively as Vivendi Universal Entertainment.
The Los Angeles Times first reported the talks in an article on Friday that said Apple could offer $5 billion to $6 billion and make a formal bid for Universal Music, which is home to artists like Jay-Z, U2 and Lucinda Williams, before Vivendi's April 29 board meeting. | ||
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| #1 By 665 (64.126.91.172) at 4/11/2003 5:53:51 PM |
| I didn't know Apple even had 6 billion. |
| #2 By 3339 (65.198.47.10) at 4/11/2003 7:17:27 PM |
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They do and they don't; they have a market cap of 4.76 bill, but Vivendi won't want much stock--although some percentage will certainly be stock.
They have about as much (4 and a half bill or so) dough in liquid assets, but they probably won't want to spend anymore than 75% of it. They are debt free so they can borrow as much as it takes. Jobs can also be making an individual deal with the Apple board to front a certain percentage of the cash in exchange for a private percentage of UMG--after all he bought Pixar out right and started NeXT with his own cash. Nevermind the possibility of others willing to invest in Apple if they were the owners of UMG--you've got to remember: everyone in the recording biz and on wall street has been buzzing for two months about the model/quality of the upcoming service--news of this hasn't been coming from the tech world, it's been coming from the recording industry and wall street. |
| #3 By 665 (64.126.91.172) at 4/11/2003 9:07:56 PM |
| It seems like Apple would be putting far more into this than it should. Obviously I don't know what the top brass at Apple knows but it still seems odd to me. Apple has always appealed to musicians it seems so this would sort of be a logical step. Are they trying to turn into more of a media company? It would be odd to sell computer hardware and software on one side and then sell music on the other. Maybe I am just missing something. |
| #4 By 135 (208.50.204.91) at 4/11/2003 10:16:42 PM |
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This would be a huge mistake... As big as Time Warner merging with AOL type huge mistake.
The company that makes and distributes the content shouldn't be owned by the company creating the technology to display or record the content. It adds no value, but instead causes signifigant strife between business units, thus stifling innovation and thus allowing competition to overtake you. Huge mistake... just huge. |
| #5 By 61 (65.32.171.144) at 4/11/2003 11:04:19 PM |
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Funny you should mention the AOLTW merger....
Just recently Brighthouse Networks bought out the entire Florida division of AOLTW's cableTV/internet services. No more AOLTW here, I'm happy :) |
| #6 By 2459 (24.170.151.19) at 4/12/2003 2:40:24 AM |
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IIRC, they used to have a co-management deal with TW for some of their cable offices. I guess they're buying the ones that used to fall under their partial management. This post was edited by n4cer on Saturday, April 12, 2003 at 02:41. |
| #7 By 3 (62.253.128.7) at 4/13/2003 4:40:05 PM |
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I think it would be bad if Apple did get it although it might be good for their new music service coming out later this month - but in saying that Microsoft are likely to now bid for them too...but then again this was news for them a while back. In the end, bad for either company who decides to get them. This post was edited by Byron_Hinson[AW] on Sunday, April 13, 2003 at 17:26. |
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