Word: buyouts
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...seemed the primary would be a shootout between Harman, an astute but little-known politician whose campaign is based on equal parts of gender (57% of California Democrats are women) and wealth (her husband, audio-component magnate Sidney Harman, has given millions to her cause), and Checchi, a leveraged-buyout wizard who has already spent $30 million on the primary, a record for a statewide campaign. Checchi's commercials have been blitzing viewers since November; he hired Bill Clinton's pollster, Ted Kennedy's media man, a cadre of 29 policy wonks and even a platoon of temps to cheer...
Checchi's management skills have been coming under attack by Davis, who is buying heavy TV time to slug away at Checchi's stewardship of Northwest Airlines, which he acquired in a 1989 leveraged buyout. Checchi portrays his time at Northwest as a classic "white knight" tale--spent reforming management and saving the airline--while Davis says Checchi's takeover saddled the company with so much debt that he drove it to the brink of bankruptcy. There is truth to both claims: Northwest is healthier now than it was before Checchi came along, but during the recession...
...buyout buzz eclipsed even the National Book Critics Circle Awards handed out last week. The combined company will hold 23% of what the industry calls trade books, the nearly $7 billion of nontechnical titles bought by general readers. The company, with $1.8 billion in revenue, will be double the size of the next largest house, Simon & Schuster. "We're all as surprised as the rest of the world," says Jack Romanos, a top Simon & Schuster executive. "To be perfectly honest, I'm not sure we understand what it means...
...costs out of the new combined company." Last year saw a record 72 bank acquisitions valued at more than $100 million apiece. The big gulp: a $16.5 billion deal by First Union--McColl's crosstown Charlotte rival--to acquire Philadelphia-based CoreStates Financial. That topped McColl's $15.5 billion buyout of Barnett Banks in Florida...
Last week, Netscape laid off almost a tenth of its workforce in a cost-cutting action, a joint venture with industry giant Novell was canned, and the company has cut back much of its research into newer technologies, like Java. Now, Once-mighty Netscape finds itself the target of buyout rumors, as major players AOL, Sun and Oracle all consider buying the former browser champ...