Word: outbids
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This year, with a $19,000 bid, the council reached an agreement with Sister Hazel (not exactly a household name) but after being outbid for this upcoming Saturday night, the council acceded to student pressure, and canned the band, opting for a series of six student performances instead...
After being outbid for the rock group by an unnamed Texas college, the Undergraduate Council voted 57-to-8 last night to put the $20,000 originally slotted to bring Sister Hazel to this year's Springfest back into its coffers...
...Fantasyland, the money that ABC, CBS and Fox are paying demonstrates just how desperate the network-television business has become. CBS paid $4 billion to get back in the game, intercepting rights to the American Football Conference previously held by NBC. A day later ABC, the No. 3 network, outbid NBC with a $4.4 billion deal to retain Monday Night Football. Its cable unit, ESPN (which shared Sunday-night games with Turner Broadcasting's TNT for eight years), dropped $4.8 billion to acquire the entire NFL cable-television package through the 2005 season, giving Team Mouse a sweep...
...chief concern, as it relates to the battle over ITT, is that the structure seems to generate so much potential tax and other savings that Starwood can afford to outbid all comers. When Sternlicht was snapping up smaller companies, heavyweights like Bollenbach took note but didn't fuss. Now that Sternlicht is going after bigger quarry, he's on Bollenbach's radar, and the fuss has just begun. The Hilton boss has been lobbying against the paired-share structure. By opting to go after a big name like ITT, Sternlicht has created a personal Catch-22. If the scrutiny...
Starwood Lodging, a real estate investment trust (REIT) based in Phoenix, Ariz., was able to outbid Hilton because of a loophole in the tax laws that jacks up a reit's market value. If ITT stockholders approve the deal, the new combination would become the largest lodging company in the world, with 650 hotels in 70 countries and total annual revenues of more than $10 billion. As for Araskog, 65, under the plan he will step down next year and get a seat on Starwood's board plus a consolation prize: a $55 million severance package that was designed...