February 12, 2013 |
Comcast Corp., flush with billions of dollars from sales of assets and bonds in recent months, rapidly accelerated its acquisition of NBCUniversal, saying it would pay $16.7 billion for the 49 percent of the entertainment conglomerate it doesn't already own. The Philadelphia cable giant expects the deal to close within the next six weeks. The seller is General Electric, which sold Comcast the first 51 percent in NBCUniversal in early 2011. Comcast and GE were expected to operate NBCUniversal as a joint venture until at least mid-2014 and Comcast could have continued the joint-venture structure through 2018.
October 23, 2012 |
MOSCOW - Russian state-owned oil giant Rosneft strengthened its hold on the country's lucrative oil industry when it sealed a deal Monday to buy TNK-BP, the 50-50 joint venture between BP, the British energy country, and a group of Russian oil oligarchs. The deal will allow Rosneft, already the country's top oil producer, to increase its global profile. The new combined company will leapfrog ExxonMobil Corp. to become the world's largest publicly traded producer of oil and gas, in terms of output.
September 8, 2012
In the Region Human Genome to lay off 114 Drugmaker GlaxoSmithKline P.L.C.'s $3.6 billion acquisition of Human Genome Sciences Inc. will likely mean layoffs for 114 workers at HGS, which is based in Rockville, Md. HGS filed a notice with the Maryland Department of Labor, Licensing and Regulation that it planned to reduce its workforce by Oct. 30. Glaxo is based in London, but has operations in Center City, other parts of Pennsylvania and New...
July 11, 2012 |
Comcast Corp. said Tuesday that it sold its 15.8 percent stake in A&E Television Networks L.L.C. for $3.025 billion in cash. The purchaser was A&E and enables Walt Disney Co. and Hearst Corp. to share 50-50 ownership in the TV programmer, whose hit shows include Pawn Stars, Storage Wars and American Pickers . Comcast acquired its stake in A&E through NBCUniversal, which it controls in a joint venture with General Electric. The $3 billion will remain with NBCUniversal, which can use it for business purposes.
July 7, 2012 |
Ownership of another Philadelphia-area refinery is about to change. NuStar Energy L.P. said it would sell 50 percent of its asphalt operations, which include refineries in Paulsboro, N.J., and Savannah, Ga., to a joint venture in a transaction expected to be completed by Sept. 30. Lindsay Goldberg L.L.C., a New York private-equity firm with $10 billion under management, will pay $175 million for a 50 percent interest in the joint venture, with San Antonio-based NuStar holding the other 50 percent stake.
July 4, 2012 |
Sunoco Inc.'s Philadelphia refinery, which was threatened with closure at the end of this month, will be reborn as an "energy hub. " The Carlyle Group, a Washington private-equity manager, announced plans Monday to operate the refinery with Sunoco as a joint venture called Philadelphia Energy Solutions. The venture will save 850 jobs at the refinery, the largest fuel-production plant in the northeastern United States, and may employ hundreds more if plans to expand production are realized.
July 4, 2012 |
Brian P. MacDonald, the son of a coal miner, grew up in a small town in Canada that was devastated by the deindustrialization of North America. "Our whole community got wiped out when we lost all of our coal mines, we lost our steel plant," said MacDonald, 46, who grew up in Glace Bay, Nova Scotia. "Our whole area basically got wiped out, and I saw it happen in my teenage years. " So when MacDonald became chief executive officer of Sunoco Inc. on March 1 and public officials begged him to save the company's 1,400-acre Philadelphia refinery complex from imminent closure, their pleas had a special resonance.
June 27, 2012 |
A Brandywine Realty Trust joint venture agreed to buy three Silver Spring, Md., office buildings totaling 499,395 square feet of space for $120.6 million, the Radnor company said. Brandywine's partner in the joint venture is a subsidiary of Allstate Insurance Co. The seller is a joint venture between Urdang, a BNY Mellon Co. based in Plymouth Meeting, and Moore & Assoc. of Bethesda, Md. The deal is expected to close July 10. – Harold Brubaker