News Broadcasting
Liberty Media to acquire Provide Commerce for $477 million
MUMBAI: Liberty Media Corporation announced today that it would acquire Provide Commerce, Inc, an e-commerce marketplace of websites for perishable goods marketed under the brands: ProFlowers, Cherry Moon Farms, Uptown Prime, and Secret Spoon.
Under the terms of the agreement, Liberty will pay $477 million in cash, or $33.75 per Provide share.The proposed transaction is expected to close in the second calendar quarter of 2006. Completion of the transaction is subject to regulatory approval, Provide Commerce stockholder approval and other customary closing conditions.
“Provide Commerce is a market leader in online perishable goods and through its advanced supply chain and superior execution, has built scale and a strong competitive position. This is a testament to the caliber and dedication of the Provide management team and we are thrilled to welcome them to the Liberty family. We believe in the power of video to drive television and web-based retailing businesses and Provide is a compelling addition to our strategy,” stated Liberty chairman and CEO John C. Malone.
“The philosophy of Liberty and its affiliates is consistent with Provide’s culture and our unrelenting focus on our customers. We look forward to working with the other Liberty Internet and video companies to accelerate profitable growth,” said Provide Commerce CEO Bill Strauss.
JP Morgan Securities Inc. served as financial advisor to the board of directors of Provide Commerce. Following the acquisition, Provide Commerce will remain a separate subsidiary within Liberty.
Vesting of outstanding options and restricted stock grants will be accelerated and holders of options and warrants will receive cash payments equal to the difference between the cash price per share and the respective exercise prices.
In connection with the proposed transaction, Jovian Holdings LLC has agreed to vote the shares it owns or controls in favor of the proposed transaction or against any alternative proposal, in addition to other customary agreements. Jovian Holdings owns or controls approximately 29 per cent of the outstanding common stock of Provide Commerce.
As of September 30, 2005 Provide Commerce had a cash balance of $60 million.
News Broadcasting
CNN-News18 to air live counting day coverage for five state election results on May 4
The channel is rolling out its biggest election coverage machinery yet for results day on 4th May
NOIDA: The votes have been cast. Now comes the reckoning. CNN-News18 is pulling out all the stops for results day on 4th May, when counting begins across five battleground states — West Bengal, Assam, Kerala, Tamil Nadu and the Union Territory of Puducherry — in what promises to be one of the most closely watched electoral verdicts in recent memory.
The channel’s coverage, titled Battle for the States: The Verdict, kicks off at 7am and runs through the day across linear TV, connected television and YouTube. It is the culmination of CNN-News18’s multi-format editorial initiative, Battle for the States, which has tracked the polls from the beginning under the theme Road to Power.
At the operational heart of the coverage will be the Live Results Hub, the channel’s central command centre built to collate, verify and process real-time data flowing in from reporters stationed at counting centres across constituencies. The hub combines newsroom intelligence, analytics and on-the-ground reporting to deliver what the channel promises will be the fastest and most accurate results coverage in English news.
Leading the on-air charge will be primetime anchors Rahul Shivshankar, Anand Narasimhan, Aman Sharma, Nabila Jamal and Shivani Gupta. They will be joined by a wide panel of commentators including author Chetan Bhagat; GVL Narasimha Rao, senior leader of the BJP; Smita Prakash, editor of ANI; activist Saira Shah Halim; political analyst Sumanth C Raman; Abhijit Iyer Mitra, senior fellow at IPCS; Amitabh Tiwari, founder of VoteVibe; columnist Abhijit Majumdar; Nalin Mehta, managing editor of MoneyControl; political analyst Tehseen Poonawalla; senior journalist Subir Bhaumik; and political analyst Manojit Mandal.
Shivshankar, who serves as editorial affairs director at CNN-News18, set out the stakes plainly. “Counting day is one of the most watched events in the electoral cycle, where speed and credibility are tested in real time,” he said. “Battle for the States: The Verdict is built on that promise, combining ground reporting, sharp analysis and cutting-edge election technology to give viewers the clearest and fastest route to the verdict. On May 4, CNN-News18 will once again be the nation’s most trusted channel to witness democracy in action.”
Smriti Mehra, chief executive of English and Business News at Network18, framed the coverage in broader terms. “Elections are defining national events, and audiences turn to brands they trust in moments that matter,” she said. “CNN-News18 has consistently led from the front in every election coverage, and this special programming reflects the scale of our ambition and editorial strength.”
The channel has form here. It claims to have been India’s most preferred English news destination for election results for the past 20 years, covering everything from the 2024 general elections to the Delhi, Maharashtra, Bihar and BMC polls on the back of what it calls an “Always First, Always Right” record. Five states, one day, and a nation waiting for answers. The clock starts at 7am on 4th May.
