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 host Fury in the Gulf conclave on West Asia crisis
Three-hour summit to unpack geopolitical fallout and impact on India
MUMBAI: CNN-News18 is set to host a special three-hour broadcast, Fury in the Gulf – War Conclave, on April 7, aiming to decode the escalating West Asia crisis and its far-reaching implications for India.
Scheduled from 4:00 PM to 7:00 PM, the conclave comes at a time when tensions between Iran and the United States are reshaping global geopolitics and triggering economic uncertainty. With India’s deep energy ties, trade links and large diaspora in the Gulf, the developments carry significant domestic relevance.
Built around the theme ‘Conflict, Consequences, and The Future,’ the programme will feature six curated sessions combining one-on-one interviews and panel discussions. The focus is to cut through the clutter and offer viewers a clearer understanding of the fast-evolving situation.
Key sessions include ‘Diplomacy in Times of War’ featuring Shashi Tharoor, and ‘World After the Iran Conflict’ with voices such as Ram Madhav, Reuven Azar, representatives from the European Union and the Iranian Deputy Envoy. Another session titled ‘Another Dunkirk?’ will bring together K. J. S. Dhillon and Jitin Prasada among others.
CNN-News18 editorial affairs director Rahul Shivshankar said, “In times of war, clarity becomes the most powerful tool. Fury in the Gulf – War Conclave brings together credible voices to address the questions and confusion that arise amid an overwhelming influx of information.”
He added that the initiative is aimed at delivering “facts, perspective, and insight” at a time when misinformation can easily cloud public understanding.
Echoing the sentiment, CNN-News18 CEO– English and business news Smriti Mehra said the conflict marks a defining global moment, with consequences that extend well beyond the region. She noted that the conclave seeks to present the crisis with “depth, nuance and responsibility” so audiences can better grasp its real-world impact.
As geopolitical tensions continue to dominate headlines, the conclave positions itself as an attempt to bring order to the noise, offering viewers a structured, insight-led look at a complex and rapidly shifting global situation.
