Private-Equity Firms Buys Out Harman International For $7.8 Billion
Harman International has agreed to by acquired by private-equity firms Kohlberg Kravis Roberts and GS Capital for $8 billion. Under terms of the deal, Harman shareholders can either exchange their shares for $120/share in cash, or take shares in the new company after the closing of the deal, which is expected to occur in the third quarter of 2007. The per-share bid represents a 17% premium to Wednesday’s closing price of...
Judge Shoots Down ASCAP’s Digital Downloads As Performances
Judge William Conner from the US Register of Copyrights shot down ASCAP’s idiotic attempt to classify digital downloads as performances. In a pure demonstration on how desparate the music industry has become, ASCAP wanted to have the Register of Copyrights declare that digital downloads were actually performances of a song to score an extra royalty. This stupid reclassification was being aggressively pursued by ASCAP, a...
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