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Viacom has agreed to buy BET Holdings Inc from founder Robert Johnson for $2.3 billion in stock and the assumption of $570 million in debt. As part of the deal, Johnson will remain as CEO of BET Holdings while Debra Lee will continue to be COO for five years after the acquisition. Viacom owns CBS, MTV, Nickelodeon, UPN, TNN and VH1 networks while BET Holdings operates Black Entertainment Television, which is available in 62.4 million of 75 million Afro-American cable TV households.
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DaimlerChrysler is facing a $9-billion lawsuit from billionaire Kirk Kerkorian. Kerkorian alleged that the company deceived shareholders and the Securities and Exchange Commission when it claimed that the merger of Chrysler and Daimler-Benz was a merger of equals. He declared that had he known that Daimler-Benz's true intent was to subjugate Chrysler and fire its management, he would never have voted his stock in favor of the merger in 1998.
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Hughes Electronics Corp's share price increased on speculations on Wall Street that General Motors Corp may sell part of its interest in Hughes, which designs and makes satellites and wireless telecommunications systems. GM's board held a meeting in Detroit, MI, to conduct a detailed evaluation of Hughes' marketplace value. Analysts said that it is logical for GM to split Hughes as GM and Hughes are on two different types of business.
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