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Entertainment/Lodging

Apollo, Lazard Team Up For European PE Buys

August 18, 2008 - Apollo Management and Lazard announced late last Tuesday that they have teamed up to pursue private equity investments in Europe.

Univision: After The LBO

August 18, 2008 - When Spanish-language media giant Univision Communications was acquired by a five-member private equity consortium for $13.7 billion on March 30, 2007, the buyers paid a multiple that would be unheard of in today's market: 12 times debt-to-Ebitda. That debt continues to plague Univision almost 17 months after it went private.

Lazard's Net Income Rises 5% In 2Q

August 4, 2008 - Helped by solid growth in its M&A and restructuring businesses, Lazard last Wednesday posted a 5% increase in its second-quarter net income, but warned that its outlook for the back half of 2008 is unclear.

'The Primary Is Dead'

July 21, 2008 - Two events took place last week that should have boosted leveraged loan primary issuance--or at least should have been a catalyst for change. Still, sources say the two events cannot remedy low secondary loan market prices, the real culprit behind the continuing weakness in the primary mart.

CIT Finances Edmonton Oilers Acquisition

July 14, 2008 - CIT Group said last Tuesday that it helped finance Rexall Sports Corp.'s purchase of storied hockey franchise Edmonton Oilers with $100 million of senior debt.

Q&A: Elevation Partners' Roger McNamee

July 14, 2008 - Elevation Partners managing director and co-founder Roger McNamee doesn't exactly fit the mold of the typical buyout shop MD. Then again, he began his business life as a venture capitalist, which might be where he gets it from--'it,' of course, can be either his unique approach to investing or even his penchant for rock music, which may or may not be related.

Summer Reading

July 14, 2008 - We all remember the summer reading lists from school. This summer there may be some good reading that pertains to us all.

Extreme M&A

July 7, 2008 - The exploration of strategic alternatives has gone extreme. Extreme sports, that is.

Good Sports

July 7, 2008 - Some of the most notable names in private equity, Steve Pagliuca and Tom Hicks, have made personal investments in sports franchises, but rarely have these deal makers pursued similar bets on behalf of the firms listed on their business cards. Institutional money, though, may be slowly creeping into ball parks, race tracks and even soccer fields.

LBO Debt Seeps Into Tough Loan Market

July 7, 2008 - The syndicated loan financing business is certainly in a funk, but newly priced LBO debt offerings signal that all may not be as bad as it seems.

No Monkey Business

July 7, 2008 - It's not always easy coming up with something to write about in this space every seven days, but on occasion it's a breeze. Obviously, this was one of those weeks. A chimp's eighth attempt to get a Hollywood Star, and an MIT grad walking the streets for a job in investment banking, in the same week? It almost writes itself.

Loan to Own Opportunities

June 23, 2008 - Traditional acquirers may see it as a back-door method of gaining control, but as the debt markets continue to wallow, buyers may increasingly turn to loan-to-own strategies as a way to wrest control of troubled companies.

'Like, What's ARS?'

June 23, 2008 - Preppy teens and the auction-rate securities market would seem to have about as much in common as, well, me and preppy teens, but sometimes looks can be deceiving.

Deconstructing The Commercial Mortgage Market

June 23, 2008 - The credit crisis that's roiled Wall Street for nearly a year has dramatically changed how commercial properties are financed, altering the roles of different participants in a financial food chain that underwrites mortgages for properties such as malls and office buildings and then resells them into securities. Borrowers have had to turn to so-called portfolio lenders such as insurance companies and banks. In some cases, hedge funds and other funds have stepped in to provide short-term loans.

Calling All Non-Members

June 23, 2008 - Much like Tiger Woods and major championships, golf and Wall Street go hand-in-hand. But as the credit crunch and the ensuing slowdown in business continues to take its toll in the financial-services world, there's a raging question going on in the leafy suburbs surrounding the New York City area: to forgo the country club membership or not?