S&P Global MarketIntelligence provides a wrap-up of U.S. media and communications dealannouncements and completions from Sept. 26 to Sept. 30.
*McGraw-Hill EducationInc. acquired RedbirdAdvanced Learning LLC, a digital learning company that provides courses inK-12 math, language arts and writing, plus virtual professional developmentprograms for teachers. The deal, financial details of which were not revealed,will help expand McGraw-Hill Education's adaptive learning offering, whichincludes math courses and the ALEKS assessment and learning system, accordingto a Sept. 30 news release.
* Anaffiliate of Vector Capital Management LP on Sept. 27 its of Vector earlier completedthe cash tender offer for all of Sizmek's outstanding shares of common stock at$3.90 per share. The all-cash tender deal valued Sizmek at about $122 million.Sizmek notified the Nasdaq Stock Market regarding the completion of the merger.The company asked Nasdaq to cease trading of its shares on Nasdaq at the closeof market on Sept. 27.
*Outerwall Inc. is nowa privately held company. Affiliates of funds managed by Apollo GlobalManagement LLC on Sept. 27 completed the acquisition of Outerwall through a cash tender offer. Asa result of the transaction, which was valued at about $1.6 billion, includingnet debt, Outerwall's common stock ceased trading on the Nasdaq Global SelectMarket and will be delisted.
Outerwall'sbusiness segments will now be managed and operated as three distinct businesses,following the completion of its acquisition by funds managed by affiliates ofApollo Global Management LLC. Erik Prusch stepped down as CEO of Outerwall inconnection with the closing of the transaction. Galen Smith, who previouslyserved as Outerwall's CFO, will now lead Redbox Automated Retail LLC as its CEO.
*Tribune Media Co.completed the sale ofits 35-story Tribune Tower, the north block of the Los Angeles Times Squareproperty and the nearby Olympic printing plant, in the week of Sept. 26. Thecompany said Sept. 28 that it received $430 million in gross cash proceeds andcould receive contingent payments of up to an additional $45 million, bringingtotal consideration to $475 million. Tribune Media expects the three propertiesto generate about $330 million of net cash proceeds after paying taxes,transfer and legal fees and broker commissions. The 740,000-square-foot TribuneTower was sold to CIM Group LP and Golub & Co. The companies also acquireda 36,000-square-foot development site located near Tribune Tower, according toa separate news release.