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Cincinnati Bell to be acquired in $2.6B deal; ViacomCBS buying stake in Miramax


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Cincinnati Bell to be acquired in $2.6B deal; ViacomCBS buying stake in Miramax

S&P Global Market Intelligence provides a wrap-up of U.S. companies' technology, media and telecommunications deal announcements, completions and updates from Dec. 17 to Dec. 23.

Top News

* Brookfield Infrastructure Partners LP and its institutional partners agreed to acquire Cincinnati Bell Inc. in a transaction valued at about $2.6 billion, including debt. Under the transaction, each issued and outstanding share of Cincinnati Bell common stock will be converted into the right to receive $10.50 in cash upon deal closing.


* Johnson & Johnson is acquiring the remaining stake in robotics and data science company Verb Surgical Inc., which the healthcare giant owns with Alphabet Inc. unit Verily Life Sciences LLC. Verb Surgical is a 50-50 strategic collaboration with the life sciences arm of J&J's unit Ethicon Endo-Surgery Inc. and Verily, which was formed out of Google LLC, according to data from S&P Global Market Intelligence.

* IAC/InterActiveCorp. agreed to acquire Inc., an online platform for finding and managing family caretaker arrangements, for $15 per share in an all-cash transaction representing about $500 million of enterprise value.

* ViacomCBS Inc. reached an agreement with Qatar-based beIN Media Group LLC to acquire a 49% stake in global film and television studio Miramax LLC for $375 million. Under the agreement, ViacomCBS will make an upfront cash payment of about $150 million, along with a commitment to invest $45 million annually over the next five years, or $225 million, to be used for new film and television productions and working capital.

* F5 Networks Inc. agreed to acquire all issued and outstanding shares of Shape Security Inc. for a total enterprise value of about $1 billion in cash.

* CRISIL Ltd. entered into a definitive agreement to acquire benchmarking data and analytics firm Greenwich Associates LLC. The deal is anticipated to close in the first quarter of 2020.

* Cinedigm Corp. signed a nonbinding letter of intent to buy about 29% of the outstanding current common shares in Chinese entertainment company Starrise Media Holdings Ltd. from existing holders. Under the terms of the transaction, Cinedigm will purchase roughly 29% of Starrise's current common shares from two major Starrise shareholders in exchange for shares of Cinedigm's class A common stock.

* Telaria Inc. inked a deal to merge with The Rubicon Project Inc. in a stock-for-stock transaction. Upon closing of the merger, Telaria stockholders are expected to own about 47.1% and Rubicon Project stockholders are expected to own about 52.9% of the fully diluted shares of the combined company.

* Xperi Corp. and TiVo Corp. entered into a merger agreement in an all-stock transaction, representing about $3 billion of combined enterprise value. Upon closing of the transaction, Xperi shareholders will own about 46.5% of the combined business, and TiVo shareholders will own about 53.5%.

* Bertelsmann SE & Co. KGaA agreed to buy Pearson PLC's remaining 25% stake in Penguin Random House LLC for about $675 million. The deal pegs Penguin Random House's enterprise value at $3.67 billion.

* Atos SE agreed to acquire technology consulting company Maven Wave Partners LLC.

* An investor group led by affiliates of private equity firm Francisco Partners Management LP agreed to buy LogMeIn Inc. in an all-cash deal that values the cloud-based connectivity company at roughly $4.3 billion.


* Facebook Inc. earlier this year acquired Packagd, a startup focused on live shopping, Bloomberg News reported, citing sources.

* Scholastic Corp. subsidiary Scholastic Book Fairs Inc. closed on the acquisition of the assets of Pomona, Calif.-based Mrs. Nelson's Book Fairs Inc.

* Sumeru Equity Partners LP and K1 Investment Management LLC completed the sale of property management software company Buildium LLC to RealPage Inc.

* Facebook acquired Spanish cloud gaming company PlayGiga SL, a spokesperson of the social media company confirmed to CNBC.

* NII Holdings Inc. completed the sale of its wireless operations in Brazil to América Móvil SAB de CV for an aggregate purchase price of $948.5 million after adjustments.

* Valence Media Group LLC, which operates various publications and production companies, acquired Nielsen Holdings PLC unit Nielsen Music.

* IDT Corp.'s cloud services unit Net2Phone Inc. acquired business communications company Ringsouth Europa SL.

* Discovery Inc. acquired Latin American Golf SL, which operates 24-hour pay TV channel Golf Channel Latin America, from Simple Networks and Inversiones Bahía Ltd. affiliate Fornaluz Productions SA.

* Cox Enterprises Inc. completed the sale of Cox Media Group's portfolio of television and radio stations, Ohio assets, and its affiliated CoxReps and Gamut national advertising businesses to a new media company that is majority owned by funds managed by affiliates of Apollo Global Management Inc.

* Marchex Inc. purchased Sonar Technologies Inc., an enterprise text and messaging sales engagement and analytics company, for $12.5 million in cash and stock.


* The U.S. Federal Communications Commission and the Justice Department's antitrust division said in a court filing that blocking the T-Mobile US Inc. merger with Sprint Corp. will harm consumers, Bloomberg News reported. A multistate lawsuit by 13 state attorneys general plus Washington, D.C., alleges the deal would harm innovation and lead to higher prices for consumers. However, the Dec. 20 court filing by the two federal regulators, which have already approved the deal with conditions, noted that blocking the deal would also stop the "substantial, long-term and pro-competitive benefits for American consumers," according to the Bloomberg story.

* The European Commission approved NVIDIA Corp.'s proposed $6.9 billion acquisition of Mellanox Technologies Ltd. The deal earlier secured clearance from regulators in Mexico. It remains subject to approval from the Anti-Monopoly Bureau of China's State Administration for Market Regulation, as well as customary closing conditions.