I was just surfing around looking at the news items after a rainy day in the Ozarks. A few things caught my eye.
If you’ve been paying attention, you know that I am not a big fan of Rupert Murdoch. I think he’s a sleaze ball but, I must admit, pretty slick. The word got out that he made an offer to attain Dow Jones. Five billion is the alleged figure he threw at the outfit that owns the Wall Street Journal and Barron’s among other holdings. It was a high enough figure to catch media types by surprise at first glance but check out this quote from the New York Times.
News Corp. offered $60 a share in cash for all outstanding stock in Dow Jones — a whopping premium over the $36.33 closing price on Monday. After news of the offer was reported this morning on CNBC, shares of Dow Jones leaped 58 percent. Trading of the stock was briefly halted on the New York stock exchange as shares approached $58. At the end of the trading day, shares closed up 57 percent, at $56.90.
The news had a ripple effect across the media industry today. Shares of media companies rose broadly in trading today, with stock of Reuters, Gannett and The New York Times Company all posting unusually high gains.
So, in the morning his alleged offer is outrageous but at the end of the day the stock is worth almost the same amount. Oh yeah, and by the way, he owns Gannett. I am pretty sure that Rupe would like to dominate the universe but this looks more like a ploy to boost perceived value to a sagging industry.
Then I saw this article about Jennifer Love Hewitt. First, let me say that I don’t watch T.V. unless I’m at someone else’s place and I don’t watch many movies at all so, I know she’s real famous but I couldn’t pick her out of a line-up. Nothing against Ms. Hewitt but I’m not in her demographic. This story was about a lawsuit and for some reason entertainment industry lawsuits fascinate me. Here’s a quote…
Handprint Entertainment LLC, Hewitt’s former management firm, claims the 28-year-old actress has reneged on a 2002 oral agreement to pay a 10 per cent commission on all deals negotiated during the company’s tenure.
Oral agreement!? From a management company!? Is that how they do things in Hollywood? I know there are cases where oral agreements hold up in court but management companies don’t operate that way. Generally, a management company will spend thousands of dollars drawing up contracts in very precise language where every future dollar is accounted for. So, I have to think that by taking this to court, even if they win and that would defy logic, it will destroy any credibility Handprint would have in the future.
Here is a link to Corporate Country Sucks. There is a video clip of Robbie Fulks doing a solo version of a new song called “Goodbye Cruel Girl”. You should check Robbie out if you are not familiar with him. He can be outrageously funny but is also a brilliant songwriter. He has a new record coming out on Yep Rock and the word is it’s real good. I worked a show with him a few years back and he is also down to earth good guy.
We will be playing at the Bearded Clam in Kimberling City, MO again on the 12th. I talked to Tony the club manager on the phone today and he said in an excited voice, “It’s gonna’ be a big night, the Bud Light girls are gonna’ be here”. So, there’s a reason to go even if you’re not digging our chili.
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