Wednesday, August 01, 2007

 

Daily Update 08/01/2007

Hello and welcome to my page

I am planning on posting daily things that I find interesting on the internet. I hope you enjoy these items as much as I do. Most topics posted on this page will be completely random. Just various stories and news tidbits I have discovered today. If you have a chance please check out this free poker ebook at http://www.legendsofamerica.com/poker.html

My Favorite Featured Story
Brought to you by Yahoo

NEW YORK (AP) -- Rupert Murdoch has sealed a deal to buy Wall Street Journal publisher Dow Jones & Co. for $5 billion, ending a century of family ownership and adding a crown jewel to his global media empire, News Corp.

The companies said early Wednesday morning that they signed a definitive agreement after the deal won sufficient support to pass from a deeply divided Bancroft family, which has controlled the storied newspaper publisher for generations.

Murdoch is getting one of the great trophies of U.S. journalism and a newspaper that is considered required reading among the business and power elite.

The deal will also expand Murdoch's already massive global media and entertainment empire News Corp., which owns the Fox broadcast network, Fox News Channel, the Twentieth Century Fox movie and TV studio, the social networking site MySpace, newspapers in Australia and the U.K., and several satellite TV broadcasters.

Dow Jones and News Corp. said in a statement that Bancroft family members and trustees representing 37 percent of the company's shareholder vote have agreed to support the deal. Combined with the 29 percent of the vote held by public shareholders, who are very likely to support Murdoch, the deal is now assured of passing.

The companies said a member of the Bancroft family or another mutually acceptable person would be appointed to News Corp.'s board of directors as part of the agreement.

The Bancroft family, descended over several generations from an early owner of Dow Jones, Clarence Barron, clashed long and hard over whether to sell to Murdoch, with several members saying they feared the quality and independence of the paper would suffer under his watch.

Some family members actively sought alternatives to Murdoch -- without success. One of them, Leslie Hill, quit Dow Jones' board Tuesday as the deal edged toward completion, the Journal reported. Two weeks ago, another director quit in protest, German publishing executive Dieter von Holtzbrinck.

In a statement released early Wednesday morning, a family spokesman said: "It is our most fervent hope that in the years to come, The Wall Street Journal will continue to enjoy, and deserve, the universal admiration and respect in which it is held all over the world."

The paper's managing editor, Marcus Brauchli, tried to reassure newsroom employees that the Journal will maintain its editorial independence.

"It is too early to know how or even whether News Corp. ownership might alter priorities or structures at Dow Jones," Brauchli wrote in an e-mail sent to Journal staffers early Wednesday. "Our current and likely future owners have given formal assurances, however, that the newsroom will retain its independence."

The Bancroft family initially rebuffed Murdoch in early May, but then agreed to reconsider. Last week they heard exhaustive presentations on Murdoch's plans but remained divided.

Wrangling continued past a Monday deadline for them to signal their intentions, and on Tuesday the break came when a holdout trust agreed to support the deal, apparently after Dow Jones agreed to pay the family's advisers' fees, the Journal reported.

Murdoch had long been interested in owning Dow Jones, but it was widely assumed that the Bancroft family wouldn't sell. In the end, his price of $60 per share -- a good 65 percent over the level of Dow Jones' shares before his offer became public -- proved too rich to turn down.

The companies' statement put the value of the deal at $5.6 billion, but it wasn't clear if that figure also included the assumption of debt, and the companies didn't provide a breakdown of how they arrived at that figure. Dow Jones' most recent financial filing shows it has 83.8 million shares outstanding, valuing the company at $5 billion at Murdoch's price of $60 per share.

Murdoch has said he would invest in the Journal's Washington bureau and digital operations and expand its domestic readership, taking on the two other national U.S. newspapers, The New York Times and Gannett Co.'s USA Today. He has also said he would expand the Journal's presence overseas, where it would go up against other business publications including Pearson PLC's Financial Times.

Murdoch also plans to launch a business-themed cable news channel in the United States later this year to rival General Electric Co.'s highly profitable CNBC network. Murdoch hopes Dow Jones' news resources and brand name help jump-start that channel, but he would have to negotiate out of a deal CNBC has to use Dow Jones news through 2012.

Over the years, the Bancrofts' ties to Dow Jones have become more remote, and none of them work in the company's day-to-day affairs. Spread out across the country, the family's three dozen adults include a former airline pilot, investment bankers and philanthropists.

The Bancrofts long considered themselves stewards of a great American journalistic institution, but they also had differences over the future direction of the company. A decade ago, two younger family members publicly agitated for change at Dow Jones and were sidelined.

The Bancrofts had angered Dow Jones shareholders in 2005 when the company passed provisions that would allow the Bancrofts to maintain their voting control even if they reduced their ownership stake.

Dow Jones, like several other newspaper companies, is controlled by a family through a special class of shares with powerful voting rights. Despite owning just 25 percent of the company, the Bancrofts exercise 64 percent of the shareholder vote through the more powerful Class B shares, which aren't traded publicly.

Long though to be an insulation against outside pressure or unexpected takeover offers, the two-class share structure didn't prove to be an impediment to Murdoch, who knew of the family's persistent unrest with Dow Jones' lagging share price.

Even though it was a pioneer in providing financial news and data, Dow Jones has fallen behind rivals such as Reuters Group PLC and Bloomberg LP in the business of providing real-time financial information. Its venture into the data delivery business, Telerate, turned into a bust, and it sold the business in 1998 for $510 million after paying $1.6 billion for it a decade earlier.

A union representing Journal reporters and other Dow Jones employees has objected to Murdoch's bid, saying he would downgrade the quality of the paper's coverage and tilt its stories to suit his business interests. Former board member James Ottaway Jr. also opposed ownership by Murdoch.

Murdoch countered with a promise not to interfere with the paper's newsroom and has agreed to set up a five-member board, whose initial members would be jointly chosen by both News Corp. and Dow Jones, with the power to approve the hiring or fire top editorial officials.

In a letter to readers published in Wednesday editions, Journal publisher Gordon Crovitz sought to allay concerns about the transition.

"Readers can rely on this: The same standards of accuracy, fairness and authority will apply to this publication, regardless of ownership," Crovitz wrote, adding later on: "My colleagues and I hope that as part of a larger company we can extend our journalism more broadly, to serve more readers better."



My Favorite Story Trash News Story
Brought to you by TMZ

Ex-child star Gary Coleman had a little tiff with a woman in a Utah parking lot -- and was cited by cops for disorderly conduct after a couple of witnesses actually saw him smacking his steering wheel. Diff'rent strokes, indeed.

Coleman -- now 39 -- and an unidentified woman were in his car in a Provo parking lot when the erstwhile Arnold got "very excited and loud," Capt. Cliff Argyle tells the AP. "At one point he exited his vehicle, waving his arms, yelling and screaming." Coleman's car was blocking other cars trying to exit the lot.

Gary/Arnold was reportedly "cooperative" with cops. The disorderly conduct citation is a misdemeanor punishable by up to three months in the slammer and a $750 fine.

My Favorite Press Release Today
Brought to you The Open Press

Fanball.com, a subsidiary of FUN Technologies Inc. (TSX:FUN) (AIM:FUN), and the premier provider of online fantasy sports contests, content, strategy and insight, is pleased to announce the launch of Fanball Commissioner 2007. Entering its sixth year as the most comprehensive online fantasy football league manager, the product is the result of an entire off-season spent improving the look and feel and building new features for the 2007 season. We encourage people to come to Fanball.com, take the two-week free trial and then decide whether Fanball Commissioner is a good fit for their league.

Minneapolis, MN (PRWEB) August 1, 2007 -- Fanball.com, a subsidiary of FUN Technologies Inc. (TSX:FUN) (AIM:FUN), and the premier provider of online fantasy sports contests, content, strategy and insight, is pleased to announce the launch of Fanball Commissioner 2007. Entering its sixth year as the most comprehensive online fantasy football league manager, the product is the result of an entire off-season spent improving the look and feel and building new features for the 2007 season.

The new redesign makes it easy for customers to quickly find the information they're looking for by providing a customizable "Quick Links" section for each individual user on their league home page. Additionally, Fanball Commissioner 2007 includes a free two-week trial for new users, free mobile access, an intuitive league set-up wizard, exclusive fantasy football analysis and fantasy football league message boards to encourage inter-league interaction.

"Not only have we redesigned our league set-up wizard, but we've made it incredibly easy for fantasy football players who have previously run free leagues on competing sites to transition their league over to Fanball Commissioner," said Craig Pladson, marketing director for Fanball.com. "We encourage people to come to Fanball.com, take the two-week free trial and then decide whether Fanball Commissioner is a good fit for their league."

Historically, Fanball Commissioner has offered the basic features that players expect from a subscription league manager service: customizable features, a live draft room and live scoring. For the 2007 NFL season, Fanball.com conducted extensive research into what fantasy football players want and how they want to see it. After reaching out to existing customers and leveraging expertise gained from six years of offering a league management service, Fanball.com redesigned the existing user interface to surface the important features identified through its research.

"We've made a lot of improvements to the new Fanball Commissioner, which we're confident our users will embrace," added Pladson. "We know our users are eagerly awaiting the 2007 football season, and our newly launched Fanball Commissioner will hopefully make this season all the more enjoyable for them."

In addition to offering fantasy football league management services, the expert writers at Fanball.com help fantasy football players win their league. Fanball Owner's Edge - online access to exclusive fantasy football insight, analysis, live chat, podcasts, mock drafts, cheat sheets and more -- is written by the same expert staff that brings you Fantasy Football Weekly, Fanball.com's award-winning fantasy football magazine.

A subscription to Fanball Commissioner costs an entire league $69.95. Interested users can visit Fanball.com to take advantage of the Fanball Commissioner two-week free trial.

About FUN Technologies
FUN Technologies Inc. is one of the world's leading providers of online and interactive casual and fantasy sports games and sports information. FUN is 53% owned by Liberty Media Corporation (NASDAQ:LINTA, LCAPA), and FUN's common shares are listed on both the Toronto Stock Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange under the symbol "FUN". For more information on FUN Technologies' offerings, visit FUN Technologies.

About Fanball
Fanball.com is The Ultimate Fantasy Sportsite™. Ranked the number one pure play fantasy sports site by Alexa.com and ranking consistently among the nation's most-visited sports sites, Fanball.com is the one-stop shop for everything fantasy players need: games, league management tools, live stats, and comprehensive fantasy sports content provided by Fanball.com's own team of expert fantasy sports beat writers.


My Favorite Spam e-mail of the day
I don’t know about you but I am consistently getting spam e-mail. Some of these e-mails totally crack me up. I’ve decided to post my favorite spam e-mail daily.

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My Weather: Kansas City
Brought to you by the NOAA

Today: A mix of clouds and sun with a slight chance of thunderstorms this afternoon. High 92F. Winds light and variable. Chance of rain 30%.

Tonight: Isolated thunderstorms this evening. Skies will become partly cloudy after midnight. Low 71F. Winds light and variable. Chance of rain 30%.

Tomorrow: Partly cloudy skies. A stray thunderstorm is possible. High near 90F. Winds light and variable.

Tomorrow night: Partly cloudy with a slight chance of thunderstorms. Low 71F. Winds light and variable. Chance of rain 30%.

Friday: Scattered thunderstorms possible. Highs in the upper 80s and lows in the low 70s.

Saturday: Mix of sun and clouds. Highs in the low 90s and lows in the mid 70s.

Sunday: Sunshine. Highs in the low 90s and lows in the mid 70s.

My Daily Horoscope (Virgo)
Brought to you by Yahoo Astrology

Quickie:
People around you are moving at a somewhat slower pace than you. Follow their lead!

Overview:
Whether you're just starting to date again or you've been with someone for years, you need to keep your opinions to yourself for the time being. Almost anything can be interpreted as criticism today.

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