Tanenbaum Now 2nd Largest MLSE Shareholder

(Excerpts from the Globe and Mail, click linky to go to full story)

CTVglobemedia Inc. has struck a deal to sell half its stake in the company that owns the NHL's Toronto Maple Leafs and the NBA's Toronto Raptors to fellow owner Lawrence Tanenbaum.

Mr. Tanenbaum said in a news release Friday that the media company has agreed to sell him 7.7 per cent of Maple Leaf Sports & Entertainment Ltd., a transaction that will make him the second-largest shareholder in MLSE after the Ontario Teachers Pension Plan. CTVgm is currently the second-largest shareholder in the company.

The parties did not disclose the price, but it is thought to be between $90-million and $100-million.

...
The private company does not disclose its financial results, but sources told The Globe and Mail last month that it generated about $80-million in profit in its latest fiscal year and was valued at as much as $1.6-billion a year or more ago.

about 3 years ago jrwendelman 11 comments 0 recs |

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interesting...

larry pushing for a takeover bid…?

"You do dat, you go to da box, you know, uh, two minutes by yourself, and you feel shame, you know, and then you get free."
The Left Coast Lock

by blurr1974 on Dec 5, 2008 5:24 PM EST reply actions

Prolly Not.

He’s got a long way to go to push out the Teachers – Larry’s total holdings would be something between 14 and 20%, I think, after the deal.

jrwendelman
The Artist Formerly Known as "Junior", who blogs at heroesinrehab.ca/blog

"But if someone so eager to engage into fist talk, we can always meet after season end in Minsk." (Mikhail Grabovski and a well-meaning but not particularly skillful translator)

by jrwendelman on Dec 5, 2008 5:26 PM EST up reply actions

baby steps...

i don’t think it could happen this season, but I seem to recall a recent article talking about the teachers union being in a bit of a financial bind due to another deal, and they may need to liquidate some assets…

"You do dat, you go to da box, you know, uh, two minutes by yourself, and you feel shame, you know, and then you get free."
The Left Coast Lock

by blurr1974 on Dec 5, 2008 5:27 PM EST up reply actions

The BCE Deal

And it fell through.

Pension Plan Puppets: A Toronto Maple Leafs blog and a group therapy session.

by PPP on Dec 5, 2008 5:47 PM EST up reply actions

that's it

and isn’t that why they owe money? something to the tune of (in Dr. Evil Voice) One Billion Dolalrs…?

"You do dat, you go to da box, you know, uh, two minutes by yourself, and you feel shame, you know, and then you get free."
The Left Coast Lock

by blurr1974 on Dec 5, 2008 5:51 PM EST up reply actions

Yeah

The deal will fail to be completed by the deadline (december 11 I think) and there is a penalty of $1.5Bn.

Pension Plan Puppets: A Toronto Maple Leafs blog and a group therapy session.

by PPP on Dec 5, 2008 6:10 PM EST up reply actions

As one financial analyst put it to me, you’d be hard pressed to find something for the teachers to buy or invest in if they moved their money out of MLSE.

Bitter Leaf Fan: a life-long Toronto Maple Leafs fan comments on the team, the media and the exasperation...

by mf37 on Dec 5, 2008 6:56 PM EST up reply actions

not al of it, but they will be hard pressed to come up with that kind of coin without liquidating something, and my understanding, alot of their other holdings wouldn’t guarantee the kind of cash flow a sell off of some of their holdings in MLSE would.

"You do dat, you go to da box, you know, uh, two minutes by yourself, and you feel shame, you know, and then you get free."
The Left Coast Lock

by blurr1974 on Dec 5, 2008 6:59 PM EST up reply actions

Ding Dong the witch is dead

Hey if Dubya can turn a less than 1 % stake in the Texas Rangers into the US presidency, anything is possible. In fact, Ballard and Stavros both followed this path if memory serves. Peddie is toast, Peddie is toast, Peddie is toast. Long live the king.

by blue with age on Dec 5, 2008 6:14 PM EST reply actions

I hope this doesn’t herald another era of Harold.

Dude: one small quibble. It’s “Stavro”, not “Stavros”.

jrwendelman
The Artist Formerly Known as "Junior", who blogs at heroesinrehab.ca/blog

"But if someone so eager to engage into fist talk, we can always meet after season end in Minsk." (Mikhail Grabovski and a well-meaning but not particularly skillful translator)

by jrwendelman on Dec 5, 2008 10:22 PM EST up reply actions