William Morris Endeavor was born of bold moves, the product of a merger between the old-line William Morris Agency and Ari Emanuel’s upstart Endeavor. Now the agency will make its biggest step yet: the takeover of another big name.
William Morris Endeavor is said to have won the bidding war for IMG, the huge sports and media talent agency, with an offer of about $2.3 billion, Brooks Barnes and David Gelles report. The deal will alter the balance of power in Hollywood’s business landscape.
Perhaps as important, the union of the two will thrust William Morris Endeavor into new areas like sports events, media and fashion, helping the agency move away from the increasingly troubled businesses of movies and television.
CHINESE EXCHANGE STOPS ACCEPTING BITCOIN Bitcoin prices were sent tumbling after China’s biggest Bitcoin exchange, BTC China, was required to stop accepting deposits in the virtual currency on Wednesday, Neil Gough reports in The New York Times.
The move comes less than two weeks after China’s central bank and four other government agencies that regulate finance and technology issued a joint announcement barring Chinese financial institutions from dealing in the virtual currency. By Wednesday evening, the Shanghai-based BTC was quoting Bitcoins at about 2,300 renminbi, or about $380, apiece. That was nearly 40 percent lower than where they had traded on Tuesday.
AMC PRICES I.P.O. AT LOW END OF RANGE AMC Entertainment priced its initial public offering at $18 a share, hitting the low end of its range as it prepared for the premiere of its stock.
At that price, the movie theater operator raised $331.2 million and will carry a market value of about $1.7 billion, DealBook’s Michael J. de la Merced writes. By contrast, its rival Regal Entertainment is valued at $3 billion.
The I.P.O. comes a year after AMC was sold to the Dalian Wanda Group, China’s biggest theater operator, which will retain an 80 percent stake. The company will begin trading on the Big Board under the ticker symbol AMC.
GEORGE SHINN, FORMER FIRST BOSTON CHIEF, DIES George L. Shinn, a former president of Merrill Lynch and chief executive of First Boston, died on Monday in Scarborough, Me., The New York Times reports. He was 90.
Mr. Shinn rose from the ranks of Merrill trainees to become president of the brokerage giant. But he quickly jumped to First Boston, where as chairman and chief executive he oversaw the beginning of the firm’s transformation into a powerhouse in mergers under Bruce Wasserstein and Joseph R. Perella.
Surprising Wall Street again, he retired at 60 in 1983 to pursue teaching and a love of flying.
E.U. Set to Approve Omnicom-Publicis Merger  | Omnicom and Publicis are set to receive approval from European Union regulators to complete a $35.1 billion merger that would create the world’s largest advertising agency, Reuters reports. Reuters
Despite Doldrums in Deal Activity, a Few Highlights This Year  | The number of takeovers is down so far this year, but there were a few interesting ones. The Deal Professor grades the best and worst of them. Deal Professor »
Sysco Deal Leaves Money on the Table  | The less-than-creative tax structure of the $3.5 billion deal for US Foods could cost the combined company $200 million. DealBook »
IQor to Buy Jabil’s Aftermarket Services Unit for $725 Million  | The transaction â€" the biggest ever by iQor â€" is meant to combine the company’s own customer support capabilities and the Jabil unit’s services for electronics makers and retailers. DealBook »
Al Jazeera Said to Weigh Bid for Turkish TV Company  | Al Jazeera is considering making a bid for a majority stake in Digiturk, a Turkish television operator, Reuters reports. Reuters
Sony Exploring Sale of Gracenote Software Ops  | Sony has hired Qatalyst Partners, the investment bank started by the former star tech banker Frank Quattrone, to explore the sale of its Gracenote software business, Bloomberg News writes. Bloomberg
German Efromovich Said to Be Hunting for Deals  | German Efromovich, the owner of the Colombian airline Avianca, is looking at possible airline deals in Europe, including the Italian airline Alitalia and the Polish airline LOT, Reuters reports. Any deal would be independent of the Colombian airline. Reuters
House of Fraser in Talks With French Retailer  | Even as it prepares to list in London early next year, the British retailer House of Fraser is in discussions about being acquired by the French department store chain Galeries Lafayette, The Financial Times reports. Financial Times
Europe Strikes Deal on Bank Bailout System  | Finance ministers in Europe have reached a tentative agreement to provide an additional backup to the European Union’s new system designed to bail out banks in the event of another financial crisis, The Financial Times reports. Financial Times
Civil Charges Said to Be Planned Against Citi and Merrill  | Reuters writes: “The Justice Department is preparing to file civil fraud charges against Citigroup and Bank of America’s Merrill Lynch unit over their sale of flawed mortgage securities ahead of the financial crisis, according to people familiar with the probes.†Reuters
Goldman Reducing Risk and Shrinking Balance Sheet  | Goldman Sachs is reducing its riskier trading and shrinking its balance sheet amid stricter regulation and a bumpy market producing lackluster returns, The Wall Street Journal reports. Wall Street Journal
Swiss Banks Facing Dividend Pressure Amid Higher Capital Requirements  | Regulatory requirements to hold capital are putting pressure on dividends by Switzerland’s largest banks, Bloomberg News reports. Bloomberg
Bloomberg L.P. to Give Banks Greater Control Over Chats  | The Financial Times writes: “Banks will be given more control over traders’ instant messages, Bloomberg L.P. has announced, as the data provider tries to redeem the reputation of tools now associated with market manipulation.†Financial times
No I.P.O. for Ares Anytime Soon  | Despite expectations it will go public, the private equity firm Ares Management has so far spurned offers by Wall Street to pursue an initial public offering, Reuters reports. Reuters
Goldman May Face Fines in E.U. Investigation  | Goldman Sachs could be fined as early as next year in an antitrust investigation by European regulators into underwater power cables, Bloomberg News writes. The move could test the European bloc’s powers to seek penalties against private equity investors. Bloomberg
Centrica to Sell 3 Texas Power Plants to Blackstone  | The British energy company Centrica says that its North American unit plans to sell three natural gas-fired power plants in Texas to the private equity firm Blackstone Group for $685 million. DealBook »
Smaller Hedge Funds Can Still Succeed  | Business Insider writes that starting a hedge fund with less than $300 million in assets under management will be hard in today’s market, but it is not impossible to succeed. Business Insider
Hedge Fund Presses Case for Breakup of Darden Restaurants  | In an 85-page presentation, Barington Capital explains how it would create the most value for the owner of Olive Garden and Red Lobster restaurants. DealBook »
Britain Lost £230 Million in Sale of Lloyds Bank Shares  | The British government lost £230 million, or about $374.5 million, in the first sale of shares it held in the Lloyds Banking Group, The Financial Times reports, citing an analysis by government auditors. Financial Times
McClendon’s New Venture Echoes Dealings at Chesapeake Energy  | A downside for investors, Christopher Swann of Reuters Breakingviews writes, is that they cannot rely on Aubrey McClendon’s attention or loyalty. DealBook »
Treasury Warns Bitcoin Operators on Money-Transmitting Rules  | Reuters writes: “The U.S. Treasury Department’s anti money-laundering unit is warning businesses linked to the digital currency Bitcoin that they may have to comply with federal law and regulation as money transmitters, a Treasury spokesman said.†Reuters
Microsoft Not Likely to Select New Chief Until 2014  | There had been speculation that the board was trying to find a successor for Steven A. Ballmer by the end of the year, but the search committee’s chairman suggested that was not likely. Bits Blog »
JPMorgan Sues F.D.I.C. Over Washington Mutual  | JPMorgan Chase has sued the Federal Deposit Insurance Corporation, seeking more than $1 billion related to the agency’s receivership of Washington Mutual, The Financial Times reports. The lawsuit comes just weeks after the bank agreed to pay $13 billion to settle a variety of government lawsuits over the selling of mortgages. Financial Times
Mississippi Sues JPMorgan Over Credit Cards  | Mississippi’s attorney general sued JPMorgan Chase on Tuesday, arguing that the bank violated the state’s consumer protection laws in its “chaotic†and “disorganized†pursuit of credit card delinquencies. REUTERS
Law School Enrollment Drops  | The Wall Street Journal writes: “First-year enrollment at U.S. law schools plunged this year to levels not seen since the 1970s as students steered away from a career that has left many recent graduates loaded with debt and struggling to find work.†Wall Street Journal
S.E.C. to Be More Selective in Cases  | The S.E.C., which is looking to bolster its image as a regulator, is being more selective in pursuing cases, and its early-stage investigations are at the lowest level in decade, The Wall Street Journal reports. Wall Street Journal
High-Security Wine Cellar Ordered to Liquidate  | Judge Robert E. Gerber of the United States Bankruptcy Court in Manhattan has ordered the Chapter 7 liquidation of WineCare Storage, which, because of damage from Hurricane Sandy, has been unable to provide most of its customers with access to their millions of dollars in chardonnay, pinot noir and cabernet. DealBook »
Cantor Fitzgerald Settles 9/11 Suit Against Airline  | A major piece of litigation against the airline industry to emerge from the Sept. 11 attacks moved toward an end on Tuesday, as Cantor Fitzgerald revealed that it would settle its lawsuit against American Airlines for $135 million. DealBook »
BP Accuses Lawyer of ‘Brazen Fraud’ in Gulf Oil Spill Suit  | The oil giant BP has accused Mikal C. Watts, a Texas lawyer, of falsely claiming to represent tens of thousands of seafood industry workers, thereby drastically inflating its settlement costs related to the 2010 spill in the Gulf of Mexico, The New York Times writes. New York Times
