{"id":93961,"date":"2020-10-21T00:26:55","date_gmt":"2020-10-20T21:26:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/michael-bloomberg-in-talks-to-take-his-media-empire-public\/"},"modified":"2020-10-21T00:26:55","modified_gmt":"2020-10-20T21:26:55","slug":"michael-bloomberg-in-talks-to-take-his-media-empire-public","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/michael-bloomberg-in-talks-to-take-his-media-empire-public\/","title":{"rendered":"#Michael Bloomberg in talks to take his media empire public"},"content":{"rendered":"

“#Michael Bloomberg in talks to take his media<\/a> empire public<\/strong>”<\/p>\n

\n Michael Bloomberg has been in talks to take his media empire public through an entity controlled by billionaire Bill Ackman, The Post has learned.<\/p>\n

The former mayor of New York City and failed presidential hopeful recently entertained an offer to sell a minority stake in Bloomberg LP \u2014 the news<\/a> agency behind Bloomberg Businessweek magazine and Bloomberg TV \u2014 to Ackman\u2019s $5 billion blank-check company, multiple sources said.<\/p>\n

If the men reach a deal, Bloomberg\u2019s stock would trade on the New York Stock Exchange in place of Ackman\u2019s Pershing Square Tontine Holdings, a blank-check company that\u2019s raised $5 billion to buy or merge with another company that would then take its stock listing.<\/p>\n

It\u2019s unclear whether Bloomberg will move forward with a partial sale, but the billionaire \u2014 worth an estimated $55 billion, according to Forbes \u2014has spoken about the plan directly with Ackman, sources said.<\/p>\n

Sources say the deal on the table calls for the three-term ex-NYC mayor \u2014 who rose to national prominence this year when he sought the Democrat nomination for president \u2014 to sell a small personal stake so he can cash out without giving up control of news agency he founded in 1981, of which he owns 88 percent.<\/p>\n

A Bloomberg LP spokesman told The Post that the company is not for sale in any form and denied that a deal is being explored.<\/p>\n

Ackman, who declined to comment through a spokesman, discussed the possibility of taking a minority stake in a larger company earlier this month as a way to invest the billions he\u2019s raised in his special-purpose acquisition company, or SPAC.<\/p>\n

In an interview with fellow hedge fund manager Whitney Tilson, Ackman reiterated his plans to target an entity valued between $10 billion and $15 billion, and said using that money to buy a minority stake in a far larger company could win his investors a better price.<\/p>\n

\u201cIf you\u2019re selling 100 percent of your company, you want the last dollar. If you\u2019re selling 20 percent of your company in a merger which enables you to take your company public but you keep control, you\u2019re much less price sensitive,\u201d Ackman said in the interview.<\/p>\n

Bloomberg LP is a $60 billion company that generates revenue of $10 billion a year. Ackman could potentially buy a 20 percent stake for $12 billion.<\/p>\n

\u201cTwenty percent would be the most Mike would likely give up,\u201d added one the investment banker with knowledge of the talks. \u201cThat\u2019s enough to float without giving up too much.\u201d<\/p>\n

Ackman supported Bloomberg\u2019s ill-fated presidential run and the two men developed a personal relationship as a result, sources said. They are also both signatories of The Giving Pledge campaign founded by Warren Buffett and Bill and Melinda Gates that encourages billionaires to contribute the majority of their wealth to charitable causes before they die.<\/p>\n

\"Bill
Bill Ackman<\/span>Bryan Bedder<\/span><\/figcaption><\/figure>\n

A deal with Ackman could even give Bloomberg, 78, more money to meet his giving pledge, sources said.<\/p>\n

Ackman is a hedge fund manager known for taking big bets in companies that he\u2019s looking to shake up, including JCPenney, Wendy\u2019s and Herbalife, which lost him money. Over the past few months, however, he\u2019s shifted his focus to raising billions for his SPAC, which is now the largest ever, and to hunting for a company to buy with that money.<\/p>\n

Sources say Bloomberg LP has long been at the top of Ackman\u2019s list of potential acquisitions and Wall Street chatter over a potential deal picked up steam after Ackman app<\/a>roach to merge with Airbnb was reportedly rebuffed in August.<\/p>\n

\u201cHe\u2019s has wanted Bloomberg from the start,\u201d said one Wall Streeter with knowledge of the talks. \u201cHe took a run at Airbnb, but Bloomberg was always at the top of his list and the deal makes sense. He loves Mike and it\u2019s a huge win for him.\u201d<\/p>\n

Of course, Bloomberg has long resisted overtures to take his company public or dilute his 88-percent ownership stake. But the deal Ackman has pitched would allow him to cash out some stock without having to surrender control of the company he built from the ground after it\u2019s listed.<\/p>\n

\u201cMike Bloomberg doesn\u2019t need a roadshow or an underwriter, he\u2019s too rich and everyone knows what his company does,\u201d one investment banker told The Post. \u201cA SPAC is a reasonable way to take his company public, or at least a minority of it.\u201d<\/p>\n

For Ackman, a merger with Bloomberg would be a huge win for his investors \u2014 giving them stakes in a major media company for $24 a share, which is what they paid for stock in the shell entity. It would also help cement Ackman\u2019s transition from hedge fund manager to tycoon investor.<\/p>\n

\u201cIf he gets Bloomberg, that\u2019s his masterpiece\u201d a rival hedge fund manager mused. \u201cEven getting 15 percent of that company makes his SPAC the biggest success yet, and he can raise another $5 billion one the next day.\u201d<\/p>\n

Additional reporting by Josh Kosman<\/em>\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Michael Bloomberg in talks to take his media empire public” Michael Bloomberg has been in talks to take his media empire public through an entity controlled by billionaire Bill Ackman, The Post has learned. The former mayor of New York City and failed presidential hopeful recently entertained an offer to sell a minority stake in…<\/p>\n","protected":false},"author":1,"featured_media":93962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/bloomberg-ackman.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[75147,76409,70885,76542,70610,71070,5007,40445,72246,71359],"class_list":["post-93961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bloomberg","tag-10-20-20","tag-bill-ackman","tag-bloomberg-lp","tag-finance","tag-hedge-funds","tag-ipo","tag-media","tag-michael-bloomberg","tag-spac"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/93961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=93961"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/93961\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/93962"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=93961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=93961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=93961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}