MATING GAME: A pair of Internet-based marketing and media survivors announced acquisition deals Tuesday. Gen Y-focused Alloy Inc. has bought most assets of Youthstream Media Networks for $7 million in cash, and Nielsen/NetRatings has agreed to purchase NetValue SA, a measurement service and researcher based in Neuilly sur Seine, France, for $14.2 million in cash and $3.5 million in N/NR stock. Alloy chairman and chief executive Matt Diamond estimated Youthstream in 2003 will add between $6 million and $7 million to Alloy’s top line and $1 million in incremental EBITDA. The $17.7 million forked over by N/NR will be used to buy 4.6 million shares of NetValue common, giving it a 52 percent stake in NetValue. N/NR also aims to make a tender offer for the balance of NetValue shares.
This story first appeared in the August 7, 2002 issue of WWD. Subscribe Today.
STEWART GETS SERIOUS: A congressional committee Tuesday wrote Martha Stewart to say its investigation into her sale of ImClone stock had turned “serious” and was no longer a “peripheral issue to the ImClone investigation,” after further discrepancies emerged between her account of the sale and that of her broker. “We want to assure ourselves that you have not attempted to mislead this committee with the intent to obstruct an investigation,” committee chairman Billy Tauzin (R., La.) and oversight subcommittee chairman James Greenwood, (R., Pa.), wrote Stewart.
SPARE A DIME?: Wal-Mart Stores Inc. received a $125 million bank loan from Berkshire Hathaway Inc., wire services reported Tuesday. The loan is part of a $2.85 billion, 364-day revolving line of credit arranged for Wal-Mart in late July by J.P. Morgan Chase & Co. along with 42 other lenders.