CBS Corp. (NYSE:CBS): A Bloomberg report is signaling that the Federal Communications Commission won’t intervene in the heated negotiations between CBS and Time Warner Cable (NYSE:TWC), Seeking Alpha says. Industry experts have been hinting that programming blackouts in key markets could result in regulators intervening to coerce a solution between the feuding media giants.
21st Century Fox Inc. (NYSE:FOXA): Shares are up slightly as adjusted earnings per share of 31 cents missed estimates by 3 cents, though revenue of $7.21 billion beat by 70 million. Losses of $371 million narrowed considerably from $1.55 billion a year ago as pay-TV channel revenues grew 16 percent to $2.95 billion, helped greatly by fee increases and a 10 percent swell in ad revenues. Movie studio revenue increased 3 percent to $2.04 billion, while revenue from local Fox broadcast TV stations remained flat at $1.1 billion.
Blackstone Group (NYSE:BX): Blackstone has apparently enlisted the help of JPMorgan and Morgan Stanley to explore the possibility of launching an IPO for La Quinta Inns & Suites, which the private-equity firm values at $4.5 billion with debt included. Blackstone paid $3.4 billion in 2006 to take the hotel chain private. Just last month, Blackstone filed an IPO for Extended Stay America, and Hilton Worldwide is expected to issue a filing in the near future.
Sony Corp. (NYSE:SNE): Third Point Capital’s Daniel Loeb will give Sony some space and time to prove how its content and hardware operations benefit each other, but the hedge manager wants the company to provide detailed plans and set financial targets for the entertainment division to ensure a greater burden of accountability. Loeb expects significant progress by May and doesn’t intend to start a proxy fight — nor is he likely to call a special meeting before then. Third Point holds a 6.9 percent stake in the electronics maker.