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Eastman Kodak (EKDKQ.PK) has agreed to sell its portfolio of digital imaging patents to a consortium led by RPX Corp (NASDAQ:RPXC) and Intellectual Ventures for about $525 million. A part of the payment will be received from 12 intellectual property licensees identified and organised by the buyers. The sale is an important step forward to ending Kodak’s bankruptcy.
General Motors Co (NYSE:GM) announced it will buy back 200 million shares of the company from the U.S. Treasury, paying $27.50 per share or an aggregate of $5.5 billion. The deal represents a premium of 7.9% on GM’s Tuesday stock price. The Treasury would still hold a remaining stake of about 300.1 million shares which it intends to sell over the next 12-15 months. The Treasury acquired the stock through the 2009 bankruptcy restructuring of GM under the Troubled Asset Relief Program.
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Time Warner Cable (NYSE:TWC) CEO Glenn Britt is taking the hatchet to overpriced and low rated channels. Arty channel Ovation, owned by the Hubbard Media Group, was removed from the company’s lineup yesterday and likely to follow suit are AMC Networks’ IFC and WE and Al Gore-backed documentary channel CurrentTV, according to the New York Post. “Just as broadcast and cable networks make decisions to cancel or move shows that fail to perform, we are obliged to make the same decisions with networks,” TWC said in a statement.
Markel Corporation (NYSE:MKL) and Alterra Capital Holdings (NASDAQ:ALTE) have agreed to merge. Markel will pay an approximate consideration of $3.13 billion for Alterra through a cash and stock offer. Each Alterra share will receive 0.04315 common shares of Markel plus a cash amount of $10. W. Marston (Marty) Becker, President and Chief Executive Officer of Alterra, said, “The combination of Alterra with Markel will create an incredibly strong company in global specialty insurance and investments.”
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