Warren Buffett's investment company announced Tuesday it will pay $4.5 billion for 60 percent of Marmon Holdings Inc., a private company of more than 125 manufacturing and service businesses.
Berkshire Hathaway Inc., based in Omaha, Neb., said it plans to acquire the remaining 40 percent of Marmon over the next five to six years depending on future earnings of Marmon, according to a statement released Tuesday by both companies.
Marmon is owned by trusts for the benefits of the Pritzker family of Chicago, the family that developed the Hyatt Hotel chain.
The deal is expected to close in the first quarter of 2008. Before the closing, Marmon said it will make a "substantial distribution of cash and certain assets to the selling shareholders," according to the statement.
Brothers Jay and Robert Pritzker acquired Marmon in 1953 when it was a small manufacturing operation in Ohio, according to the release. In 2002, Jay's son Tom Pritzker took over as chairman.
"Our transaction was done just the way Jay would have liked it to be done _ no consultants or studies," Buffett said in the statement. "I am pleased that over the next five to six years, we will be partnering and working ... in continuing to build Marmon."
Billionaire investor Buffett is CEO and chairman of Berkshire Hathaway, which has more than 60 subsidiaries.
Source: Associated Press - December 25, 2007
Tuesday, December 25, 2007
Robespierre of the brush
“The Robespierre of the brush” they called this Neoclassical master whose career, like the proverbial cat with nine lives, survived coup after bloody coup. A darling of the Royal Academy, he metamorphosed into France’s art-czar during the Reign of Terror. As a deputy in the National Convention, he voted for Louis XVI’s execution and consigned 300 others to the guillotine. His chef d’oeuvre, completed in 1793, has been called the “pietà of the Revolution.” With the fall of the Republic, the Jacobin artist transformed himself yet again, into court portraitist to Napoleon, producing a series of monumental tableaus on imperial themes. Exiled after Waterloo, the 77-year-old master died peacefully in Brussels in 1825.
Jacques-Louis David, "Death of Marat"
Source: USC.edu Trojan Family Tree
Jacques-Louis David, "Death of Marat"
Source: USC.edu Trojan Family Tree
Jay-Z Def Jam latest news
After an unusual three-year turn in the corporate suite, Jay-Z, the rap superstar, said Monday that he would step down from his post as president of Def Jam Recordings, one of the world’s best-known record labels.
Jay-Z made the announcement with Def Jam’s parent, Universal Music Group, as his employment contract was expiring. Under a separate long-term recording contract with Def Jam, Jay-Z, whose real name is Shawn Carter, still owes the company one or more albums.
Jay-Z’s exit from the executive role comes after Universal, a division of Vivendi, declined to renew the contract under more lucrative terms he sought, according to people briefed on the talks, who requested anonymity because the negotiations were confidential. Under the deal that is expiring, Universal was to pay Jay-Z in the range of $10 million over the course of the contract, if he hit certain financial targets.
Jay-Z offered no hints at his future plans. “It’s time for me to take on new challenges,” he said in a statement.
But he is already one of music’s most ambitious entrepreneurs, with business interests that include nightclubs, an investment in the New Jersey Nets and a fashion line. His next move is unclear, though there has been speculation that he might strike a deal with the concert giant Live Nation, which has been seeking stakes in artists’ various business lines beyond concerts.
It is not clear whether Universal will fill the job Jay-Z is vacating.
Though Universal pursued Jay-Z as an executive so that he could imbue Def Jam’s then-uncertain rap business with credibility, he leaves with a mixed legacy. Under his leadership, Def Jam released two top-selling albums from Kanye West, the producer turned rapper who first came to Def Jam through Jay-Z’s own imprint, Roc-a-Fella Records.
But elsewhere, Jay-Z’s results have ranged from muddled to lackluster. The rap act Young Jeezy enjoyed a smash debut but a modest follow-up album and sales of rappers like Freeway and Beanie Sigel have been slow.
On the pop side, Jay-Z is credited with discovering the top-selling pop act Rihanna, and as a performer he lent his skills to an array of Universal acts, even rapping on a version of “Rehab,” the best-selling single from Amy Winehouse, the British retro-soul singer.
Jay-Z, one of the best-selling rappers in music history, also found that running the record label releasing his album does not always guarantee success. His 2006 album, “Kingdom Come,” sold about 1.5 million copies, an underwhelming figure for him.
He has said the album was somewhat too “sophisticated” for some fans. But his latest album, “American Gangster,” which was inspired by the Denzel Washington movie of the same name and acclaimed by critics, has also performed modestly so far, selling about 784,000 copies in its first six weeks on sale.
Source: New York Times - December 25, 2007 - Jeff Leeds
Jay-Z made the announcement with Def Jam’s parent, Universal Music Group, as his employment contract was expiring. Under a separate long-term recording contract with Def Jam, Jay-Z, whose real name is Shawn Carter, still owes the company one or more albums.
Jay-Z’s exit from the executive role comes after Universal, a division of Vivendi, declined to renew the contract under more lucrative terms he sought, according to people briefed on the talks, who requested anonymity because the negotiations were confidential. Under the deal that is expiring, Universal was to pay Jay-Z in the range of $10 million over the course of the contract, if he hit certain financial targets.
Jay-Z offered no hints at his future plans. “It’s time for me to take on new challenges,” he said in a statement.
But he is already one of music’s most ambitious entrepreneurs, with business interests that include nightclubs, an investment in the New Jersey Nets and a fashion line. His next move is unclear, though there has been speculation that he might strike a deal with the concert giant Live Nation, which has been seeking stakes in artists’ various business lines beyond concerts.
It is not clear whether Universal will fill the job Jay-Z is vacating.
Though Universal pursued Jay-Z as an executive so that he could imbue Def Jam’s then-uncertain rap business with credibility, he leaves with a mixed legacy. Under his leadership, Def Jam released two top-selling albums from Kanye West, the producer turned rapper who first came to Def Jam through Jay-Z’s own imprint, Roc-a-Fella Records.
But elsewhere, Jay-Z’s results have ranged from muddled to lackluster. The rap act Young Jeezy enjoyed a smash debut but a modest follow-up album and sales of rappers like Freeway and Beanie Sigel have been slow.
On the pop side, Jay-Z is credited with discovering the top-selling pop act Rihanna, and as a performer he lent his skills to an array of Universal acts, even rapping on a version of “Rehab,” the best-selling single from Amy Winehouse, the British retro-soul singer.
Jay-Z, one of the best-selling rappers in music history, also found that running the record label releasing his album does not always guarantee success. His 2006 album, “Kingdom Come,” sold about 1.5 million copies, an underwhelming figure for him.
He has said the album was somewhat too “sophisticated” for some fans. But his latest album, “American Gangster,” which was inspired by the Denzel Washington movie of the same name and acclaimed by critics, has also performed modestly so far, selling about 784,000 copies in its first six weeks on sale.
Source: New York Times - December 25, 2007 - Jeff Leeds
Andrew Bynum latest news
Playing on Christmas is a tradition of sorts for the Los Angeles Lakers. Achieving success, on the other hand, has been an allusive task in recent years.
Behind Kobe Bryant's 38 points and a career-high 28 and 12 rebounds from Andrew Bynum, the Lakers snapped a five-game losing streak on the holiday by defeating the Phoenix Suns, 122-115, at the Staples Center.
Derek Fisher had 15 of his 17 points in the first half and Lamar Odom had 14 and 14 rebounds for the Lakers, who have played on Christmas every year since 1999. Their last victory on the holiday came during an 88-82 win over the Philadelphia 76ers in 2001.
The Suns, meanwhile, have not played on Christmas in 11 years, when they lost to the Lakers.
Tuesday's affair featured two potent offenses as both teams didn't hesitate to push the pace to break-neck levels.
It was Bryant, though, who found a second gear late in the game. Fresh off of becoming the youngest player in NBA history to reach 20,000 points, the All-Star guard poured in 12 fourth-quarter points to help the Lakers pull away.
After Bynum followed Odom's missed jumper with a put-back to go ahead 106-99, Bryant hit two jumpers and two free throws for a 10-point lead.
The Suns, who came in averaging a league-best 109.5 points per game, went cold in the final quarter.
Steve Nash finished with 24 points and 14 assists, Amare Stoudemire added 19 points and Shawn Marion and Raja Bell each chipped in 15 apiece for the Suns.
The Lakers took a three-point advantage heading into the final quarter after Bryant drove through the lane and finished with an emphatic dunk to close the third.
In his first start, Trevor Ariza had 14 points for Los Angeles, which has won nine of the last 11 games at home.
Source: National Post Canada - December 25, 2007 - Jonathan Raber
Behind Kobe Bryant's 38 points and a career-high 28 and 12 rebounds from Andrew Bynum, the Lakers snapped a five-game losing streak on the holiday by defeating the Phoenix Suns, 122-115, at the Staples Center.
Derek Fisher had 15 of his 17 points in the first half and Lamar Odom had 14 and 14 rebounds for the Lakers, who have played on Christmas every year since 1999. Their last victory on the holiday came during an 88-82 win over the Philadelphia 76ers in 2001.
The Suns, meanwhile, have not played on Christmas in 11 years, when they lost to the Lakers.
Tuesday's affair featured two potent offenses as both teams didn't hesitate to push the pace to break-neck levels.
It was Bryant, though, who found a second gear late in the game. Fresh off of becoming the youngest player in NBA history to reach 20,000 points, the All-Star guard poured in 12 fourth-quarter points to help the Lakers pull away.
After Bynum followed Odom's missed jumper with a put-back to go ahead 106-99, Bryant hit two jumpers and two free throws for a 10-point lead.
The Suns, who came in averaging a league-best 109.5 points per game, went cold in the final quarter.
Steve Nash finished with 24 points and 14 assists, Amare Stoudemire added 19 points and Shawn Marion and Raja Bell each chipped in 15 apiece for the Suns.
The Lakers took a three-point advantage heading into the final quarter after Bryant drove through the lane and finished with an emphatic dunk to close the third.
In his first start, Trevor Ariza had 14 points for Los Angeles, which has won nine of the last 11 games at home.
Source: National Post Canada - December 25, 2007 - Jonathan Raber
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