New York Times DealBook Digest 6/27/2006

According to the New York Times DealBook, a bankruptcy judge has approved the Time Warner and Comcast purchase of cable company Adelphia's assets. The price is about $17 billion.

DealBook says that TheStreet.com has published a survey that criticizes stock buy-back programs. Apparently, the are often just a move to offset the dilution caused by stock option exercises by management.

DealBook says that at least one large investor in steel company Arcelor favors a deal with Russian company Severstal over the Mittal merger which is valued at over $33 billion. The investor will vote against the merger.

DealBook says Televisa is weighing its options now that it has lost it bid for television network Univision.

DealBook says Canadian bankers are concerned over the number of their companies that have been bought by interests from outside the country. The most recent deal was Phelps Dodge's purchase of Falconbridge and Inco.

DealBook also reports that the Tribune company is moving ahead with its share buyback, even though members of one large shareholder group, the Chandler family, object.

Douglas A. McIntyre