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KKR created Primedia's predecessor, K-III Communications, a platform to buy media properties, initially completing the $ 310 million divisional buyout of the book club division of Macmillan Publishing ( publisher of The Weekly Reader ) and the assets of magazine publisher Intertec Publishing Corporation in May 1989.
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KKR and created
In 2006, Seven Network and Kohlberg Kravis Roberts & Co ( KKR ) created a new joint venture, Seven Media Group, a multi-faceted media company combining a presence in broadcast television, magazine and online applications.
KKR and K-III
K-III went public, however instead of cashing out, KKR continued to make new investments in the company in 1998, 2000 and 2001 to support acquisition activity.
KKR and Communications
This included: Act III Theatres, sold to KKR in 1997 at what is to this day considered a record premium ; Act III Broadcasting, sold to Abry Communications ; and Act III Publishing, sold to PriMedia.
KKR sold the station to Price Communications in 1986.
KKR sold the stations to Gillett Communications in 1987 ; shortly thereafter, SCI Television was spun off from Gillett to take over the stations after Gillett's bankruptcy.
In 1985 the equity firm Kohlberg Kravis Roberts ( KKR ) acquired Storer Communications Inc. in a leveraged buyout.
KKR then sold all of the former Storer broadcast assets, including WJBK, to Gillett Communications in 1987 after an attempt to sell to Lorimar-Telepictures in 1986 failed.
KKR sold off the Wometco group in 1987, with KVOS sold to Ackerley Communications.
KKR later sold most of its stations to Gillett Communications.
In 1985 Kohlberg Kravis Roberts ( KKR ) took Storer Communications private in a hostile leveraged buyout.
KKR and buy
* FT. com / Industries / Basic industries – " KKR set to buy Masonite for C $ 3. 1bn "
KKR and media
However, KKR was still burdened by the performance of the RJR investment and repeated obituaries in the media.
The decision was questioned by media and other players of the team, when KKR finished at the bottom of the ranking table with three wins and ten losses.
In 2006 he was appointed to the supervisory board of media conglomerate VNU, after KKR and Blackstone Group won a difficult takeover battle.
KKR and properties
KKR was looking to sell all of its broadcast properties.
KKR and initially
KKR had initially considered structuring KFN as a business development company like Apollo Management's Apollo Investment Corporation but chose to pursue the REIT structure to capitalize on the strength in REIT valuations at the time.
KKR and Hicks Muse had initially intended to combine Regal with Act III Cinemas, which KKR had acquired in 1997 for $ 706 million and United Artists Theaters, which Hicks Muse had agreed to acquire for $ 840 million in November 1997.
KKR and completing
KKR has completed investments in over 160 companies since 1977, completing at least one investment in every year except 1982 and 1990.
KKR closed out the 1970s completing the public-to-private buyout of Houdaille Industries in 1979, probably the largest take-private of a public company to that point.
KKR and $
In October 2010, Columbia Business School announced that alumnus Henry Kravis, the billionaire co-founder of private-equity firm Kohlberg Kravis Roberts ( KKR & Co .), pledged $ 100 million to fund expansion of Columbia Business School, the largest gift in its history.
In April 2011 Pfizer agreed to sell its Capsugel unit, the world's largest maker of hard capsules, for about $ 2. 38 billion to the private equity firm KKR & Co.
As a result, in February 1989, RJR Nabisco paid executive F. Ross Johnson US $ 53, 800, 000 as part of a golden handshake clause, the largest such deal in history at the time, as severance compensation for his acceptance of the KKR takeover.
In 1989, KKR ( Kohlberg Kravis Roberts ) closed in on a $ 31. 1 billion takeover of RJR Nabisco.
KKR would eventually prevail in acquiring RJR Nabisco at $ 109 per share, marking a dramatic increase from the original announcement that Shearson Lehman Hutton would take RJR Nabisco private at $ 75 per share.
After Shearson's original bid, KKR quickly introduced a tender offer to obtain RJR Nabisco for $ 90 per share — a price that enabled it to proceed without the approval of RJR Nabisco's management.
Additionally, the RJR Nabisco deal was showing signs of strain, leading to a recapitalization in 1990 that involved the contribution of $ 1. 7 billion of new equity from KKR.
In the end, KKR lost $ 700 million on RJR.
Although KKR eventually took control of RJR Nabisco, RJR management and Shearson Lehman Hutton had originally announced that they would take RJR Nabisco private at $ 75 per share.
KKR quickly introduced a tender offer to obtain RJR Nabisco for $ 90 per share — a price that enabled it to proceed without the approval of RJR Nabisco's management.
KKR is one the richest team in the IPL and has been ranked as the most valued with a brand value of $ 42. 1 million.
As of the end of 2008, KKR had completed fund-raising for approximately 14 traditional investment funds in the US, Europe and Asia with total committed capital of approximately US $ 58 billion:
In May 2006, KKR raised $ 5 billion in an initial public offering for a KPE to serve as a new permanent investment vehicle listing it on the Euronext exchange in Amsterdam.
By 1978, with the revision of the ERISA regulations, the nascent KKR was successful in raising its first institutional fund with over $ 30 million of investor commitments.
< td style =" width :“ 74 %”; vertical-align: top ;"> KKR sponsored the $ 6. 1 billion management buyout of Beatrice, which owned Samsonite and Tropicana among other consumer brands.
< td style =" width :“ 74 %”; vertical-align: top ;"> KKR completed a friendly $ 5. 5 billion buyout of Safeway to help management avoid hostile overtures from Herbert and Robert Haft of Dart Drug.
< td style =" width :“ 74 %”; vertical-align: top ;"> KKR acquired the company for $ 3. 3 billion in early 1988 but faced issues with the buyout almost immediately.
The management and Shearson group submitted a final bid of $ 112, a figure they felt certain would enable them to outflank any response by Kravis and KKR.
KKR collected a $ 75 million fee in the RJR takeover.
The deal was first surpassed in July 2006 by the $ 33 billion buyout of U. S. hospital operator Hospital Corporation of America, in which KKR also participated, though the RJR deal was larger, adjusted for inflation.
Investment bankers and lawyers who advised KKR walked away with over $ 1 billion in fees, and Henry Kravis and George Roberts attracted unprecedented amount of publicity that turned the cousins into instant celebrities.
KKR contributed $ 1. 7 billion of new equity into RJR in July 1990 to complete a restructuring of the company's balance sheet that appeased unhappy bondholders.
The following year, in 1995, KKR would divest itself of its final stake in RJR Nabisco when Borden sold a $ 638 million block of stock.
In July 2004, KKR agreed to sell its stock in Borden Chemical to Apollo Management for $ 1. 2 billion.
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