Deal for Reliance nearing fruition
DreamWorks SKG and Reliance Entertainment of India are close to finalizing a deal to set up a new film company, sources said Monday, allowing Steven Spielberg and others to split from Viacom Inc.'s Paramount Pictures subsidiary.
Sources who requested anonymity said the group has been looking to raise as much as $1.7 billion for the new venture, which is expected to be announced soon.
The deal would end an acrimonious relationship between DreamWorks and Paramount, which bought the moviemaking machine behind "Transformers" and "Dreamgirls" for $1.6 billion in 2006.
Spielberg retains the rights to the DreamWorks name and would affix it to the new entity, a source said.
Biodrug firm has higher expenses
Mannkind Corp. on Monday reported second-quarter operating expenses of nearly $81 million, up from $75.4 a year earlier, as it focuses on the development of new treatments for cancer and diabetes.
The Valencia-based biopharmaceutical company also reported a net loss of $79.8 million, or 79 cents a share, compared with a $72 million loss, or 98 cents per share, a year earlier.
MannKind's Technosphere Insulin System is in the third phase of clinical trials for the treatment of diabetes. The company is also preparing to start clinical trials on a therapeutic cancer vaccine.
Pentagon meeting on tanker today
Boeing is slated to meet today with Pentagon officials over a disputed $35 billion tanker contract as the company prepares its response to new guidelines that some critics say favor the larger plane of rival Northrop Grumman.
Boeing Co. will meet with Pentagon officials to discuss the new draft request for proposals issued last week. The document outlines the Pentagon's requirements for the new fleet of 179 aerial refueling planes for the Air Force.
Boeing spokesman Dan Beck would not discuss the substance of comments the company gave to the Pentagon Sunday or the nature of the upcoming talks.
Republic buyout offer sweetened
Waste Management Inc. has raised its unsolicited buyout offer for Republic Services Inc. by 9 percent to $6.73 billion, escalating a takeover battle among the nation's largest trash haulers.
Monday's sweetened offer of $37 a share comes less than a month after Waste Management, the nation's largest trash collector, offered to buy No. 3 Republic in an all-cash buyout worth $34, or about $6.19 billion. That bid was quickly rejected by Republic, which said the offer undervalued the company and was an attempt to disrupt its own plans to buy another waste hauler.
Republic had agreed earlier this summer to buy Allied Waste for $6.07 billion in a stock deal, creating a company with revenue nearly as large as Waste Management's.
-- Staff and Wire