ABC News’ Sonymobile Deal for $400M

July 24, 2021 0 Comments

In the latest development in the battle to make Sonymobiles the dominant force in the mobile space, the media giant has signed a deal to buy the global communications network for $399 million. 

The deal, which will bring together the parent company, ABC, with global media company Fidelity Investments, is the biggest ever in the history of the cable channel. 

It marks the largest acquisition of any company in the United States, and is expected to generate $300 million in annual savings to the company. 

“The ABC brand has always been synonymous with innovation, and we believe that Sonymobilers brand is the best in the business,” said Barry O’Donnell, president and CEO of ABC Networks. 

Sonymobiles share was up 0.9 percent in afternoon trading. Shares of Ferrari and Samsung jumped by 3.3 percent each. 

For its part, Sonoma Cellular, a unit of Sonomobile Holdings, expanded its fourth-quarter results and reported earnings for the year. 

A deal with Sonomobile is expected for the first time in Sonoma County, where the company operates its cell service in Orange County, a county that includes Santa Rosa, and the largest county in California. 

 “As the number of wireless-connected devices continues to grow and consumers have more choice in how they connect their devices to the network, we are confident that Sonomobiles share will continue to grow in the coming years,” said Sonomax CEO Kevin Waugh. 

Investors also see a potential for Sonomo to be a major contributor to the overall earnings growth of the company over the next few years, and could potentially create a strong long-term investor. 

In addition to the ABC deal, Sonomobiles shares have also been traded by Worrell Capital, a private equity firm. 

ABC will pay $425 million for Sonomacobile and Worrell will pay $200 million, according to the Wall Street Journal. 

There are also a handful of other deals announced this week. 

CBS, the cable television network owned by CBS Corp., has announced it will buy a 51 percent stake in Lifetime, the company behind The Big Bang Theory and Modern Family. 

LIFetime shares closed up 2.4 percent on Monday. 

And Fiat Chrysler Automobiles has agreed to buy FITC Automotive Holdings for $1.1 billion, the newspaper said. 

FICA, which makes luxury cars, is owned by Fiat Chrysler Automobile, and FICA shares closed at $17.69. 

This article originally appeared on the Wall St. Journal website.

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