(Reuters) – Boston Red Sox owner John Henry is in talks with RedBall Acquisition Corp to take his famed sports holding company Fenway Sports Group LLC public, a person familiar with the matter told Reuters late on Friday.

The deal being discussed would merge Fenway Sports Group with RedBall Acquisition Corp and will value the owner of the Liverpool Football Club at around $8 billion including debt, the source said, asking not to be identified.

The talks were reported earlier by the Wall Street Journal newspaper, which said the discussions are in the early stage and could still fall apart.

The newspaper also said RedBall, which raised $575 million in August to buy businesses in sports and sports-related media and data analytics, plans to raise an additional $1 billion to buy a stake in Fenway Sports Group that will not exceed 25%.

RedBall, a special purpose acquisition company (SPAC), is co-chaired by former Goldman Sachs banker Gerald Cardinale and baseball executive Billy Beane, who shot to fame with Michael Lewis’s book “Moneyball: The Art of Winning an Unfair Game.”

(Reporting by Kanishka Singh and Sabahatjahan Contractor in Bengaluru; Editing by Sonya Hepinstall)

Copyright 2020 Thomson Reuters.

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Boston Red Sox owner John Henry is in talks to join with an investment vehicle for an $8 billion deal that would take his famed sports holdings public, according to people familiar with the matter.

The deal being discussed would merge Fenway Sports Group LLC, which also owns English soccer team Liverpool Football Club, with

RedBall Acquisition Corp.


RBAC 0.20%

, the people said. RedBall is a so-called special purpose acquisition company launched by private-equity firm RedBird Capital Partners and Oakland Athletics executive Billy Beane.

RedBall, which raised $575 million in August to buy businesses in sports and sports-related media and data analytics, plans to raise an additional $1 billion to purchase a stake that will total less than 25% in Fenway Sports Group and value it at $8 billion including debt, some of the people said.

The talks are in the early innings and could still fall apart. Fenway’s investors had a meeting recently to discuss the potential transaction, one of the people said.

Also known as blank-check companies, SPACs effectively turn the traditional model for initial public offerings on its head by raising money before they develop a business. They use the proceeds to make an acquisition—usually within a couple of years—that converts the target into a public company.

There has been an unexpected boom this year in blank-check deal making, which has gone in and out of favor over the years, as an increasingly large stable of startups and other private companies seek a more expeditious route to the public markets and sponsors hunt for opportunities in the economic dislocation caused by the coronavirus pandemic.

Mr. Henry, who founded investment firm Henry & Co., bought the Red Sox in 2002 and also owns the

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Detroit Pistons owner and Platinum Equity Tom Gores stepped down from the Los Angeles County Museum of Art (LACMA) Board of Trustees on Thursday night, following pressure from activists over his investment firm’s ownership of a prison telephone company.

In 2017, Platinum Equity acquired Securus — a company that operates private telephone systems in all 50 states for more than a million prisoners. Gores’ involvement in the prison telecom industry has been met with criticism by various activists, and came to a head in September.

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Last month, two Civil Rights non-profit groups, Colors of Change and Worth Rises, penned a letter to the LACMA calling for Gores’ dismissal. The gesture spurred a second letter supporting Gores’ dismissal that was signed by more than 200 artists and art supporters, some of whom have ties to the museum.

“Today, the board of the Los Angeles County Museum of Art made it clear that there is no seat at the table for prison profiteers,” Rashad Robinson, president of Color Of Change, said in a statement. “Thanks to this coordinated campaign, Tom Gores was finally removed from LACMA’s Board of Trustees as a result of his dealings in the prison industry. As owner of Securus, Gores has exploited incarcerated people and their families — who are overwhelmingly Black and low-income — with exorbitant fees for prison phone calls. We applaud this resignation, but in order to truly see justice done, Congress must act and approve the Martha Wright

Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, is teetering on the brink of administration putting up to 24,000 of jobs at risk.



a group of people standing next to a sign: Photograph: Alamy Stock Photo


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Photograph: Alamy Stock Photo

The group, controlled by entrepreneur Philip Day, has filed a notice of intention to appoint administrators, a legal document which provides protection from creditors for 10 days. The group had been seeking a buyer and will spend the next few weeks considering its options.



a group of people standing next to a sign: Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, pictured above in 2018.


© Photograph: Alamy Stock Photo
Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, pictured above in 2018.

Edinburgh Woollen Mill (EWM) said it was “responding to the harsh trading conditions caused by the impact of the Covid-19 pandemic and a recent reduction in its credit insurance”. .

It said it had received a number of expressions of interest for parts of the group in recent weeks and these were being assessed along with “all other options”.

However, the chief executive of EWM, Steve Simpson, said there would “inevitably be significant cuts and closures” and the group would appoint FRP Advisory as administrators to carry “necessary restructuring” of the business.

Simpson said: “Like every retailer, we have found the past seven months extremely difficult. This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.

“Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet but these stories and the reduction in credit insurance – against the backdrop of the initial lockdown, current local lockdowns, and the second wave of Covid-19 reducing footfall have made normal trading impossible.

“As directors we have a duty to the business, our staff, our customers and our

Shares in Cineworld plunged 57% on Monday, after the world’s second-largest movie chain confirmed it will temporarily close its cinemas in the U.K. and the U.S., putting 45,000 jobs at risk.

U.K. Prime Minister Boris Johnson acknowledged there would be “tough times ahead” in the jobs market following Cineworld’s announcement, but encouraged people to go to the movies.

Cineworld’s move comes after the release of the latest James Bond film, “No Time to Die” was delayed for the second time. The MGM film had been due to be released in April this year, but was then postponed until November because of the pandemic. It is now expected to be released on April 2, 2021.

Cineworld UK:CINE Chief Executive Mooky Greidinger said the closure of its 663 cinemas was “not a decision we made lightly.”

“We did everything in our power to support safe and sustainable reopenings in all of our markets,” Greidinger said.

Read: Cineworld Warns COVID-19 Still Threatens Its Future. It’s Not the Only Theater in Trouble.

All operations will be suspended at 536 theaters in the U.S. and 127 Cineworld CNNWF and Picturehouse theaters in the U.K. from Oct. 8. The company didn’t give a date for reopening its cinemas.

Shares in Cineworld, which plunged 57% when the market opened, were trading 27.77% lower in early morning trading on Monday.

Susannah Streeter, senior investment and markets analyst at
Hargreaves Lansdown, said the beleaguered
entertainment industry has taken another huge blow with the confirmation that
all of Cineworld’s venues will close their doors temporarily.

“Although the delay of the latest 007 blockbuster prompted the decision, Bond isn’t the villain in this piece. The spread of COVID-19 around the world has been a horror movie for the industry and the fresh wave of infections is the latest installment in what’s