NDS Going Private? Another XM Money Move
A potential big move involving NDS Group, News Corp.'s TV technology unit, surfaced during the weekend. News Corp. and Permira Advisers LLP proposed a transaction to an independent committee of NDS Group's board that would result in NDS ceasing to be a public company, and Permira and News Corp. owning 51 percent and 49 percent of vote and value in NDS, respectively.
XM Satellite Radio said it reached an agreement with holders of about 94.6 percent of $400 million in debt, specifically 1.75-percent Senior Convertible Notes due 2009. XM said it will commence an offer to exchange new senior convertible notes due 2009 for the existing notes. The new notes will bear interest at a rate of 10 percent, but will otherwise contain substantially the same terms as the existing notes, the company said.