I just reviewed the list of 13D filings for National Media, and there is another possibility. ValueVision International (Nasdaq:VVTV) owns nearly 4% of NM, as of last summer. They are the third largest home shopping company, after HSN and QVC. Although they would benefit tremendously from the acquisition of NM, the company has only 65 million in cash, and a market cap of less than 150 million. The stock price is at $4.50. If they did buy NM, it would have to be a highly leveraged purchase.
Another guess is Home Shopping Network (Nasdaq:HSNI), a company that I considered back in December. They have a market cap near a billion, last time I checked, and could afford it. However, they have lots of debt, and they claim to being committed to reducing their leverage. But since merging with Savoy Entertainment and Silver King Communications in December, they may be more able to pull it off.
Possibilities: NWS, HSNI, LBTYA (owns 20% of HSNI), VIA/B, VVTV.
We'll find out soon enough.
TDW |
