Monday, December 03, 2007

Paperstand (LEN, ATVI, CHDX)

The WSJ reports that Lennar (LEN) has sold about 11,000 home sites to a venture mostly owned by the real-estate arm of Morgan Stanley (MS) for $525m, a large land sale that signals that investors have begun to pounce on bargain deals. The sites, in 32 communities in areas hit hard by the housing downturn, were valued on Lennar's books at $1.3bn as of Sept. 30.

According to the WSJ, Vivendi plans to acquire a controlling stake in Activision (ATVI). Vivendi will merge its own gaming division into Activision and contribute cash to form a new co: Activision Blizzard. In a complex transaction, which values all of Activision at $8bn, Vivendi will pay $27.50 per share and end up with up to 68% ownership of the new co.

The WSJ reports that today, JP Morgan (JPM) is expected to announce plans to invest $200m of its own money in the entertainment industry. The move is aimed at capitalizing on the bank's powerful franchise in Hollywood, where it and its predecessor co’s have been financing films since the era of silent movies. In addition to entertainment, JP Morgan this year has been quietly starting to invest its capital in real-estate and energy deals. Last month, the bank said its principal-investment-mgmt group would put $50m into Chindex Intl. (CHDX).

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