MCA Shelves Plan to Offer Shares in Music Group
MCA, which last month said it might sell 15% of its music entertainment group to the public, has jettisoned the proposal--at least for now.
“It presently looks like we’re not going to further explore it,” MCA President and Chief Operating Officer Sidney J. Sheinberg said Tuesday. “I don’t want to go into the (reasons) why.”
Sources had estimated last month that the initial offering might raise $100 million to $130 million for the music entertainment group and gain heightened attention from Wall Street investors for the assets. In addition to recorded music, the group includes music publishing, the Universal Amphitheater, Facility Merchandising Inc., Front Line Management, MCA Radio Network and the distribution arm for MCA’s home video products.
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