Economy, Business and Finance News Digest

AIG sells consumer finance unit to raise cash

fred — Thu, 12 Aug 2010 00:58:38 +0000

AIG cinched a deal to sell most of its consumer finance unit to investment manager Fortress. Under the deal, Fortress (FIG) will take over 80% of American General Finance and AIG (AIG) will hold onto the rest. Further terms weren’t disclosed, but the arrangement looks like a win for AIG chief Robert Benmosche (right) because [...]

Newsweek sold

fred — Mon, 02 Aug 2010 23:34:47 +0000

The Washington Post Co. said Monday it has sold struggling Newsweek magazine, which it has published for half a century, to audio industry pioneer Sidney Harman. The financial terms of the deal were not announced. According to an article in the Washington Post citing an unnamed source, Harman is paying a “minimal” amount of cash [...]

BP sells assets to Apache

fred — Wed, 21 Jul 2010 00:02:14 +0000

BP said Tuesday it is selling $7 billion worth of oil and gas assets to oil firm Apache, in the wake of the Gulf oil spill that’s draining its balance sheet. The properties being sold are oil and gas fields and processing plants in Texas and southeast New Mexico, Western Canada, and production and exploration [...]