Auction house sold for $3.7 billion
NEW YORK • The 275-year-old auction house Sotheby’s is being sold to a French Israeli business man for about $3.7 billion.
Sotheby’s, founded in London in 1744, is the oldest company traded on the New York Stock Exchange. If the deal is approved by shareholders and regulators, Sotheby’s would become a privately held company for the first time in more than three decades.
The New York company, which started in London, holds auctions in 10 salesrooms worldwide with annual sales turnover exceeding $4 billion.
It reported an adjusted profit last year of close to $130 million and revenue of more than $1 billion.
Buyer Patrick Drahi, 54, is the founder and controlling shareholder of Altice, which provides telecommunications services in France and elsewhere.
LITTLE ROCK, Ark. • Lockheed Martin said Monday that will spend $142 million and hire 326 new workers over the next few years as it expands its southern Arkansas facility.
The Maryland-based company announced the expansion of its plant in Camden, about 85 miles southwest of Little Rock. The facility currently employs about 700 workers. Company officials told reporters on a conference call that the expansion will be completed by 2024.
The expansion will support new construction and improve existing facilities for products such as the Terminal High Altitude Area Defense, the Army Tactical Missile System and others, plus new machinery and equipment.
Homebuilder confidence slipped in June, a sign of weakening sentiment in a key sector of the economy.
The National Association of Home Builders housing market index fell to 64 this month from an unrevised level of 66 in May, the trade group said Monday.
Economists surveyed by The Wall Street Journal expected a reading of 67 in June.
“While demand for single-family homes remains sound, builders continue to report rising development and construction costs, with some additional concerns over trade issues,” said NAHB Chairman Greg Ugalde.
A reading over 50 means most builders generally see conditions in the single-family housing market as positive.
company to run SI
NEW YORK • The company that recently bought Sports Illustrated has found someone to run it: a small media company called Maven.
Authentic Brands Group bought Sports Illustrated from publishing giant Meredith last month. At the time, the companies said Meredith would run the magazine and SI.com for at least two years under a licensing deal.
But in a filing Monday, Maven said it has a licensing deal for Sports Illustrated magazine and the website. It says Ross Levinsohn, former publisher of the Los Angeles Times, would be CEO of the licensed business.