noon, May 28
Gores Going Digital. Pro Basketball Next?
Beverly Hills-based Tom Gores, whose Platinum Equity private equity company owns the Union-Tribune, is on the acquisition trail in uncharacteristic areas. Platinum Equity and the Gores Group, a private equity group run by Tom's brother Alec, purchased Alliance Entertainment this month. It's the largest wholesale distributor of CD, DVD and videogame titles. It has problems -- just the kind of company Tom Gores covets. There are rumors that Tom Gores (not necessarily Platinum Equity) may bid to buy the Detroit Pistons of the National Basketball Association. In competition would be a local sports mogul and an investment group from Dubai, possibly among others. Forbes Magazine says the Pistons are worth $479 million, but analysts think the sale may go through for $100 million to $125 million less than that.
More like this:
- Tom Gores Takeover of Detroit Pistons Inches Closer; Terms Still Secret — May 18, 2011
- U-T's Tom Gores Mugs for Cameras in Detroit — April 27, 2011
- Gores Brothers Finalists in Bidding for Warner Music — April 18, 2011
- Gores in Intense Talks to Buy Detroit Pistons — Feb. 11, 2011
- Did Platinum Pay $30 Million for U-T, or $52 Million? — Sept. 22, 2010