April 18, 2024

Adidas Suspends Contract With Tyson Gay

“We are shocked by these recent allegations, and even if we presume his innocence until proven otherwise, our contract with Tyson is currently suspended,” an Adidas spokesman said.

Adidas’ agreements with athletes give it the right to terminate the contract “if the athlete is found guilty of the possession or use of drugs or any other prohibited substance by the relevant governing sports body having jurisdiction over the athlete.”

Gay, who has been on Adidas’ books since 2005, had said on Sunday he had tested positive for a substance he could not identify and that he was pulling out of next month’s world championships in Moscow.

“I don’t have a sabotage story. I don’t have lies … I basically put my trust in someone and I was let down,” the American said, adding that he had never knowingly taken a performance-enhancing drug.

Also on Sunday, former world 100 meters record holder Asafa Powell and Olympic 4×100 meters relay silver medalist Sherone Simpson said they had both tested positive for the stimulant oxilophrine at last month’s Jamaican championships.

Powell and Simpson, both from Jamaica, have denied knowingly taking a banned substance.

The doping cases are a blow to the image of athletics a month ahead of the world championships in Moscow. The sport often struggles to maintain a high profile outside Olympic years.

German company Puma SE, which sponsors Jamaican athletics through a contract with the national association there, declined to comment because it does not have individual contracts with any of the athletes involved.

Puma does sponsor Olympic sprint champion Usain Bolt, whose manager said he was not involved in the latest doping scandal.

Chinese sporting goods company Li Ning, which sponsors Powell, was not immediately available for comment.

(Reporting by Joern Poltz; Additional reporting by Keith Weir in London; Writing by Victoria Bryan; Editing by David Holmes)

Article source: http://www.nytimes.com/reuters/2013/07/15/sports/15reuters-athletics-doping-adidas.html?partner=rss&emc=rss

Media Decoder: Tsujihara to Succeed Meyer as Head of Warner Brothers

LOS ANGELES — Kevin Tsujihara will succeed Barry Meyer as chief executive of Warner Brothers, Hollywood’s biggest movie and television studio, starting March 1, ending a high-profile and lingering competition for the job.

Mr. Meyer, who has led the studio since 1999, was expected to retire two years ago, but stayed on while a trio of executives were considered for his job. With the selection of Mr. Tsujihara, who has most recently lead Warner’s home entertainment unit, the question now becomes whether the other two candidates — Bruce Rosenblum, Warner’s television chief, and Jeff Robinov, who heads the movie division — will remain at the company.

Mr. Rosenblum, who was widely considered by Hollywood insiders to be the leading candidate to replace Mr. Meyer, immediately released a statement on Monday morning. “Obviously, I’m disappointed; who wouldn’t be?” it read in part. He added that Warner “will be in good hands with Kevin.”

Mr. Tsujihara brings “the perfect combination of strategic thinking, financial discipline, digital vision and management style” Jeff Bewkes, chairman and chief executive of Time Warner, which owns the studio, said in his own statement.

Article source: http://mediadecoder.blogs.nytimes.com/2013/01/28/tsujihara-to-succeed-meyer-as-head-of-warner-brothers/?partner=rss&emc=rss

DealBook: Felda Raises $3.1 Billion in Asia’s Biggest I.P.O.

HONG KONG– Felda Global Venture Holdings has successfully raised $3.1 billion by selling shares in Malaysia in the world’s second-largest initial public offering this year after Facebook’s botched Nasdaq listing last month.

The palm oil producer successfully priced Asia’s biggest deal this year at 4.55 ringgit per share, or $1.43, near the high end of its indicated price range of 4 ringgit to 4.65 ringgit, a person with direct knowledge of the matter said Thursday. The shares are scheduled to start trading in Kuala Lumpur on June 28.

The high-profile deal came after a recent series of I.P.O.s in Asia and elsewhere were withdrawn or postponed due to slumping markets. Those included a planned $3 billion offering by Formula One in Singapore and a $1 billion Hong Kong share sale by Britain’s Graff Diamonds.

Felda, which is being privatized by the Malaysian government, was selling 1.92 billion shares to institutional investors at the offer price and 273 million shares to retail investors at a 2 percent discount, according to its prospectus.

Of the total I.P.O. proceeds of 9.93 billion ringgit, or $3.12 billion, about 55 percent will go to the government, which sold off a 33 percent stake, and about 45 percent will go to the company, mainly for the purchase of new plantations. Felda already has about 356,000 hectares, or 880,000 acres, of palm plantations in Malaysia.

The Felda offering is the brightest spot in a gloomy market for new listings in Asia this year. Prior to the deal, total funds raised by I.P.O.’s in Asia, excluding Japan, had declined 68 percent, to $13.9 billion, this year from the period a year earlier, the weakest year-to-date performance since 2009, according to data from Dealogic.

Felda’s success was bolstered by cornerstone investors who bought nearly 20 percent of the I.P.O., the person with knowledge of the deal said. Those included the Qatar investment authority; AIA; Fidelity; Value Partners, a Hong Kong-based funds management firm; and several Malaysian state-affiliated pension funds.

A stake of about 11 percent will go to state governments in Malaysia, while about 13 percent will be offered to foreign and domestic institutional investors. The remaining 19 percent stake is being offered to domestic investors, employees and affiliates of the company, the person said.

CIMB, Maybank and Morgan Stanley are the joint bookrunners for the Felda I.P.O., while the same three plus Deutsche Bank and JPMorgan Chase are the underwriters for the retail offering.

Article source: http://dealbook.nytimes.com/2012/06/13/felda-raises-3-1-billion-in-asias-biggest-i-p-o/?partner=rss&emc=rss