IHOP Corporation announced its plans to buy Applebee's International Inc. for $25.50 per share, as the newly restructured company seeks growth outside its pancake chain. IHOP franchises almost all of its restaurants, and believes it can improve the currently struggling chain by franchising a majority of Applebee's 508 company-operated restaurants.
In the race to build a more powerful marketing vehicle, Yahoo Inc. made its move by taking control of Right Media two weeks after Google agreed to buy DoubleClick in April. Right Media creates an open exchange to help buyers and sellers trade digital media more effectively, and Yahoo is counting on this acquisition to enhance its Internet ad sales. This form of advertisement is expected to be an increasingly popular method for companies to promote their brands rather than the use of newspapers, magazines, and television.
Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. are the only two corporations authorized by the Commission to provide satellite radio service in the United States. On March 20, 2007 they submitted an application to the FCC requesting permission to combine into a single entity. Each entity would own half of the company, and the equity ownership would be divided evenly between the shareholders of both corporations.