National Basketball Association owners unanimously approved the sale of the Milwaukee Bucks to Avenue Capital Management’s Marc Lasry and Fortress Investment Group LLC cofounder Wesley Edens for $550 million.
Newcastle Investment Corp., the mortgage-asset buyer run by Fortress Investment Group LLC, is “very optimistic” it will participate in a big investment in mortgage-servicing rights with other entities its manager oversees, Chairman Wesley Edens said.
Wally Weitz, the mutual-fund manager who beat 90 percent of rivals in the past five years by buying stocks he deemed cheap, says bargains are so scarce these days that he’s letting his cash holdings swell.
Former Microsoft Corp. Chief Executive Officer Steve Ballmer agreed to buy the Los Angeles Clippers for a record $2 billion as the wife of Donald Sterling pushed through the sale without gaining the approval of the embattled owner.
Fortress Investment Group LLC plans to create a newspaper and website company, New Media, through the bankruptcy of its GateHouse Media Inc. and the recently purchased assets of Newcastle Investment Corp.