Media Moves

Apollo IPO: Who is right, and who is wrong?

April 4, 2007

Posted by Chris Roush

Dealbreaker’s John Carney has an interesting take on the reported news about Apollo Management planning an initial public offering in a post Wednesday. Apparently some business journalists are getting played by their sources, he believes.

The whole thing started Tuesday when CNBC reported that the IPO was imminent. The Wall Street Journal and the New York Post followed suit.

But Andrew Ross Sorkin of the New York Times writes on his DealBook blog that the IPO isn’t going to happen.

Carney wrote, “Sorkin’s sources denying the Apollo IPO story at least sound a bit closer to Apollo—literally, since he describes them as ‘people close to the firm’—than the Journal’s unnamed people who are familiar with people. So this sounds close to an actual denial, rather than the double-blind non-denial we prated on about this morning. But is it really credible that Goldman and JP Morgan have just made up this story, hoping that reality will catch up with them?

“So far all the reports–CNBC’s, the Journal’s and the Post’s–do seem to come from sources at the banks. So the question is who is getting played by their sources: Sorkin or everyone else?”

Read more here.

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