Date

Sun - 26.03.2017


margers and aquisitions

In an interview with Ad Age, AOL’s CEO Tim Armstrong has denied rumours that his company is planning to sell TechCrunch and Engadget, and has said instead that AOL is hoping to invest more in the technology news sites.

Armstrong statement refutes the article published in Pando Daily two days ago by Sarah Lacy, which asserted that “two independent sources” had confirmed that AOL was looking for buyers for the tech sites. Lacy wrote that AOL was hoping to get between $70m and $100m from the possible sale.

But Armstrong told Ad Age yesterday that AOL had been seeking investors in the sites, not people to buy them. Now, however, Armstrong states that AOL now is inclined towards “investing ourselves" in the sites.

Ad Age makes it clear that AOL is under pressure: the company’s total revenue has fallen by 4% year on year to $529 million, says the article, and its domestic ad-display business is now worth $119m down from $120m last year.

Author

Hannah Vinter

Date

2012-05-10 11:38

The Philadelphia Media Network – owner of The Philadelphia Inquirer, Philadelphia Daily News and Philly.com – has been sold to a group of local investors for $55 million, with an additional $10 million more in working capital, Philly.com reported yesterday.

The sale marks the latest round in a game of pass the parcel, with the parcel getting smaller every time; PMN has changed hands four times in the past six years, and the current sale price is little more than a tenth of the $515 million that a previous group of Philadelphia investors paid for the media group in 2006, notes Alan D Mutter on his blog, Reflections of a Newsosaur.

The $55 million price tag is also significantly smaller than the $139 million that PMN’s last owners, Alden Capital Management and Angelo, Gordon & Co., paid for the company when they bought it out of bankruptcy in 2010, writes Mutter.

Author

Hannah Vinter

Date

2012-04-03 14:39

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