Date

Fri - 17.11.2017


auction

A group the Philadelphia Inquirer's debt holders won today the bankruptcy court auction for the Philadelphia Media Holdings, the company that owns the Inquirer and the Philadelphia Daily News, Reuters informed.

The lenders, which include hedge fund Angelo, Gordon & Co and the Credit Suisse, submitted on Wednesday the winning offer of US$105 million, outbidding the $85 million proposed by philanthropist Raymond Perelman, Bloomberg revealed. The judge's confirmation hearing is schedule for next Thursday.

Photo source: Philadelphia Independent Media Center

This is the second time that the creditors win the auction, The New York Times reminded. In April, the newspapers were sold to the creditors for $139 million. However, the deal was nullified after they failed to negotiate cutbacks with one of the sixteen newspaper unions.

According to the Philadelphia Inquirer, the company filed for bankruptcy in February 2009, "owning senior creditors $318 million that it could not refinance."

Author

Clara Mart

Date

2010-09-24 00:02

A group of U.S. newspaper and broadcast TV news Web sites have allied to create a national online listing and auction site, Boocoo, which is aimed to compete against Craigslist and eBay, Media Post reported.

This self-serve consumer-based site is planned to launch officially on June 21.

Those participating sites include more than 300 newspaper publishers, such as The Boston Herald and Austin American-Statesman, with a total print audience of 22 million readers.

Boocoo's model is to license postal codes to partners, according to Las Vegas Review-Journal. All these sites will help promote it through monthly print or broadcast ad campaigns. Each Boocoo landing page has customised headers and footers to match the partner's home page, Media Post reported.

Author

Erina Lin

Date

2010-06-14 17:18

Philadelphia's two main daily newspapers are looking for a new owner as part of a plan to settle US$318 million in debt.

The Philadelphia Inquirer reported Wednesday that an auction is set for next week for Philadelphia Newspapers LLC, the parent company of the Inquirer, which also owns the Philadelphia Daily News and Philly.comA bankruptcy judge on Tuesday extended the period during which the company can offer a plan to reorganise to April 30. The extension will give the company time to complete the auction scheduled for next Tuesday and potentially declare a new owner, according to the Inquirer.

"The auction is central to the company's plan to settle $318 million in debt to its senior lenders, who include Angelo, Gordon & Co., the CIT Syndicated Loan Group, Credit Suisse, and Eaton Vance Management," the paper states in the article. "The company will be sold at the auction, with the proceeds ultimately going toward the debt."

The Associated Press on Wednesday reported housing executive Bruce Toll, a previous investor in Philadelphia Newspapers LLC, and other local investors have made the only bid for the company, according to ABC News.

Author

Leah McBride Mensching

Date

2010-04-21 20:05

The New York Times Co. yesterday announced that it has abandoned plans to sell a Massachusetts newspaper due to a transformation of its "journalistic and business operations," Agence France-Presse reported yesterday.

Times Co. chairman Arthur Sulzberger and chief executive Janet Robinson were quoted by AFP as saying the following in a memo to employees of the Worcester Telegram & Gazette: "We are convinced that in partnership with the Boston Globe you are now prepared to move forward to a brighter future."

The Times Co. also withdrew The Boston Globe from sale in October, possibly due to paltry offers, The Boston Globe then observed.

Yesterday's announcement of improved finances at The Times Co. subsidiary coincided with the deadline for staffers at its flagship newspaper to voluntarily resign, according to Business Insider. The Times offered buyouts in October, hoping to cut 100 members of the editorial team by year's end without resorting to compulsory layoffs. An unnamed employee of The Times was quoted by Business Insider as saying that a second round of layoffs was expected in 2010.

Author

Leah McBride Mensching

Date

2009-12-08 21:52

New York Times Co leadership yesterday announced to staffers that the media company would no longer be selling its Boston Globe assets but would continue the search for a buyer for its Worcester Telegram & Gazette division, according to late-breaking news yesterday from the Boston Globe.

In a series of memoranda outlining the revised sale plan going forward, Times Publisher Arthur Sulzberger and Chief Executive Janet Robinson congratulated Globe staffers for the success of the newspaper's restructuring earlier this year, which they credited with "significantly improv[ing] its financial footing." Nevertheless, it was a lack of adequate bids that ultimately prompted the projected sale's reversal, The Times reported shortly following the announcement.

Author

Leah McBride Mensching

Date

2009-10-15 16:06

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