Date

Fri - 22.09.2017


bids

Brown Publishing Co., the Ohio-based newspaper chain which filed for bankruptcy in May, has received two qualifying bids, including a $22.4 million one from company insiders, Business Week reported.

Roy Brown, the current president and CEO of the newly formed Brown Media Corp., made the bid during an auction that ended Tuesday.

However, U.S. Bankruptcy Court Judge Dorothy Eisenberg postponed the hearing a week to review all paperwork. The bidders will have to wait a week to learn if the sale will be approved, The Associated Press reported.

Author

Erina Lin

Date

2010-07-23 21:54

Le Monde's board voted for new ownership between two candidate groups Monday, and accepted the offer from a trio of left-leaning entrepreneurs, led by Lazard banker Matthieu Pigasse, Reuter reported.

Pigasse, Xavier Niel and Pierre Berge offered €110 million euros ($136 million) to help the publication stop losses and repay debts.

Photo: Philippe Wojazer/Reuters

The losing group was personally backed by President Nicolas Sarkozy, who had told Le Monde's Chief Executive Officer Eric Fottorino that he didn't want the paper taken over by the trio, according to the Business Week.

Earlier today, about 90 percent of the paper's journalists, angry about Sarkozy's intervention, voted against that bid, Christian Science Monitor reported.

Le Monde will talk with the new owners in the next three months. According to the newspaper, the bidders have already promised an initial €10 million loan by July 5, Reuters reported.

Author

Erina Lin

Date

2010-06-28 23:02

French newspaper Le Monde Monday announced two potential groups for buying controlling stakes from its editorial staff, the Associated Press reported.

The two potential buyers are France Telecom subsidiary Orange, as well as a consortium led by Pierre Berge, ex-partner of late fashion designer Yves Saint-Laurent, AFP reported.

The paper said earlier that it needs as much as €100 million to pay off debts and survive in the tough times.

France Telecom said it is interested in Le Monde's online presence, which could be an advantage to its own news site, and is putting up €50 to €60 million, according to spokeswoman Beatrice Mandine.

The daily's supervisory board will vote next Monday "after the staff groups express their preference at a general assembly held Thursday June 24 and Friday June 25," a statement said, according to the AFP article posted on Google News. It is also expected to decide which group will enter exclusive talks on June 28, with a conditional deposit of €10 million, according to the AP article posted on Business Week.

Author

Erina Lin

Date

2010-06-21 23:23

An Ontario judge has approved the sale of Canwest newspaper and online publishing business to a group of investors Friday, CANOE reported.

This approval means the C$1.1 billion bid from members of an ad hoc committee of holders of 9.25 percent senior subordinated notes will continue, Reuters reported. The majority of the money will be used on paying the debt.

The group is led by Paul Godfrey, publisher of the National Post, who has been criticized because many of the ad hoc group of buyers are U.S.-based bondholders.

Canwest's newspaper assets include 46 community and daily papers, as well as the National Post. The new owners said earlier that they would like to keep the newspapers together and put them in an initial public offering in the future.

Canwest put its newspaper and television groups up for sale after it filed for bankruptcy protection earlier this year.

Author

Erina Lin

Date

2010-06-18 23:48

French title Le Monde is looking for outside buyers as it needs up to €100 million in a recapitalisation due to increasing, The Press Association reported.

According to a letter to readers on the front page Thursday, the newspaper's head Eric Fottorino said the group has five potential bidders, including the Nouvel Observateur group; Spain's Prisa; Switzerland's Ringier; and one other foreign company that remains anonymous.

Also in the running include a trio of Yves Saint Laurent's long-time partner Pierre Berge, Lazard banker Matthieu Pigasse, and French Internet tycoon Xavier Niel.

"This operation is expected to result by mid-June in the choice of a new partner who, alone or with other investors, will take a majority share in the capital of our group," Fottorino added.

The paper is currently controlled by a company owned by its own journalists, Reuters reported.

"Why such a change, which will mark a historic turning point for Le Monde, whose journalists have been controlling shareholders for nearly 60 years? It is in making money, to reinvest it in the heart of our activity, that Le Monde will guarantee its true independence," according to Fottorino.

Author

Erina Lin

Date

2010-06-03 22:14

The Washington Post Co.-owned Newsweek has received bids and interest from several companies and individuals, including Newsmax Media, private equity fund OpenGate Capital, Ritchie Capital Management CEO Thane Ritchie (bidding on his own behalf), Sidney Harman (the owner of a stereo equipment company) and possibly even Newsweek's own editor, The New York Times reported.

Founded by former New York Post reporter Christopher Ruddy, Newsmax Media publishes a politically conservative-leaning magazine and Web site, and confirmed its bid yesterday. He said the bid to buy Newsweek is an effort to "diversify and expand into numerous distinct media brand offerings," and the company would not put its political views on Newsweek. OpenGate managing partner Andrew Nikou told Bloomberg that the firm has submitted a bid. OpenGate also owns TV Guide.

Meanwhile, Ritchie has also submitted a bid; last year he was unsuccessfully in buying the Sun Times Media Group. Harman, age 91 and founder of Harman Kardon stereo company, is interested in a possible bid. There has also been talk that Newsweek editor John Meacham is rallying bidders.

Meacham told Bloomberg yesterday he is continuing to consider options, but would not comment on a deadline.

Author

Leah McBride Mensching

Date

2010-06-03 21:18

Canwest Global Communications Corp. has won an extension of bankruptcy protection until June 30 for its newspaper division. This will allow the company to complete an auction for the publications, Bloomberg reported.

The extension was granted by Ontario Superior Court Judge Sarah Pepall Tuesday in Toronto. The bankruptcy protection was first granted on Jan. 8, and due to expire on April 14.

According to court documents, Canwest Global are willing to sell the newspaper division to a group of banks for $828 million of debt in return, unless there is a higher cash bid or an offer acceptable to the lenders. Qualified bidders are now under research process, according to court documents.

Canwest lawyer Lyndon Barnes said at today's hearing that "at this stage, we don't know whether the company will get a better offer", Bloomberg reported.

Author

Erina Lin

Date

2010-04-13 23:22

The Asper family, former controller of Canwest Global Communications Corp., is trying to regain control of the newspaper assets, Bloomberg reported.

The family one of six bidders. Others include B.C. newspaper magnate David Black, Vancouver-based community newspaper publisher Glacier Media Inc. and National Post executive Paul Godfrey, the Globe and Mail reported.

CanWest newspaper unit filed for bankruptcy in January.

Bids for the unit were due March 5. According to the Globe, Canwest's creditors have been reviewing all the offers since then. The creditors are looking for at least C$950 million (US$925 million) for the business.

Author

Erina Lin

Date

2010-03-11 23:04

Two groups may bid for CanWest's chain of 46 newspapers, the largest auction of media assets undertaken in Canada. The transaction may be worth as much as C$1 billion, or US$940 million, according to Bloomberg.

Paul Godfrey, president of CanWest's National Post and former chief executive officer of the Sun Media group, is leading one group.

Unidentified sources said Godfrey joined with Vancouver-based directory publisher Canpages Inc., which has the backups from the U.S. private equity firm Hicks Muse Tate & Furst, the Globe and Mail reported.

"The group also includes at least six top CanWest executives willing to run the operation if the bid is successful," said a source familiar with the proposal.

However, there may encounter another strong competing group including Glacier Media Inc., a Vancouver-based community newspaper company which has stakes in about 120 titles and covets CanWest's community publications, according to the Globe.

Author

Erina Lin

Date

2010-02-10 23:39

A private investor group led by Chicago banker James Tyree has offered a US$25 million bid, $5 million of which is in cash, for Chicago-based newspaper publisher Sun-Times Media Group, The Chicago Sun-Times reported Wednesday.

STMG Holdings LLC is currently under bankruptcy protection after filing for Chapter 11 in March, and the purchase would see the group take on $20 million worth of liabilities.
Tyree, chairman at Mesirow Financial Holdings, has previously said he hopes to retain the Chicago Sun-Times, the company's largest newspaper, and its other papers and their Web sites, according to The Associated Press.

Sun-Times Media Group CEO Jeremy Halbreich says the agreement is a "very positive step."
Before the sale is finalised, it must be approved by the company's unions and a bankruptcy judge.

Author

Leah McBride Mensching

Date

2009-09-09 10:17

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