Date

Sat - 23.09.2017


sale

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

German company WAZ Mediengruppe sold its Bulgarian publishing arm, including leading dailies Trud, 24 Chasa and weekly 168 Chasa, Expatica.com reported today.

Although financial details were not disclosed, WAZ said Vienna-based BG Privateinvest GmbH had agreed to buy the two daily newspapers, seven weeklies, 10 magazines, its printing facility in Sofia and its distribution company named Stella, Novinite.com revealed.

"WAZ's decision to leave Bulgaria... comes less than six months after the German group sold its newspaper business in neighboring Serbia," Expatica.com explained.

The German media group entered the Bulgarian market in 1997, when it bought Trud and 24 Chasa, ABC.es pointed out. These newspapers have a circulation of 70,000 and 55,000 copies, respectively.

Author

Clara Mart

Date

2010-12-14 23:40

In order to cut its debt, Slovenian beverage firm Pivovarna Lasko has decided to sell its publishing arm, Delo d.d., which owns two of the most popular newspapers in the country, BusinessWeek reported.

Last Tuesday, the company put ads in The Financial Times as well as Delo, its flagship publication, saying it would receive non-binding bids until December 14, Bloomberg pointed out. The sale is expected to take place next year.

Pivovarna Lasko announced the sale in October as part of "its strategic plan to withdraw from the media sector and focus on its core business, which is the production and sale of beverages," explained the Public Agency of the Republic of Slovenia for Entrepreneurship and Foreign Investments.

The publishing company, which was bought in 2007 for $117 million, also owns tabloid Slovenske Novice, magazine Nedelo and a cultural biweekly called Pogledi, BusinessWeek reminded.

Author

Clara Mart

Date

2010-12-06 18:04

Three months after the Fijian regime issued a decree ordering media outlets to be 90 percent owned by local citizens, News Limited agreed on Tuesday to sell The Fiji Times to Motibhai & Co, The Wall Street Journal reported.

"We are reluctant sellers of the Fiji Times, but I am delighted that we have been able to find a buyer who will take over the business as a going concern," News Ltd. Chairman John Hartigan said, Agence France-Presse quoted.

Motibhai & Co's Chairman and Chief Executive Officer Mahendra Motibhai Patel, a Fijian businessman who had previously served in the newspaper board, said in statement published in the Fiji Times that the company was committed to "respect and enhanced" the legacy of the oldest daily in the country.

Although the terms of the sale were not made public, Patel said the name of the paper's publisher would be revealed in a week, Radio Australia reported. "We can't announce his name yet because we are going through the formalities. He is a very innovative person. He's well versed in journalism," he said.

Author

Clara Mart

Date

2010-09-17 15:48

A group of Dominican investors have bought the 121-year-old Listin Diario and its radio stations, The Associated Press revealed yesterday.

Although the value of the Aug. 10 transaction was not disclosed, the president of the Central Bank, Héctor Valdez Albizu, said the operation had covered the $51.8 million debt that the media company had with the government, ElMasacre.com reported. The group of investors include media mogul José Luis Corripio and Juan Bautista Vicini Lluberes, whose family owns the sugar giant Vicini Group, ABC.es reminded.

The Central Bank seized the Editora Listí­n Diario in 2003 after its owner Ramón Báez Figeoroa, who at the time was also the head of the Dominican Republic's second largest bank, was accused of fraud. The government negotiated the newspaper's sale for more than a year.

In a statement published in the newspaper, the new shareholders said they remained committed "to preserve and be faithful to the historical legacy of Listin Diario."

The daily, which was founded in 1889, has an average circulation of 60,000 copies.

Author

Clara Mart

Date

2010-08-31 17:10

Dunfermline Press Ltd., which publishes more than 30 local newspapers in the UK and Ireland, has put its Irish subsidiary Celtic Media Group up for sale, according to the Sunday Times, The Guardian reported.

The company's fate has been in a limbo since May, when its chief executive and majority shareholder Deirdre Romanes died.

The Westmeath Independent is one of the newspapers on sale

Now, PriceWaterhouseCoopers has been asked to manage the sell of the division, which includes titles like The Anglo-Celt, The Westmeath Independent, Westmeath Examiner and The Meath Chronicle, Allmediascotland.com informed.

Meanwhile, the Dunfermline Press Ltd. will be subject to a debt-for-equity restructuring led by Lloyds Bank, the Sunday Times said. According to the press, the publisher reported in 2009 a debt of £34 million due to a buying spree and low ad revenues.

Author

Clara Mart

Date

2010-08-02 20:20

The Washington Post Co. announced today it will sell Newsweek, which it purchased in 1961. The company is going public with the news in order to engage as many potential buyers as possible, said the company's chairman, Donald E. Graham.

"We have reported losses in the tens of millions for the last two years," Graham said in a staff meeting this morning, according to Newsweek. "Outstanding work by Newsweek's people has significantly narrowed the losses in the last year and particularly in the last few months. But we do not see a path to continuing profitability under our management."

He said the company's goal is a "rapid sale to a qualified buyer." However, when negotiating a deal, the company will also consider the news magazine's future and the future of its employees.

Graham said the company expects Newsweek to continue losing money in 2010, but due to the current economy, it "might be a better fit elsewhere." Last year, Newsweek lost US$28 million; however, when it was redesigned and relaunched last year, it was originally believed that it had about three years to figure out how to break even, according to the New York Observer.

Author

Leah McBride Mensching

Date

2010-05-06 00:21

A colorable offer has come forward for a Pulitzer prize-winning newspaper which its bankrupt publisher had planned to shutter at year's end, The Portales News-Tribune Friday reported.

The East Valley Tribune's publisher, Freedom Communications Inc., has operated in receivership since filing for bankruptcy protection. Thus, it must obtain judicial approval for any sale of assets to occur. Judicial approval will likely chiefly entail review of the priority of distribution of any proceeds obtained.

The identity of the buyer was not revealed nor was the agreed-upon purchase price disclosed. The East Valley Tribune is based in Mesa, Arizona in the southwestern part of the United States.

Author

Leah McBride Mensching

Date

2009-11-23 16:01

On Tuesday union members at the Chicago Sun-Times rejected the concessions proposed as part of the potential purchase of the newspapers parent company Sun-Times Media Group by local banker James Tyree, CEO of Mesirow Financial Inc., Editor & Publisher reported Wednesday.

The Chicago Newspapers Guild rejected the concessions with a vote of 83-22. Tyree has said his offer stands until Sept. 29, according to the Sun-Times.

Tom Thibeault, executive director at the guild, said the proposed concessions, "gut our contract and takes away most rights that protects our members."

The motion accompanying the rejection said the Guild is "willing to bargain with the company on provisions that would help the company survive but not willing to give up all the rights of our members."

Hours before the union meeting, Sun-Times Chariman and interim CEO Jeremy Halbreich had appealed to staff, stating:

Author

Leah McBride Mensching

Date

2009-09-16 17:55

Two of three groups that have made formal bids on The Boston Globe have been shown to the next round of the purchasing process with an invitation to onsite meetings at the newspaper, according to those in the know on the sale, The Globe reported Friday.

This leaves one high profile, but lowest bidding group, without an invitation to visit the newspaper, the group led by Boston Celtics co-owner Stephen Pagliuca and former advertising executive Jack Connors.

Stephen Taylor, a former family owner of the Globe who sold the newspaper to The New York Times Co. in 1993, heads a group that plans to visit the paper around Labor Day, according to Boston.com, the Globe's Web Site.

The other invitee is Platinum Equity, a California investment firm, which has recently entered the newspaper industry with the purchase of the San Diego Union-Tribune.

Both groups have offered US$35 million for The Globe, as well as the assumption of $59 million worth of pension liabilities at The Globe and the Worcester Telegram & Gazette.

The Times Co. owns both papers and potential purchasers were required to bid on both properties.

Author

Leah McBride Mensching

Date

2009-08-24 16:29

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