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Posts Tagged ‘Bain Capital’

Morning Media Newsfeed: Digital First Mulls Sale | DirecTV to Launch Online Services

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Digital First Media, Second Biggest U.S. Newspaper Publisher, to Consider Sale (HuffPost / AP)
Newspaper company Digital First Media said Friday that it is exploring strategic options, which could include a sale of the company or parts of it. New York Post Chief executive John Paton said the publisher of the Denver Post, the Los Angeles Daily News, The New Haven Register and 73 other daily and Sunday papers is profitable and generates $1.2 billion of revenue. NYT Digital First has long suffered from the headwinds facing newspapers. One former division, The Journal Register Company, which includes papers like The New Haven Register and The Trentonian, filed for bankruptcy twice in the last five years. In April, the company announced that it was shutting down Project Thunderdome, a centralized newsroom that aimed to provide articles from around the nation and the world to the company’s 75 newsrooms. That closing resulted in layoffs for more than 50 people in the Project Thunderdome newsroom. Denver Post Digital First Media was formed in December 2013 with the merger of Denver-based MediaNews Group and the former Journal Register Co. It is the nation’s second-largest newspaper company, based on circulation, operating in 15 states, with 800 multi-platform news and information products, including 76 daily and Sunday newspapers and 160 weeklies. The company said it serves 75 million customers monthly. Poynter / MediaWire Ken Doctor reported in April that Digital First planned to sell its newspapers at the same time it shuttered Project Thunderdome. The company won’t set a deadline for the sale or report any developments “until the Board has determined whether it will proceed with one or several transaction(s), or otherwise concludes its review,” a news release said.

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Variety Was On The Block, Or Was It?

varietyim.jpgVariety, owned by London’s Reed Elsevier, looked to be the target of overall billion-dollar buyout by British firm Bain Capital, the Independent said on Sunday.

That was then.

Four days later, all bets are off. Reed Elsevier seems to be saying no dice to any and all offers.

Citing the poor economy (what else is new?) and frozen credit markets, Reed Elsevier said it wants to wait until conditions are more favorable.

Chief Executive Officer Crispin Davis planned to sell the unit to make Reed Elsevier less dependent on ad sales and swings in the economy, while using the proceeds to repay debt and safeguard its credit rating.

One of three bidders (probably Bain Capital) dropped out last weekend, according to two people familiar with the process.

“Let’s be honest, these are tough markets and the price being proposed was just too low,” Alex De Groote, an analyst at Panmure Gordon & Co. in London, told Bloomberg. “This was the only deal anywhere and it was almost bizarre it was still going on in this economy.”

It might be back to the drawing board for Reed Elsevier, but Variety says it’s nonetheless doing quite well.