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Posts Tagged ‘Bono’

Primedia Sells Gun Dog, Enthusiast Mags For $1.2B To Ron Burkle-Owned Co.

superstang_primedia.jpgBreaking: Primedia, the once-powerful niche magazine publisher on Fifth Avenue, has agreed to sell its 70-plus enthusiast magazines — with names like Hot Rod Bike-Works, Muscle Mustangs & Fast Fords and Practical Horseman — to Source Interlink for about $1.2 billion in an all-cash deal. It would appear to end well for Primedia, which had been reportedly seeking $1 billion for the group from a handful of bidders, including Bono‘s Elevation Partners.

Source Interlink is owned by Yucaipa Cos., a supermarket-holding company owned by billionaire businessman-cum-Jared Paul Stern lawsuit target Ron Burkle.

EARLIER:

  • Primedia’s Price Tag: $1 Billion?
  • Primedia’s Price Tag: $1 Billion?

    truckin_primedia_0407.jpgPrimedia, the once-powerful niche magazine publisher on Fifth Avenue, may still command a hefty price tag for its enthusiast unit‘s 70-plus magazines — with names like Hot Rod Bike-Works, Muscle Mustangs & Fast Fords and Practical Horseman — but Folio: reports the bidders, reportedly including Bono‘s Elevation Partners, are beginning to drop below the magical billion-dollar mark:

    A source with knowledge of the process said that while the requirement for getting into the second round was a bid of over a billion dollars, prospective offers are now dropping below that mark as bidders review the specifics of the business.

    The sale may not garner as much industry ink as Time Inc.’s shedding of 18 titles, but it could quietly become the year’s biggest media sell-off this side of Winter Park, Florida.

    ScarJo | K-Fed | Bono | Times‘ Iraq War Coverage

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    • K-Fed: Starts a search engine. [Radar]
    • Conrad Black Trial: Postponed until today. [NYT]
    • Times Still Covering Iraq: Fewer reporters willing to go. [E&P]
    • Men’s Health: Readying online video. [Folio:]
    • ScarJo: Bestselling cover for Esquire. Lindsay Lohan‘s sis worst for CosmoGirl!. [MIN]
    • Bono, Murdoch: Could buy Grand Theft Auto maker. [CNN/Money]

    (RED)Faced: AdAge ‘Sucks Hard’

    bono_red_adage.jpgOn Monday, Ad Age blasted Bono and his highly visible (RED) campaign, now a year old, which has spent $100 million on marketing for its relatively “meager” $18 million worldwide bounty:

    You’d expect the money raised to be, well, big, right? Maybe $50 million, or even $100 million. Try again: The tally raised worldwide is $18 million.

    Bobbi Shriver, head of (RED), dropped UnBeige a note before sending a long one onto AdAge:

    The article is based on many inaccuracies. The (RED) initiative has raised more than $25M for the Global Fund to date. And, more importantly, (RED) has not spent a dime on advertising. The money spent on advertising has been through (RED) convincing companies to divert already planned marketing dollars to promote products that send up to 50% of their profits to the Global Fund. This advertising money was not part of the company philanthropic arm or part of the (RED) initiative and, if not put behind these products, would’ve been used to promote other products that don’t contribute anything.

    That prompted the London Independent to publish an in-depth story on (RED) that declares the campaign a success while bashing AdAge:

    Buy Less Crap? The only people who seem to need to take that advice are the editorial staff of an American trade magazine called AdAge.

    Not surprising, considering the source: the Independent let Bono guest edit an edition of its paper last year. They’re Bono’s buds, essentially.

    RELATED:

  • Carter On Bono Editing Vanity Fair: ‘It Won’t Be Preachy’
  • Graydon Carter, Vanity Fair Enable Bono’s ‘Editor’ Addiction
  • Carter On Bono Editing Vanity Fair: ‘It Won’t Be Preachy’

    An update on Graydon Carter and Vanity Fair‘s enabling of Bono‘s guest-editing addiction:

  • Bono will be the magazine’s first-ever guest editor. Did not know that.

  • Carter: “It won’t be preachy. The articles won’t be policy papers. It will be a very nuanced look at Africa.”
  • EARLIER:

  • Leibovitz Shoots Sopranos For April Vanity Fair Cover
  • Graydon Carter, Vanity Fair Enable Bono’s ‘Editor’ Addiction
  • Leibovitz Shoots Sopranos For April Vanity Fair Cover

    vanity_fair_sopranos.jpgIt’s gonna be hard for Bono to follow Tony.

    The April cover of Vanity Fair is a cool one: Sopranos‘ star James Gandolfini, creator David Chase and a red-heeled “friend” shot by — naturally — Annie Leibovitz at Industria Superstudio in New York.

    Leibovitz has shot the Sopranos cast for HBO marketing materials and DVD covers the past few years.

    EARLIER:

  • Graydon Carter, Vanity Fair Enable Bono’s ‘Editor’ Addiction
  • Graydon Carter, Vanity Fair Enable Bono’s ‘Editor’ Addiction

    A few notes from today’s piece by David Carr on Vanity Fair and its enabling of Bono‘s burgeoning career as a high-profile guest editor. (Bono guest-edited the London Independent last fall, was the first-ever guest editor of Libération and owns a minority stake in Forbes.)

    • Annie Leibovitz appears to have shot the Bono meeting in Carter’s office for the Times.
    • Carter on Bono: “I think there isn’t one editor in the world who would not pay attention if Bono pulled up and said he wanted to edit a magazine.”
    • Bono wants to make Vanity Fair a hit record. Or the best-selling issue of Vanity Fair.
    • Finally, what we’d imagine is an increasingly common Bono segue, deftly changing the subject from Forbes to African poverty: “I don’t want to talk about Forbes right now, but I will say this: One of the things that I have learned of in Africa is the crucial role that commerce will play in taking its people out of extreme poverty. Everyone talks about China being the next big thing, but if you spend any time in the bars or hotels in Africa, you see a lot of Chinese doing deals there. There is tremendous opportunity there.”
  • Citizen Bono Brings Africa to Idle Rich [NYT]
  • Brian Williams: ‘A Reporter, Not A Cowboy’

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    Brian Williams is in Iraq. “The decision to come here was mine.” Bono is apparently not with him.

    Good line from NBC News president Steve Capus, lifted from his exchange with “HowieKurtz on CNN’s Reliable Sources over the weekend:

    KURTZ: Steve, did you have any reservations about sending your anchor into a dangerous war zone?

    STEVE CAPUS, NBC NEWS PRESIDENT: Well, of course you have reservations about it. And we talked about this for months and months and went back and forth about whether this was a good idea. And Brian felt very strongly that he wanted to go and be back in Iraq before the anniversary of the start of the war.

    This is his third trip since that time. And we thought the timing was right. And, as Brian just said on your — on that clip there from “Meet the Press,” you know, we’re going to take every security precaution that we can.

    You know, I’ve known Brian, Howie, as you know, for probably 26 years now. First and foremost, he’s a reporter, and he’s not a cowboy. This is a guy who wants to get the story, but he’s going to — he’s going to do it the right way and take every precaution that he needs to.

    Now, Anderson Cooper — he’s a cowboy.

    Killing Time

    time_hbomb.jpgIn next week’s New York magazine, pg. 46:

    The Time of Their Lives (p. 46) by Joe Hagan

    John Huey and Richard Stengel, besieged by economic forces pulling one of journalism’s most storied institutions toward obsolescence, are blowing up Time magazine in an all-out effort to save its life.

    Hagan, you’ll recall, was called “something of a snake” by ABC’s Charles Gibson last summer. Hagan quoted Gibson in a New York article criticizing Brian Williams‘s trip to Africa with Bono.

    EARLIER:

  • Gibson: New York‘s Hagan ‘Something Of A Snake’
  • A Rough Guide To Understanding Time Inc.’s Sale

    time_strange_internet.jpgAfter a rough week for morale over at Time Inc., bids are due today for its Time4Media and Parenting groups of magazines. A quick recap and guide to sorting through what could become a confusing sale:

    • Last fall, Time Inc. announced it would sell its Time4Media and Parenting groups as part of a restructuring effort to downsize by roughly 1,000 jobs.
    • At the American Magazine Conference in Phoenix in October, Time Inc. CEO Ann Moore referred to its magazines as her “children” — 149 of them.
    • Russell Denson, former president of Gruner + Jahr, was in Phoenix as a potential bidder.
    • First rounds bids were due the same week.
    • Time Inc. announced the slashing of 289 jobs.
    • Second round bids were due today.
    • Folio: reports the groups could be sold seperately or to a total of three buyers, and that bids may be for significantly less than the $250 million Time Inc. had hoped: “I expect they’ll get $200 million for everything (Parenting and Time4Media combined) … They’ll probably get $100 million or even below for the Time4Media group.”
    • WWD says Time Inc. will “eventually narrow the field down to two to four serious bids of more than $200 million each.”
    • The bidders for whole or part include: Active Interest Media and Apprise Media; Bonnier; CurtCo; Denson; former Time Inc. executive vice president Jack Haire; Bono, Roger McNamee and Elevation Partners; Knot CEO David Liu; Falconhead Capital; and former Wenner Media executive Kent Brownridge.
    • Folio: also says InterMedia Partners, a private equity firm run by Leo Hindery, who founded the YES network, is the favorite in the Time4Media sweepstakes.

    EARLIER:

  • Time Update: 289 Cuts; Atlanta, Chicago, L.A. Bureaus Shuttered; Ann Moore Encourages Employee Focus
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