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Posts Tagged ‘Frank McCourt’

Who Will Buy the Boston Globe?

For east coast media watchers, that’s a big question today, the deadline for getting a bid in to the Boston Globe‘s NYT parent company.

Emily Steel, U.S. media and marketing correspondent for the Financial Times, shared a definitive rundown Wednesday of today’s likely bidders. Today, it’s the turn of Stacey Vanek Smith, a senior reporter for Marketplace Morning Report:

Bids for the Globe are expected to be in the $100 million range. The New York Times company paid more than a billion dollars for the publication 10 years ago.

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Report: Koch Brothers Circling Tribune Co. Assets

Ha ha. Hillel Aron, ably working the LA Times transition-phase beat for LA Weekly, warns that today’s reported rumblings should probably be taken not so much with a grain of salt but rather a dollop of it. Nonetheless, with Tribune Co. reps having recently hinted they would prefer to find a single buyer for the company’s entire daisy chain of newspaper assets, this makes a lot of on-newsprint sense:

Multiple sources tell LA Weekly that Charles and David Koch — the infamous right-wing billionaire brothers — are considering an offer on either the Tribune Co. newspaper group, which includes the LA Times, the Chicago Tribune and the Baltimore Sun or the entire Tribune Co., which includes more than 20 stations like WGN and KTLA Channel 5.

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GQ Serves Up Tasty Cheers Anniversary Present

Today of course, the pitch would be all about the “reality” of a Boston walk-down bar. A vehicle designed to allow viewers to follow along as real-life customers chew on the Red Sox, the Patriots, the Bruins and billionaire Frank McCourt.

But 30 years ago, the sitcom still ruled the prime time TV airwaves. And as the October issue of GQ wonderfully celebrates, there was no better example of the artform than the show launched on September 30, 1982. There is so much great stuff in the mag’s Cheers oral history. Here are just a couple of bar-nut size teases:

James Burrows: When I got the first draft of the pilot from Les and Glen [Charles], I said to my wife, “Oh, my God, these guys have brought radio back to television.” They had written this smart, intellectual story. I’d never seen anything like that on TV before—just guys sitting around, talking.

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Forbes Sends Dodgers to the Discount Bin

Even though the gang at Guggenheim Partners, with a key assist from Magic Johnson, paid $2.15 billion for the Los Angeles Dodgers, Forbes magazine believes the team is presently worth less. A lot less.

The magazine’s just released list of “The World’s 50 Most Valuable Sports Teams” puts forth the kind of instant-depreciation that would make even a car salesman blush. Check it out:

#1 Manchester United ($2.23 billion)
#2 Real Madrid ($1.88 billion)
#3 New York Yankees ($1.85 billion)
#3 Dallas Cowboys ($1.85 billion)
#5 Washington Redskins ($1.56 billion)
#6 Los Angeles Dodgers ($1.4 billion)
#6 New England Patriots ($1.4 billion)
#8 Barcelona ($1.31 billion)
#9 New York Giants ($1.3 billion)
#10 Arsenal ($1.29 billion)

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This Picture is Worth 2 Billion Words

The passing of the torch as Magic Johnson and Frank McCourt are all smiles at Opening Day from Petco Park in San Diego.

Photo: Jon SooHoo/Los Angeles Dodgers

LA’s Magical New Baseball Anthem

At the nadir of the bankrupt Frank McCourt era, FishbowlLA offered up what we felt was a more fitting version of baseball’s seventh inning anthem. We’re sure glad we don’t have to sing that song anymore.

Thanks to this week’s $2.15 billion Dodgers deal, it’s time for a different Chavez Ravine shower refrain. So all together now, follow the bouncing billions and learn the words to “Take Me Out to the Bid Game:”

Take me out to the bid game,
Take me out with the zeros.

Buy me some land and broadcast rights,
I don’t care if it was a sneak attack,

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Magic Johnson’s Group Buys Dodgers for $2 Billion

Do you believe in Magic?

Magic Johnson‘s bidding group reached a deal to purchase the Los Angeles Dodgers and Dodger Stadium from Frank McCourt for a whopping $2 billion — the highest amount ever paid for a sports franchise. Bankruptcy judge Kevin Gross is expected to approve of the deal on April 13, a little over two weeks before McCourt must pay his ex-wife Jamie $131 million as part of their divorce settlement.

Guggenheim Baseball Management LLC are the official owners, which include Johnson, Mark R. WalterPeter Guber, Stan Kasten, Bobby Patton and Todd Boehly. The controlling owner is Walter, chief executive officer of the financial services company. Kasten, the former president of the Washington Nationals and Atlanta Braves, is expected to run the day-to-day operations.

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Three Groups Left in Dodgers Bidding

And then there were three.

Another round of cuts were made in the Los Angeles Dodgers bidding process and we could have a winner as soon as next week, according to Bill Shaikin of the Los Angeles Times:

The three finalists include a group led by hedge-fund billionaire Steven Cohen and Los Angeles billionaire and philanthropist Patrick Soon-Shiong; a group led by Magic Johnson and veteran baseball executive Stan Kasten; and St. Louis Rams owner Stan Kroenke.

The cut was confirmed by two people familiar with the sale process but not authorized to comment.

Major League Baseball owners are expected to vote on the three remaining bidders early next week. Final negotiations then would take place with Frank McCourt and Blackstone Advisory Partners, the investment bank brokering the sale.

Peter O’Malley Withdraws LA Dodgers Bid

Peter O’Malley won’t own the Los Angeles Dodgers for a second time.

The 74-year-old former owner reportedly withdrew his bid Tuesday, leaving 10 potential individuals or groups left in the running to purchase control of the baseball franchise from Frank McCourt.

The O’Malley family owned the Dodgers from 1950-1998 before News Corporation purchased the team for reportedly $350 million.

A new round of bids are expected on Thursday as we are just two months away from the end of the McCourt era.

New York Observer Publisher in Hunt for Dodgers

Here’s a tip for all you Dodger ownership bid watchers. If you have not already, set up a Google News alert for “Bill Shaikin.” The LA Times baseball beat reporter remains the go-to source for breaking developments about the Frank McCourt sweepstakes.

Shaikin’s latest scoop, posted online last night, reveals that 31-year-old New York real estate entrepreneur Jared Kushner is among nine groups in the current running to buy the Dodgers. Kushner is the son-in-law of Donald Trump, as well as the owner of a Manhattan newspaper re-invented by former mediabistro.com editorial employee Elizabeth Spiers:

Kushner, who became owner and publisher of the New York Observer in 2006, has played a key role in expanding the family business beyond real estate. At 31, he would be the youngest owner in Major League Baseball.

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