Skip to comments.Newsweek Deadline Draws Near (Chris Ruddy may bid - Dinosaur Media DeathWatch™)
Posted on 05/30/2010 6:02:57 AM PDT by abb
A private-equity firm and a publisher of a right-wing magazine are among prospective buyers expected to enter the first round of bidding for Newsweek magazine.
OpenGate Capital, the investment firm that owns TV Guide, plans to formally declare its interest in acquiring Newsweek before Wednesday's deadline for nonbinding bids, according to managing partner Andrew Nikou. Christopher Ruddy, publisher of the conservative monthly magazine Newsmax, said he also plans to bid.
Thomson Reuters Corp. is unlikely to submit a letter of interest by next week's deadline, but the financial news and information company could partner on a bid later in the process, according to a person familiar with the company's thinking. Media mogul Haim Saban initially expressed an interest, but it is unclear if he will enter the fray. A spokesperson for Mr. Saban declined to comment.
Meanwhile, Bloomberg LP, Fast Company publisher Mansueto Ventures and Mort Zuckerman, owner of U.S. News & World Report, all said they are not interested.
Newsweek owner Washington Post Co. recently said it would try to sell the unprofitable magazine and hired Allen & Co. to shop it. The investment bank has circulated a summary of Newsweek and details about the bidding process, which requires prospective buyers to submit a purchase price and financing plan by 5 p.m. EDT Wednesday.
Post Co. indicated in the summary sent to potential buyers that the company would assume all long-term employee-related liabilities, including pension and retirement obligations, as of the sale date. It also indicated in the summary it will assume "certain" severance obligations. A person familiar with the matter said Post Co. has offered to cover severance costs for up to 200 Newsweek employees not retained by the new owner. Newsweek has 379 full-time-equivalent employees.
(Excerpt) Read more at online.wsj.com ...
Good move by Ruddy. He’ll get a bunch of Newsmax stories out of how the Obama admin blocked his purchase of the magazine.
If Chris Ruddy buys it, will it still be “dinosaur media”?
And Media is not dead ... it’s merely morphing [for those who are cheering].
Wow! Did not know this. Do you have a link?
Rush should just buy it and turn it into the PREMIER Conservative magazine in the World.
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Yes. Seems like a logical move for Ruddy. And the Newsweek banner.
Bo in action.
LOL...they didn't try to bar the sale yet, but there's no way they'll let a conservative entity buy up one of their most outspoken allies and propaganda arms. It may not be done directly through gov't force, but more likely through their allies in the media.
It will be the kind of stuff that's perfect for Newsmax stories!
Jim Robertson should buy it and call it NewsFreep.
Pray for America
Whoever buys it in the end...ends up with a magazine that cannot sustain a profit. The only plus is that you have a dozen reporters who can appear on Sunday talk shows for MSNBC or CNN....and talk. Basically, you run a stable of horses who can’t run with real racehorses but they are happy to be just marginal horses.
In fact, I would even say this....I could open a new magazine called Newsweek II...with all college students (no one over the age of 24) and carry the same subscription level and profit margin. At least with my concept....I’d be paying out half the salary that they pay today, and I could actually say I’m making a profit.
The offices will need to be disinfected, if not outright incinerated.
The 4th estate is a 5th column.
Why would Chris Ruddy buy Dinosaur Media? Does he want to lose money?
I think some Freepers don’t know that media is not dying.
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Mr Ruddy, I’ll buy a subscription. ...go for it.
Wouldn’t that be a total BOL for our side if Ruddy buys Newsweek?
Big Time “negative net worth”