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Deal For Newsweek Close To Completion (Liberal millionaire to buy dying magazine for $1)
NY Times ^ | 8/2/10 | JEREMY W. PETERS

Posted on 08/02/2010 9:42:12 AM PDT by jimbo123

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To: KarlInOhio

Harmon is not taking over any debt or pension obligations for Newsweek. WaPo is assuming those liabilities.

He is only agreeing to cut no more than 35% of staffing, keep liberals like Zakaria and Clift employed, and fund future operating losses after the buy is completed.


61 posted on 08/02/2010 10:57:57 AM PDT by jimbo123
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To: Secret Agent Man
If the 91 year old dies next year, his relatives would only get 45% of Newsweek.

Assets = Liabilities

The last time I looked $0 X .45% = $0

And the offspring will still run the company. (for a while)

62 posted on 08/02/2010 10:59:28 AM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one.)
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To: Still Thinking

“Dude! I love it! Can I come over next ritual day and help?”

########

Sure can.

Your shopping list:

For the ritual itself:

High octane gasoline.
A wide variety of ammunition and explosives.
Shredder oil.
Lighter fluid. The bad ass kind.

For us:

Cigars. A tasty and fragrant Maduro blend preferred.
Beef.
American, English, Irish or German Beer.
Scotch.


63 posted on 08/02/2010 11:03:15 AM PDT by EyeGuy
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To: no dems
Let it friggin’ die.

I agree... I was looking forward to Newsweak's demise.

64 posted on 08/02/2010 11:03:49 AM PDT by nutmeg (Another "smartass" for lower taxes)
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To: jimbo123
A deal to sell Newsweek to a 91-year-old stereo equipment magnate

He can fix it - he's got an awesome set of tools!

65 posted on 08/02/2010 11:12:25 AM PDT by Senator Pardek
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To: Texas Fossil

The taxpayers will pay for Newsweek since the losses will be written off and carried forward.


66 posted on 08/02/2010 11:19:52 AM PDT by jimbo123
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To: EyeGuy
Oh, you're a scotch guy....ah, well....

Can I bring bourbon instead? All that other stuff is already in stock, of course.

67 posted on 08/02/2010 11:27:43 AM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: Still Thinking

Bourbon, Whiskey, Rye, Single Malt, Blended.

It all works.

Just none of that pussified/sweetened/flavored/spiced crap that will make you barf.

And mentally ill.


68 posted on 08/02/2010 11:34:54 AM PDT by EyeGuy
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To: jimbo123

How long since they showed a profit?

Tax deductions are applied to offset profits.


69 posted on 08/02/2010 11:36:14 AM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one.)
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To: EyeGuy
Just none of that pussified/sweetened/flavored/spiced crap that will make you barf.

Oh, no kidding. Sheesh.

70 posted on 08/02/2010 11:40:02 AM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: jimbo123

A PUBLIC bailout by a YESTERYEAR investor.


71 posted on 08/02/2010 11:43:21 AM PDT by VideoDoctor
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To: GQuagmire

Great. Now I’ll have to watch that movie tonight :-)


72 posted on 08/02/2010 12:30:50 PM PDT by VeniVidiVici (It's easy being a communist when you're rich.)
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To: Secret Agent Man

The relatives might say take all of it. We don’t want the 45% and if the government ran it, no one would be able to tell the difference in terms of content.


73 posted on 08/02/2010 12:38:16 PM PDT by CriticalJ (Suppose you were an idiot. And suppose you were a member of Congress.. But then I repeat myself. MT)
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To: Texas Fossil

3 years ago. they can carry forward losses.


74 posted on 08/02/2010 12:46:11 PM PDT by jimbo123
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To: jimbo123

So it’ll be Mother Jones with massive supermarket distribution. Big friggin’ deal.


75 posted on 08/02/2010 1:17:29 PM PDT by Buckeye McFrog
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To: rightwingintelligentsia

Yeah, but I think it had to do more with the green than the love...


76 posted on 08/02/2010 1:22:15 PM PDT by bcsco (First there was Slick Willie. Now there's "Oil Slick" Barry...)
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To: Secret Agent Man

The heirs stand to lose 55 cents on the deal after inheritance tax.


77 posted on 08/02/2010 1:26:35 PM PDT by sbMKE
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To: Still Thinking

It makes you wonder how much they lost on Air America. That nightmare was a black hole of money pits.


78 posted on 08/02/2010 3:36:49 PM PDT by yefragetuwrabrumuy
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To: yefragetuwrabrumuy

I was loving every second. Envision one of those displays that scrolls time or money displaying the net worth of the guys that were operating Air America. You could watch them getting poorer by the second.


79 posted on 08/02/2010 4:09:55 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: jimbo123
"In seeking a buyer for Newsweek, we wanted someone who was both extremely rich and extremely old, and therefore someone who could both afford to absorb almost unlimited future losses and wouldn't understand that a printed weekly news magazine is about as relevant as the rotary-dial telephone in the age of the Internet feels as strongly as we do about the importance of quality journalism," said Post Co. Chairman Donald Graham in a statement.

There, fixed it.

80 posted on 08/02/2010 5:47:22 PM PDT by catnipman (Cat Nipman: Made from the Right Stuff!)
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