WAN-IFRA

Shaping the Future of the Newspaper

Date

Fri - 31.10.2014


Mergers and acquisitions

A £1bn sale of the Financial Times is under active consideration, Bloomberg said today  – only for the story to be immediately denied by its owner. 

Pearson, the FTSE 100 media group, issued a statement in response to the article saying that, though ‘not in the habit of responding to rumours, speculation or reports about our portfolio’, it was obliged to point out that ‘this particular Bloomberg story is wrong.’ Dame Majorie Scardino, the outgoing chief executive of Pearson, once said famously that the FT would be sold ‘over my dead body’ but her impending departure from the company in January lends added credence to the report, as does the fact that the story comes just weeks after Pearson agreed to merge Penguin with Bertelsmann’s Random House in a deal to create the largest book publisher in the US and the UK. 

For the rest of this story, please see our sister publication, www.editorsweblog.org.

Author

Frederick Alliott's picture

Frederick Alliott

Date

2012-11-08 10:13

Wrapports LLC, which owns the Sun-Times Media Group, is on the cusp of buying alt-weekly the Chicago Reader, reported Crain’s Chicago Business yesterday. The article suggests that Wrapports will buy the paper for about $3m from its current owner Atalaya Capital Management L.P., which bought it out of bankruptcy three years ago, along with four other weekly papers.

Crain’s quotes Brad Bulkley, an investment banker working for Atalaya, who says that his priority in choosing a buyer for the Chicago Reader was finding someone who would preserve the paper and “most, if not all, employee positions."

The article notes that, through buying up the Reader, the Sun-Times newspaper group would be able to expand its currently thin coverage of the Chicago arts and culture scene and develop valuable relationships with arts and entertainment advertisers. “Music and entertainment is pretty sticky content online," notes Mark Roth, co-founder of the entertainment site Centerstage, which was purchased by the Sun-Times media group.

Author

Hannah Vinter's picture

Hannah Vinter

Date

2012-05-10 16:21

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