March 25 (Reuters) – That sound you hear from the newspaper
sector is owners running for the exits.
Spurred by signs of stabilization, thanks mainly to growing
revenue from digital subscriptions, newspaper publishers,
including the likes of Tribune Co and New York Times Co, are
putting notable dailies – the Los Angeles Times, the Chicago
Tribune and The Boston Globe – up for sale.
A new article from the Boston Consulting Group sheds some light on the world of online local advertising, a $21.2 billion market in the U.S. and cited often by a variety of players from AOL’s hyper local network of news sites, Patch, to Yahoo as a the holy grail of ad dollars.
What the authors found is that small business owners – think of the local mom and pop run pizza parlors and hardware stores- only dedicate a fraction of their advertising budget to online. BCG’s Sebastian DiGrande, David Knox, Kate Manfred and John Rose surveyed 550 small business owners in the U.S. who said that only 3 percent of their marketing dollars go toward online advertising. Instead they turn to newspapers and coupon mailers to find new customers.
March 12 (Reuters) – Charles and David Koch, two of the
world’s richest men, are interested in Tribune’s newspaper
assets, which include the Los Angeles Times and the Chicago
Tribune, according to sources familiar with situation.
Earlier on Tuesday, L.A. Weekly reported that the Koch
brothers were rumored to be interested in either all of the
Tribune company, which includes 23 TV stations and national
cable network WGN American, or the Tribune newspapers. The
report also cited “another rumor” from a Los Angeles Times
editorial board member that the Koch brothers are helping U-T
San Diego newspaper owner Doug Manchester finance a bid.
(Reuters) – Rupert Murdoch’s News Corp will start its largely print-based publishing company with no debt and $2.6 billion in cash when it completes the spinoff.
The amount of cash and debt, which analysts generally expected, gives the publishing company a purse to go off and buy other assets should it choose. News Corp released the details in a regulatory filing on Friday.
(Reuters) – In giving up on its magazine business, Time Warner Inc is set to hand its shareholders an operation that has shrinking sales and profits – and will be looking for a new chief executive.
While the details of the spinoff of Time Inc are still to be announced, the media conglomerate has indicated that it will be structured as a tax-free transaction for its shareholders. It has already previously spun off other businesses to investors, including AOL and Time Warner Cable.
March 7 (Reuters) – In giving up on its magazine business,
Time Warner Inc (TWX.N: Quote, Profile, Research) is set to hand its shareholders an
operation that has shrinking sales and profits – and will be
looking for a new chief executive.
While the details of the spin off of Time Inc are still to
be announced, the media conglomerate has indicated that it will
be structured as a tax-free transaction for its shareholders. It
has already previously spun off other businesses to investors,
including AOL and Time Warner Cable.
SAN FRANCISCO, March 7 (Reuters) – Pandora Media Inc
CEO Joseph Kennedy is stepping down and the search for a
replacement has begun, a surprise announcement that came the
same day the Internet music service reported
stronger-than-expected quarterly results.
Shares of the company, the leader in Internet-streaming
radio, leapt 20 percent immediately after it reported results
and forecast better-than-expected revenue for the first quarter
of fiscal year 2014.
March 6 (Reuters) – Time Warner Inc plans to spin
out its division that publishes titles like Time, Fortune and
People into a separate company, ending weeks of merger
negotiations with Meredith Corp.
Time Warner said on Wednesday that the process to separate
Time Inc into an independent public company will likely take
place by the end of the year.
March 6 (Reuters) – News Corp’s education division,
Amplify, on Wednesday introduced the first tablet computer built
specifically for the classroom, in a bid to capture a slice of
the billions of dollars spent in U.S. public schools.
The Amplify Tablet hits the market at a time of soaring
interest in digital learning. Global textbook companies and
scrappy startups alike are flooding the market with products
that let students dissect a virtual frog, manipulate fractions
on a touch screen or learn about the Constitution through an
(Reuters) – Tribune Co has hired investment banks Evercore Partners and J.P. Morgan to assess interest in its newspaper unit, which includes The Los Angeles Times and Chicago Tribune, the company confirmed in a statement on Tuesday.
A sale of its eight major newspapers, which also include The Baltimore Sun, has been widely expected since Tribune emerged from a four-year bankruptcy process late last year.