So, Just What is the Status of the Sale of the NYTimes Broadcast Group?
I get questions on a regular basis now from folks wanting to know if I've heard anything more about the pending sale of the NYTimes. Oh I've heard rumors like everyone else but nothing more concrete than that. I've heard and read on various internet sites that Allbritton has been nosing around some of the properties. Allbritton has stations in Tulsa and Little Rock. They could create a daisy chain by buying KFOR (Oklahoma City), KFSM (Ft. Smith) WREG (Memphis) and WHNT (Huntsville). I personally don't know that much about Allbritton but from what I've read, it's like any group with the big dog WJLA getting the most money and the others glad to have what they get.
I have also read where proposals were supposed to have been submitted last week so the brass can mull over the offers and see what's on the table. As to when an announcement will be made depends on which quarter the NYTimes wants to shore up. Since the last quarter involved a lot of political advertising (which always helps the bottom line) they may hold off until the first quarter to announce the sale to help shore things up there. I'm just speculating here. If I had a great background in math and tax issues I would have been a CPA instead of a news person. Perhaps someone wise in the ways of monetary issues might weigh in here.
Also, the corporate big-wigs might wait until after Christmas to make an announcement in case the news isn't too great. You know they really are quite sensitive to the little people. Just ask them. As long as it doesn't interfer with THEIR end of the year bonus that is.
I have also read where proposals were supposed to have been submitted last week so the brass can mull over the offers and see what's on the table. As to when an announcement will be made depends on which quarter the NYTimes wants to shore up. Since the last quarter involved a lot of political advertising (which always helps the bottom line) they may hold off until the first quarter to announce the sale to help shore things up there. I'm just speculating here. If I had a great background in math and tax issues I would have been a CPA instead of a news person. Perhaps someone wise in the ways of monetary issues might weigh in here.
Also, the corporate big-wigs might wait until after Christmas to make an announcement in case the news isn't too great. You know they really are quite sensitive to the little people. Just ask them. As long as it doesn't interfer with THEIR end of the year bonus that is.
posted by Joe Larkins at 5:54 AM
7 Comments:
Joe,
Annoucement hasn't been made yet, but I hear the a bid was accepted yesterday from a private equity firm for the entire group. Price tag is somewhere around 650-million.
As Paul Harvey says, "standby for news."
That would be good news for many managers as there would NOT be new folks coming in to take over. In fact, that could mean that just about the whole hierchy could or would stay in place just as it is.
How is that going to affect my pension? LOL
Joe,
Private equity is buying up everything from TV to health care companies. They're not doing it to run things the same way. You have to figure they want a return on their investment (they tend to promise their investors 8% per year) within seven years. So, they'll come-in and invest in new technology -- automation in master control and in the studio, they'll cut costs (layoffs) and they'll position themselves for a payoff down the road whether it be a sale of all or part of the assets. This is the busines today. No one is coming to keep the status quo. Merry Christmas.
The GM
Albritton has all ABC stations, so the logical purchase in my opinion would be ABC-24. Maybe offer a large purchase price and try to get WJKT (Fox 16) & WLMT (CW 30)as throw-ins
GM.
Thanks for weighing in on this. It's probably not what the folks in the NYTimes Broadcast group want to hear but hey, it's all about the bottom line mthese days.
Regards,
Joe
Hey Joe! You didn't put up a holiday greeting soooo......Merry Christmas and Happy New Year to you and your family.
By the way.....I wonder what ever happened to those end of holiday newscasts where they had the anchors and technicians and other valuable people behind the scenes waving? Some used to have the mothers and fathers etc on there too. I really felt it meant a lot to all the personnel just to have a member of their family on there, even though it was only a second or 2.
Stay Well!
.............JD
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