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Author Topic: 'Newsweek' Deadline Draws Near  (Read 1857 times)

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Offline Chris_

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'Newsweek' Deadline Draws Near
« on: June 05, 2010, 01:24:20 PM »
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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.

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.

The nagging issue for prospective buyers is what to do with the magazine once they get it. Newsweek has tried to reinvent itself, having determined the proliferation of 24-hour Internet news outlets diminished the need for a weekly news-gathering publication. The reinvented Newsweek devotes more space to essays and commentary meant to spark discussion on topics in the news. The magazine has targeted a smaller, more sophisticated audience and is charging advertisers more to reach them.
http://online.wsj.com/article/SB10001424052748703957604575272581942971608.html?mod=WSJ_business_MediaMktNewsBucket

Someone get a shovel and call a priest.  Newsweek is going to go belly up. :evillaugh:
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Offline The Village Idiot

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Re: 'Newsweek' Deadline Draws Near
« Reply #1 on: June 05, 2010, 01:34:59 PM »
I thought Saban, the Power Rangers guy and Bloomberg might be interested, but oh well. I just wish they'd fold.
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Offline Chris_

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Re: 'Newsweek' Deadline Draws Near
« Reply #2 on: June 05, 2010, 01:39:38 PM »
Bloomberg changed their minds.
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Offline DumbAss Tanker

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Re: 'Newsweek' Deadline Draws Near
« Reply #3 on: June 05, 2010, 02:34:04 PM »
In other words, it went from being one of the major news publications, though not a premier one, to being a haven for Leftist essayists who can only make a living by selling their drivel to other Leftists with more money.
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Offline The Village Idiot

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Re: 'Newsweek' Deadline Draws Near
« Reply #4 on: June 05, 2010, 02:46:21 PM »
Quote from: DumbAss Tanker on June 05, 2010, 02:34:04 PM
In other words, it went from being one of the major news publications, though not a premier one, to being a haven for Leftist essayists who can only make a living by selling their drivel to other Leftists with more money.

yup
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Offline zeitgeist

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Re: 'Newsweek' Deadline Draws Near
« Reply #5 on: June 05, 2010, 03:20:31 PM »
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Christopher Ruddy, publisher of the conservative monthly magazine Newsmax, said he also plans to bid.

It this were to happen there would be reports of massive numbers of Newsweak people in bathtubs full of hotwater with open veins.   :evillaugh: 
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Offline thundley4

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Re: 'Newsweek' Deadline Draws Near
« Reply #6 on: June 05, 2010, 06:28:15 PM »
Quote from: zeitgeist on June 05, 2010, 03:20:31 PM
It this were to happen there would be reports of massive numbers of Newsweak people in bathtubs full of hotwater with open veins.   :evillaugh: 
That would be a bad thing?
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Offline DumbAss Tanker

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Re: 'Newsweek' Deadline Draws Near
« Reply #7 on: June 05, 2010, 06:50:08 PM »
Quote from: thundley4 on June 05, 2010, 06:28:15 PM
That would be a bad thing?

Yeah, that sounds like a 'Win-win' kinda thing to me!
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Offline zeitgeist

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Re: 'Newsweek' Deadline Draws Near
« Reply #8 on: June 06, 2010, 01:12:56 PM »
Quote from: DumbAss Tanker on June 05, 2010, 06:50:08 PM
Yeah, that sounds like a 'Win-win' kinda thing to me!

Well yeah. Picture Elanor Cliff going off the deep end. :lmao:  Makes my day.
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Offline NHSparky

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Re: 'Newsweek' Deadline Draws Near
« Reply #9 on: June 06, 2010, 01:16:43 PM »
Actually, Newsmax also has a bid in on them.

Priceless.
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Offline cavegal

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Re: 'Newsweek' Deadline Draws Near
« Reply #10 on: June 06, 2010, 01:58:50 PM »
That would be grand if Newsmax  gets it.. I do not think the left will let that happen.. Although Elton John did sell out sooooooo!!!!
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