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Stock Market & Financial Investment News

News Breaks
August 5, 2014
06:43 EDTGCI, AHC, MNIA.H. Belo and McClatchy to sell its units in CV to Gannet
A. H. Belo (AHC) and McClatchy (MNI) announced that it, along with its partners in Classified Ventures, or CV, entered into a definitive agreement to sell its units in Classified Ventures, or CV, to Gannett (GCI) for a price that values CV at $2.5B. The transaction is expected to close before the end of 2014, subject to regulatory review. Upon the close of the transaction, A. H. Belo will enter into a new, five-year affiliate agreement with CV that will allow The Dallas Morning News to continue to resell Cars.com products and services exclusively in its local market. CV, whose primary asset is the online car shopping website Cars.com, is a joint venture among A. H. Belo, The McClatchy (MNI), Tribune Media Company, Graham Holdings Company and Gannett. A. H. Belo owns 3.3% of CV and estimates its pre-tax, cash proceeds net of selling costs and funds held in escrow will be approximately $78M. The funds held in escrow of approximately $3M are expected to be released twelve months after the closing date of the transaction.
News For AHC;GCI;MNI From The Last 14 Days
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December 15, 2014
08:04 EDTAHCA.H. Belo announces sale of former South Plant, updates on pension, cash taxes
A. H. Belo Corporation closed on the sale of its former South Plant facility. Net proceeds were $6.7M and the company will record a gain on this sale in the fourth quarter of approximately $1.9M. The company also determined it will make a $20M voluntary payment to its pension plans prior to the end of 2014. This contribution will serve to continue to improve the unfunded position of the pension plans as well as to reduce the company’s 2014 cash taxes, as pension contributions are tax deductible. In other efforts to de-risk the pension plans, in the fourth quarter the company completed a second lump sum payment offer to certain pension plan participants. A total of 721 participants accepted this lump sum offer which is expected to reduce the pension benefit obligation by approximately $70M. The company estimates it will record approximately $7.6M of additional non-cash pension expense in the fourth quarter due to the recognition of prior year actuarial losses associated with the liquidated pension obligations. The pension plans will pay approximately $55M to those participants accepting the lump sum offer. As a result of both of these actions, the company does not expect to make any required pension contributions in 2015. Based on current projections, including the sale of the South Plant and the voluntary pension contribution, the company expects to pay approximately $6M-$8M in federal and state cash taxes for 2014. The estimated payments will be made in December 2014.
December 11, 2014
18:00 EDTAHCA.H. Belo announces special cash dividend of $2.25 per share
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December 10, 2014
11:41 EDTGCIGannett sees 2014 reported revenue up 16%, consensus $5.98B
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11:36 EDTGCIGannett sees Q4 EPS $1.00-$1.02, consensus $1.02
Gannett executives at the UBS Global Media and Communications Conference provided an update on the company's ongoing strategy and gave guidance. CFO Victoria Harker said, "Based on the trends we currently see, we estimate fourth quarter EPS to be in the range of $1.00 to $1.02."
07:53 EDTGCIUBS to hold a conference
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December 9, 2014
07:32 EDTMNIUBS to hold a conference
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December 8, 2014
09:07 EDTMNIMcClatchy expects to have in excess of $200M in cash on hand at 2014 end
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