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Stock Market & Financial Investment News

News Breaks
March 10, 2014
09:52 EDTAHC, GCI, GHC, TRBAA, MNINewspaper group looks for $3B in possible sale of Cars.com, WSJ says
The Classified Ventures consortium, which includes publishers Gannett (GCI), Tribune (TRBAA), A.H. Belo (AHC), McClatchy (MNI) and Graham Holdings (GHC), has put the Cars.com marketplace up for sale for as much as $3B, according to The Wall Street Journal, citing people familiar with the plans. Gannett, which owns around 27% of Classified Ventures, could raise or sell its stake depending on the price, according to the report, citing two people familiar with the company's plan. Reference Link
News For GCI;MNI;GHC;AHC;TRBAA From The Last 14 Days
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February 12, 2016
16:33 EDTGCIJournal Media Group's merger with Gannett recommended by proxy advisory firm
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09:08 EDTMNIMcClatchy announces contribution of real estate to defined benefit pension plan
The McClatchy (MNI) announced that as of close of business yesterday it has contributed certain company-owned real estate to its qualified defined benefit pension plan. The real estate includes six separate properties, inclusive of certain land and buildings located in Raleigh, NC; Charlotte, NC; Garner, NC; Gulfport, MS; Doral, FL; and Fresno, CA. The properties have been valued by independent appraisals at approximately $47.1M in total. The company is leasing back the property from its pension plan for 11 years and will pay aggregate annual rent of approximately $3.5M to the pension plan. The contribution of the property will have no impact on the company's day-to-day operations at its newspapers, office buildings and/or production centers at these locations. Pursuant to provisions under its bond indenture governing debt previously issued by Knight Ridder (KRI) and assumed by McClatchy in the 2006 acquisition of KRI the company will reduce debt by a minimum of $27.6M over the next 90 days.
February 10, 2016
09:07 EDTMNIMcClatchy plans to contribute $47M to pension plan in Q1
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09:06 EDTMNIMcClatchy sees FY16 Digital-only advertising revenue to maintain trend with Q4
Digital-only advertising revenues are expected to maintain the trend from the fourth quarter of 2015 and grow in the double-digit percentage range in 2016 while print advertising revenues, which remain volatile, are expected to be a smaller percent of total revenues. Audience revenues are expected to continue to be stable. Cash expenses, benefiting from the rollover impact from 2015 initiatives as well as new efforts in 2016, are expected to decline. The company expects that cash from operations and proceeds resulting from strategically monetizing real estate assets will be used to strengthen the company's financial position, including debt reduction. Cash will also be used to fund capital expenditures of $16 million to $20 million in 2016. As of the end of the fourth quarter of 2015, the company had $7.2 million remaining under its authorization for its share repurchase program which will expire at the end of fiscal year 2016.
09:06 EDTMNIMcClatchy plans to 'forge ahead' with innovative transition in FY16
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09:05 EDTMNIMcClatchy reports Q4 EPS 10c, one estimate 12c
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February 9, 2016
18:50 EDTGCIGabelli to vote against Journal Media merger, disagrees with ISS recommendation
In a regulatory filing detailing a 15.63% stake in Journal Media Group (JMG), Gabelli noted it has reviewed the report by proxy advisory firm ISS regarding Journal's proposed merger with Gannett (GCI), and intends to vote against the merger plan for those shares over which it has voting authority. Journal Media's "refusal to disclose its real estate asset valuations, beyond the $5.4M 'excess real estate value' for real estate not used in core operations, is what is truly misleading to shareholders," Gabelli claimed.
11:50 EDTGCIGannett examining parcel-delivery business, WSJ reports
Gannett (GCI) is examining the parcel-delivery business and has reached out to consultants in the parcel industry as early as December, The Wall Street Journal reports, citing sources. According to one source, Gannett also held preliminary talks with Amazon (AMZN) as it considers delivery possibilities. The report notes that Tribute Publishing (TPUB) abandoned a similar idea after briefly testing package delivery with Amazon in the fall. Reference Link
08:08 EDTGCIJournal Media Group says ISS recommends investors vote for merger with Gannett
Journal Media Group (JMG) announced that Institutional Shareholder Services has recommended that Journal Media Group shareholders vote "FOR" the proposed merger between Journal Media Group and Gannett (GCI). ISS stated in its February 8, 2016 report: "A vote FOR this transaction is warranted given the substantial premium, the strength of the sales process, the fact that no superior offers have emerged despite the reasonable breakup fee, and the apparently material downside risks..." The transaction and other matters will be considered at a special meeting for Journal Media Group shareholders on March 1, 2016, at 10 a.m. at Journal Media Group's headquarters at 333 W. State St., Milwaukee, Wisconsin. Journal Media Group shareholders of record as of the close of business on January 21, 2016, are entitled to vote at the special meeting either in person or by proxy. The parties currently expect to complete the proposed transaction promptly following approval by Journal Media Group shareholders and the expiration or termination of the Hart-Scott-Rodino waiting period.

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