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Shares of Expedia Group Inc. soared more than 7% Wednesday, after the online travel services company surprised the market with the news that its CEO and CFO are out after about two years in their roles, following a disagreement with the board of directors on strategy.
Tribune Publishing Company (NASDAQ: TPCO), one of the nation's leading media companies, announced today the appointment of Dana Goldsmith Needleman and Christopher Minnetian to its Board of Directors, effective immediately. The Board size has been increased from six to eight members. Ms. Needleman and Mr. Minnetian are expected to stand for election at Tribune Publishing's 2020 Annual Meeting of Stockholders.
Cove Street Capital disclosed on Nov. 21 that it held 2,409,532 shares of the education and professional-development services provider, equal to 14.2% of the outstanding stock. Cove Street revealed that it has shifted to an active stance, as it “expects to engage the board and the management team” over GP’s “difficulty over a multiyear period” in striking what Cove Street believes are acceptable growth rates in revenue and profit. Hudson Executive Capital revealed that it holds 10,385,172 shares of the payments-processing firm, equal to 16.3% of the tradable stock.
(Bloomberg Opinion) -- Michael Ferro’s tumultuous run at the top of Tribune Publishing Co.’s shareholder register is ending in a pile of hypocrisy: with a sale to a hedge fund known for cutting newsrooms to the bone.Alden Global, the hedge fund whose firm MNG Enterprises tried to buy Gannett Co. earlier this year, is acquiring Ferro’s 25% stake in the Chicago Tribune owner and is in discussions with the company to add two people to its board. Alden has made a business out of gobbling newspapers, ruthlessly cutting costs and gutting the staff and then, cutting even more when the product is invariably damaged, as my colleague Joe Nocera has written here, here and elsewhere. It will pay $13 a share for the privilege of getting the chance to push the same strategy at Tribune.Ferro, who had made his millions by investing in technology companies including Click Commerce and Merge Healthcare and subsequently orchestrating their sales, built his Tribune stake starting in 2016 and ascended to the chairman post. He repeatedly rebuffed takeover bids from Gannett, owner of USA Today and other newspapers, in the early part of his tenure. He argued that he had a plan to fundamentally reinvent the news business by incorporating machine-learning video technology and “content-harvesting robots” and just needed more time to execute it. Gannett, of course, was welcome to get in ahead of time — but would have to pay up.This meant pushing back on takeover bids that reportedly got as high as $18.75, despite the fact that Ferro himself paid only $8.50 a piece for his initial 5.2 million shares. There were also plans for more celebrity coverage, foreign bureaus in places like Lagos, Nigeria, and who could forget that regrettable name change to “Tronc” — all in the name of what one might charitably deem as an effort to be hip. It was a cockamamie strategy from the start with little chance of succeeding, but the odds were made more complicated by Tribune’s mismanagement of its business.The idea to milk more money out of content via artificial intelligence was based in part on a technology-licensing agreement with a company backed by biotech billionaire Patrick Soon-Shiong. Ferro brought Soon-Shiong in as a white-knight investor to help fend off Gannett, then had a falling-out with him that included accusing the No. 2 shareholder of angling to buy the L.A. Times — only to one year later agree to sell him the Times for $500 million. Ferro himself stepped down as chairman of Tribune last year, mere hours before Fortune published a detailed story of sexual harassment allegations against him. After that, he appeared to want as little to do with the company as possible.A $23 a share deal that Ferro inked for his stake last April with McCormick Media ultimately collapsed for unclear reasons. A rumored sale to private equity last August never happened, and takeover talks with McClatchy Co. also fizzled. Tribune even reportedly tried to reengage Gannett in the weeks before the Alden Global-backed MNG approached the latter this year, but too many bridges were seemingly burned in the first rendezvous. Gannett agreed to sell itself to private-equity-backed New Media Investment Group Inc. in a deal that closed this week, and the loss of that potential partner has weighed on Tribune’s shares. So instead, Ferro – the “tech entrepreneur” as so many publications have deemed him over the years – has decided to sell his stake to Alden Global, just a few short months after the hedge fund (via MNG) lambasted Gannett’s digital investments for a lack of return and called for a moratorium on new initiatives.Tribune shareholders are thrilled at the prospect of bolstered profitability. At the very least, Alden will soon be able to do away with Ferro’s $5 million-a-year consulting fee and corporate jet benefits. It seems highly possible that Alden may try to parlay its stake into a bigger takeover; Soon-Shiong still has a nearly 25% stake, but I’d imagine he’s ready to bail on this adventure as well and focus on his purchase of the L.A. Times. I think the thing that bothers me the most is that I can’t honestly say this would have ended any differently if Ferro hadn’t come into Tribune’s life. There would have been less to write about, that’s for sure. Maybe Gannett would have even pulled off the takeover. But that may have ultimately only made for a bigger target for the Wall Street firms wielding their cost-cutting knives.(Corrects the name of the magazine that published a detailed article about sexual harassment allegations against Michael Ferro in a column published on Nov. 20. )To contact the author of this story: Brooke Sutherland at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Tribune Publishing Co. soared as much as 15% after Alden Global Capital LLC, a hedge fund known for making deep cuts to newsrooms, bought out the newspaper company’s largest stockholder.Shares of the company, which publishes the namesake Chicago Tribune and other big-city newspapers, traded as high as $11.20 after Alden purchased 9.07 million shares from Michael Ferro and his Merrick Ventures for about $118 million. Tribune is in talks with Alden to put two of its representatives on the board, the company said Tuesday.The rally was the biggest intraday increase since February.The sale caps a turbulent stretch for Tribune, owner of the Chicago Tribune and other big-city papers. The company has been beset by controversy since Ferro became its largest shareholder and took over as chairman in early 2016. He stepped down in March 2018 just as Fortune magazine was set to detail sexual-harassment accusations against him.It was previously in talks to merge with McClatchy Co., though those discussions fizzled a year ago. Tribune also changed its name in 2016 to the widely ridiculed Tronc, part of an attempt to modernize the business. It went back to Tribune Publishing last year.Pondering OptionsNewspaper chains across the country are pondering their options as they lose readers and advertising. Even with mergers and reorganizations, the businesses have struggled to adapt to a world where Google and Facebook suck up billions in ad dollars. That’s led to thousands of newsroom jobs getting eliminated.“The Tribune Publishing board of directors looks forward to working with Alden to enhance our company’s value as the company continues to provide valuable journalism for our customers and communities,” Chairman David Dreier said in a statement.Alden is the backer of MNG Enterprises Inc., which tried unsuccessfully to acquire Gannett Co. for $1.36 billion earlier this year. It also was rebuffed in its efforts to gain board seats at Gannett, owner of USA Today and the Arizona Republic.Workers at Gannett were concerned that a MNG takeover would take a knife to its operations. MNG, owner of the Denver Post, St. Paul Pioneer Press and other daily newspapers, is known for heavy layoffs.Union WorriedGannett was ultimately acquired by New Media Investment Group Inc. -- a deal that closed Tuesday -- and that buyer has stressed that job cuts won’t be severe.The Chicago Tribune Guild, which represents the newspaper’s editorial employees, expressed concern about the company’s new stockholder.“Alden has a well-established history of harming media institutions and journalists,” the union said. “Still, no matter who owns these shares, we promise to fight as hard as we can to protect our members, improve our company and serve our readers.”(Updates with union statement in last paragraph)To contact the reporter on this story: Rob Golum in Los Angeles at email@example.comTo contact the editor responsible for this story: Nick Turner at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
CHICAGO, Nov. 19, 2019 /PRNewswire/ -- Tribune Publishing Company (TPCO), one of the nation's leading media companies, today announced that funds managed by Alden Global Capital, LLC ("Alden") purchased 9,071,529 shares or 25.2% of the company from Merrick Ventures and Michael W. Ferro, Jr. for $13 per share. As a result of the purchase, Alden is now the company's largest shareholder. The Tribune Publishing Board of Directors is in discussions with Alden to put two members on the Board in connection with increasing the size of the Board from six to eight.
If you own shares in Tribune Publishing Company (NASDAQ:TPCO) then it's worth thinking about how it contributes to the...
Tribune Publishing Co. said Thursday it will begin paying an quarterly cash dividend next month, and for the "foreseeable future." The newspaper publisher's stock fell 0.4% in morning trading. The company will start with a dividend of 25 cents a share, to be payable Dec. 10 to shareholders of record on Nov. 25. Based on current stock prices, the annual dividend rate implies a dividend yield of 10.47%, compared with the implied yield for the S&P 500 of 1.92%, according to FactSet. The company said all future dividends will be subject to the determination of the board of directors. Tribune's stock, which closed at a 3 1/2-year low of $7.13 on Aug. 14, has run up 33.9% over the past three months while the S&P 500 has gained 8.9%.
Tribune Publishing Company (TPCO) today announced that its Board of Directors has approved the initiation of a cash dividend program under which Tribune Publishing intends to declare regular quarterly cash dividends to its shareholders. In conjunction therewith, Tribune Publishing’s Board of Directors has declared an initial quarterly cash dividend of $0.25 per share of common stock. The initial dividend will be payable on December 10, 2019, to Tribune Publishing shareholders of record as of the close of business on November 25, 2019.
Growth in Net income from continuing operations of $7.5 million year-over-yearDigital content revenues increase ~50% year-over-year CHICAGO, Nov. 07, 2019 -- Tribune.
CHICAGO, Oct. 15, 2019 -- Tribune Publishing (NASDAQ:TPCO) today announced it will report its financial results for the third quarter ended September 29, 2019, on Thursday,.
Less than three months ago, Tribune Content Agency, a division of Tribune Publishing Co (NASDAQ: TPCO) inked a deal with cannabis content provider The Fresh Toast to provide reliable cannabis information on its platform. Earlier this week, the media company disclosed millions of people are reading this cannabis-focused content on a daily basis. Tribune Publishing Chief Digital editor Grant Whitmore said the content resonates with readers from around the United States.
(Bloomberg) -- Every two weeks, Jeff Bezos holds a meeting with Washington Post engineers in part to discuss a product called Arc, which helps companies publish online. The software is a growing part of the Post’s business -- albeit less visible than its scoops about the Trump administration.Now, Arc is expanding into a new market, striking a deal with its first nonmedia customer: BP Plc. The energy giant’s communications team will use Arc’s software to publish articles and videos to its 70,000 employees across 250 internal websites, newsletters and a future mobile app.“We realized that many large companies are essentially publishers,” said Fred Ryan, the Post’s publisher.Post executives say Arc’s suite of tools makes it easier for companies to post on different platforms -- including apps, mobile websites, newsletters and social media -- and make money through advertising or subscriptions.The Post created the Arc licensing business in 2014 by giving what had been its newsroom’s proprietary software away free to college newspapers. Its customer base has expanded to media companies that run more than 600 websites globally, including the Boston Globe, Tribune Publishing Co. and Raycom Media Inc. Now, the Post sees a chance to license its software to companies beyond the media industry.Surging SalesArc has about 250 employees, with many engineers working out of an office in Chicago. Its sales tripled from 2016 to 2017 and then more than doubled the following year. Within the next three years, Arc expects to generate $100 million in annual revenue, said Shailesh Prakash, chief information officer and vice president of product at the Washington Post. Arc isn’t yet profitable, Prakash said, but he sees it becoming the Post’s third major revenue stream.“I’m very confident this will be comparable to our advertising and subscriptions business,” Prakash said.Arc is one of a few companies that sell publishing technology. One of them is WordPress.com, whose parent company, Automattic Inc., raised $300 million this month from the tech giant Salesforce.com Inc. Vox Media Inc., owner of the Verge, Eater and Recode websites, licenses its publishing platform, called Chorus, to media outlets such as the Ringer, led by Bill Simmons.Arc has an advantage, Prakash said, because it is tied to Amazon.com Inc.’s cloud computing operation, Amazon Web Services, and is built by the Washington Post.“We have cranky journalists who demand and use this every day, so there’s nowhere for me to hide,” Prakash said.Strategic DecisionsPrakash said he often talks to Bezos about strategic decisions with Arc and has showed him demos of the software. Bezos recently suggested that Arc switch to a serverless architecture that has made the product faster and cheaper to run, he said.Having Bezos as an owner has also helped the Post recruit and retain engineers, Ryan said.“You could be a top engineer at any one of the major tech platforms, but it would probably be unlikely that you’d be engaging with the CEO of that company on any regular basis,” Ryan said. “But here, you have these engineers who roughly every two weeks are engaging with Jeff Bezos, one of the leading technologists of our time.”To contact the reporter on this story: Gerry Smith in New York at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
CHICAGO, Aug. 21, 2019 -- Tribune Publishing Company (NASDAQ:TPCO) announced today Randy Novak, an executive with 20 years of advertising experience including media roles on.
The Chicago Tribune announced today the winners of its 2019 Literary Award and Heartland Prizes, which will be presented at the Chicago Humanities Festival on November 3 and October 27, respectively. For its Literary Award winner, the Tribune will celebrate Henry Louis Gates, Jr., a pioneering American scholar and literary critic who has enriched public life and conversation in his passionate devotion to African American history, culture and literature. Gates – who was awarded the Heartland Prize in 1994 for his memoir, “Colored People” – will receive the award November 3 at the Harris Theater.
Net income from continuing operations up more than $20 million year-over-year Continued growth momentum in digital-only subscribers reaching 300,000 CHICAGO, Aug. 07,.
As part of a new partnership, content from The Fresh Toast will be offered across 600 media and digital information publishers who receive content from Tribune, the companies said in a press release. Tribune cited the growing public interest in cannabis and related products and the medical marijuana movement in its decision to partner with The Fresh Toast.
CHICAGO, July 23, 2019 -- Tribune Publishing (NASDAQ:TPCO) today announced it will report its financial results for the second quarter ended June 30, 2019 on Wednesday, August.
NORFOLK, Va. and NEWPORT NEWS, Va., July 22, 2019 -- Tribune Publishing (NASDAQ:TPCO) announced today that Kris Worrell has been named Editor-in-Chief of the Virginian-Pilot in.
Hedge fund managers like David Einhorn, Bill Ackman, or Carl Icahn became billionaires through reaping large profits for their investors, which is why piggybacking their stock picks may provide us with significant returns as well. Many hedge funds, like Paul Singer’s Elliott Management, are pretty secretive, but we can still get some insights by analyzing […]
The commemorative section, provided to subscribers on Sunday June 23rd, will also be inserted into editions of the Daily News throughout the week and available for purchase at newsstands. The 120-page print and digital edition includes the history of the paper, renowned Daily News photos by decade, contributions from several legendary News columnists and a look at a century of news stories. Newsies in traditional outfits will be distributing the section during the Wednesday afternoon rush hour at Grand Central Station, Penn Station, Port Authority, Union Square and Staten Island Ferry. “This is a celebration of our past, even as we are very focused on the future,” said Terry Jimenez, CFO, Tribune Publishing.