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$GCI Event Update: TEGNA, the soon-to-be-independent company of Gannett Co., Inc. today held its first investor meeting to present strategy, growth opportunities and financial projections, plus plan to return approx. $1.5Bil to shareholders by 2018.
$GCI company USA Today Network said investigative journalist Robin Amer has joined its podcasting team. Amer’s longform podcast ‘The City’ will be debuted in 2018. Amer has more than 10 years of experience in broadcast, print and digital media. Most recently, she held the post of deputy news editor at Chicago Reader.
$GCI's shareholders re-elected Chairman John Jeffry Louis, President and CEO Robert J. Dickey, John E. Cody, Stephen W. Coll, Donald E. Felsinger, Lila Ibrahim, Lawrence S. Kramer, Tony A. Prophet, Debra A. Sandler and Chloe R. Sladden to the Board of Directors.
$GCI acquired SweetIQ Analytics, expanding the ReachLocal digital marketing suite of products. The acquisition accelerates the company's product roadmap and enhances its ability to help businesses measure results of their digital marketing investments.
$GCI said one of its segments, The Domestic Publishing, has named Nancy Meyer, formerly publisher and CEO of the Orlando Sentinel Media Group, as President of the North Jersey Media Group. $GCI also named Rick Green, most recently President and Publisher of Enquirer Media in Cincinnati and a Regional Group President at $GCI, as VP/News and Editor.
Media company $GCI said it has named Dan Norselli as President of the Rochester (N.Y.) Democrat and Chronicle, effective August 1. Mr. Norselli, who was previously VP of Sales at the Rochester (N.Y.) Democrat and Chronicle and D&C Digital, succeeds Michael Kane, who was named President/East Group, Domestic Publishing.
Media company $GCI said that it has acquired certain assets of the North Jersey Media Group, including The Record, the Herald News and their affiliated digital properties. The company expects the acquisition to add approx. $90MM in annual revenues and will move towards approx. corporate-average margins by the end of first full year of operations.
$GCI said it urged $TPUB to stop delaying constructive negotiations by insisting on limiting conditions in its non-disclosure agreement (NDA). $GCI is ready to sign customary NDA for an all-cash transaction of this type that will not have a financing contingency and does not limit its options to submit offer directly to $TPUB stockholders.
$GCI said it issued statement regarding its $15 per share all-cash premium offer to buy $TPUB. The final results confirm the conclusions $GCI drew in its June 2 press release, including that five of 8 $TPUB directors received less than 50% support from shares voted that are unaffiliated with $TPUB or its Chairman Michael Ferro.
$GCI said that, based on the advice of its proxy solicitor, it believes shares voted that are unaffiliated with $TPUB or its Chairman Michael Ferro were cast at Tribune annual meeting. $GCI said it appreciates $TPUB stockholders' willingness to withhold votes to urge $TPUB to negotiate in good faith with $GCI regarding offer to buy $TPUB.
$TPUB, rejecting a revised offer from $GCI, said it agreed to issue investor Nant Capital 4.7MM shares at $15 each to support the company's stand-alone strategy. "We continue to have serious doubts about $GCI's ability to enter into a transaction, especially when you consider its approx. $650MM pension and OPEB liability," $TPUB said.
Media major $TPUB on Monday rejected a revised acquisition offer from rival $GCI saying it "thoroughly evaluated" the suitor's latest $15 per share in cash proposal and determined that it was not in the best interest of its shareholders. $TPUB also said it secured a $70.5MM investment by Nant Capital, making Nant $TPUB's second largest shareholder.
Media company $GCI has issued a statement regarding its $15 per share all-cash premium offer to acquire $TPUB & its intent to seek "WITHHOLD" votes in connection with $TPUB's 2016 Annual Meeting of Stockholders to be held on June 2. $GCI urges $TPUB stockholders to vote the GOLD proxy card to "WITHHOLD" votes from the election of 8 TPUB Directors.
Media holding company $GCI, which is chasing rival $TPUB with an unsolicited acquisition proposal, said it mailed a letter to all $TPUB stockholders soliciting "withhold" votes in connection with the election of all eight nominees to the $TPUB BoD at $TPUB's annual meeting to be held on June 2, 2016.
$GCI said it has raised its all-cash, premium offer to acquire $TPUB to $15 per share from $12.25, representing a premium of 99% to $TPUB's closing price of $7.52 per share on April 22. The total value of the revised offer is about $864MM, including the assumption of some $TPUB liabilities including about $385MM of debt outstanding as of March 27.