Black Press Ltd., owner of the Akron Beacon Journal, has put in a takeover bid to purchase a fellow Canadian newspaper group, Osprey Media Income Fund.
The bid of $404 million in Canadian dollars ($377 million U.S.) tops an offer from Quebecor Media Inc., which had agreed to purchase Osprey in May.
Black Press, owned by David Black and his family with a 19.4 percent minority ownership from Torstar, owner of the Toronto Star, has offered $1 more per share for Osprey than Quebecor offered. Quebecor offered $7.25 Canadian per share ($6.76 U.S.); Black has offered $
8.25 Canadian ($7.70 U.S.).Black on Wednesday said he felt that the group of 20 daily newspapers, 34 nondaily newspapers and other publications was worth more than Quebecor was offering.
Black said he is in a buying mode.
``I am bullish for newspapers,'' he said. Black said he is looking to purchase other newspapers, including in the United States, ``but there's limits to the kind of capital we can bring. I'm quite interested in the field. I think newspapers have a great future. I know I'm beginning to be a bit of a minority there. It's time to buy for me.''
Black said he is not interested in selling the Beacon Journal. ``I really like the situation.''
Black Press owns 150 community newspapers and 15 regional Web operations in Canada, Washington, Oregon, Honolulu, Hawaii and Akron.
Osprey Media is one of Canada’s leading publishers of daily and non-daily newspapers, magazines and specialty publications. Its publications include 20 daily newspapers and 34 non-daily newspapers together with shopping guides, magazines and other publications. Osprey also engages in the distribution of inserts and flyers and commercial printing for third party publications. Osprey Media’s extended market products provide flyer distribution to over 1.0 million households across Ontario.
Osprey Media’s 20 daily newspapers offer combined average daily circulation of 332,176 while its non-daily newspapers (both paid and unpaid) offer combined average weekly circulation of 380,798.
Among the dailies is the Niagara Fallls Review, the newspaper of record in Niagara Falls since 1879 which has been publishing daily since the 1930s,
See more information on Osprey's website.
Click on the headline to read the full story by Beacon Journal business writer Betty Lin-Fisher
[Akron Beacon Journal, Akron, OH, Thursday, January 28, 2007, oage C7, col. 5]
1 comment:
Hey hey, instead of investing money in papers Black already owns and doing things like, I don't know, getting more writers or paying for tech, just buy more dumpy little papers! What a brilliant idea.
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