Word: enae
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...smaller, family-run Evening News Association, which owns the all-day Detroit News (circ. 666,949), has paid even more. It allegedly used revenues from five television and two radio stations to offset an estimated $41.5 million in losses at the paper from 1981 to 1984. ENA Chairman Peter B. Clark has defended the News like a crusader in a holy war; the paper was founded by his great-grandfather James E. Scripps in 1873. Last week, however, Clark's efforts to uphold family tradition gave way when his nine-member board, including six relatives, voted to put the ENA...
...forced by a hostile takeover bid by two producers: Norman Lear, creator of the TV series All in the Family, and A. Jerrold Perenchio, promoter of the 1971 Ali-Frazier fight. As principals in cash-rich L.P. Media, Lear and Perenchio had offered $1,000 a share for ENA stock last month. That offer alone was enough to roil the Scripps family: ENA stock had been selling sporadically at only $150 a share two years ago. Late last year, in an attempt to placate family members disgruntled over the stock's performance, Clark bought back 31,500 of ENA...
Since the ENA board's decision to sell, potential buyers have been lining up like antique dealers at an estate sale. Although Clark considers the News the crown jewel of the company, bidders seem more enticed by ENA's highly profitable television stations in Washington, Tucson, Oklahoma City, Austin and Mobile. (ENA also owns nine newspapers in California and New Jersey, and radio stations in Detroit.) Rumored potential suitors include CBS, Hearst, Washington Redskins Owner Jack Kent Cooke, the Tribune Co. and Wesray Corp. (headed by former Treasury Secretary William Simon). Another major contender is considered to be the Gannett...
Observers speculate that a new owner might split ENA into two companies, one consisting of broadcast properties and one of newspapers. As the News's losses mount, a new owner could petition the U.S. Justice Department to allow a joint operating agreement with the Free Press, in which the editorial staffs would remain separate, but the advertising, printing and circulation operations would be shared...
...scrapped until 1980, and nobody wants to go back to the days when strikes or threats of strikes led stockpiling steel users to step up their purchases of foreign metal. But, says one steel executive, if interruptions like the ore strike make customers feel insecure, "the whole purpose of ENA is defeated." On the union side, the walkout dramatizes the feeling of some militants that giving up the strike weapon emasculates the union. Ed Sadlowski made that argument vehemently in his losing campaign for U.S.W. president last winter, and he had many supporters on the Mesabi Range...