Word: gannett
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Dates: during 1980-1989
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...bidding war ended with nary a drop of blood spilled. Gannett Co., the nation's sixth-largest media company (86 daily newspapers, including USA Today, six TV stations and 14 radio stations), agreed last week to buy the Evening News Association, the parent firm of the Detroit News, which has been controlled by the Scripps family for 112 years. Gannett offered $1,583 a share for a total of $717 million, beating out Washington Redskins Owner Jack Kent Cooke and Hollywood Producer Norman Lear. Besides the money-losing News (circ. 667,000), Gannett will acquire lucrative television stations in Washington...
...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 Co., the country's largest newspaper group, which reportedly bought a block of 20,000 shares last week at $1,300. The ENA board has announced that it will not sell stock to L.P. Media, but Lear and Perenchio have taken the company to court to press their right...
...case had sharply divided the many-gabled house of publishing. On one side stood the nation's major book publishers. On the other were some of its most influential newspapers, including the New York Times, the Washington Post and the Gannett chain. Reporters and editors could be found in both camps. At issue was the media's right to publish immediately what they regard as news against an author's right to protect a soon-to-be-published manuscript...
...price rises. ABC stock shot up $31, to nearly $106, and issues of some other companies in the field also climbed sharply. At week's end CBS had gained 20 1/4, to 108 3/ 4, and RCA, parent of NBC, had risen 4 7/8, to 42 7/8. Newspaper publishers Gannett and Knight-Ridder were up too, as was the stock of Chicago's Tribune Co. Australian Publisher Rupert Murdoch, whose properties include the New York Post and New York magazine, added even more zest to the media merger mania: he offered $250 million for half the shares of 20th Century...
Ralph: Nolo contendere, my polemical one. He shouldn't have done it, but he's on the board of Gannett, which owns the newspaper, and he wasn't paid...