Hedgie, P.E. Firm Seek To Buy ‘Newsweek’

Jun 7 2010 | 1:14pm ET

A pair of alternative investors are eyeing Newsweek magazine, the august periodical that The Washington Post Co. is seeking to unload after years in the red.

A.R. Thane Ritchie, the founder of hedge fund Ritchie Capital Management, and private equity firm OpenGate Capital are two of the four bidders for Newsweek, which the Post has owned for nearly a half-century.

OpenGate, which owns TV Guide, is the only bidder without known political ties or ambitions. Also trying to buy the magazine, which has lost $44 million over the last four years, are politically conservative publisher Newsmax Media and Sidney Harman, the husband of Rep. Jane Harman (D-Calif.). Ritchie himself has been politically active this year, founding a political party in Illinois aimed at challenging both Democrats and Republicans.

It’s also not Ritchie’s first bite at a major publication: He tried to buy the Sun-Times Media Group, which owns the Chicago Sun-Times and several dozen suburban Chicago newspapers, last year. Even after losing the bidding, he went to court to try to block its sale of Jim Tyree of Mesirow Financial.

Ritchie is bidding for Newsweek on his own, and not on behalf of Ritchie Capital. His Wheaton, Ill.-based firm has been engulfed in the Thomas Petters Ponzi scheme case, with Barclays Bank suing the hedge fund, accusing it of hiding more than $150 million in investments it made in Petters’ collapsed business empire.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.