Tuesday, 30 September 2014
Last updated 1 hour ago
Jul 2 2010 | 11:04am ET
Hedge fund Avenue Capital Group has submitted a bid for Newsweek, hedge fund manager Thane Ritchie has not, while the fate of other alternative investment bids is unclear.
New York-based Avenue was one of two potential buyers known to have submitted a bid for the troubled news magazine, which is being sold by the Washington Post Co. The other came from Fred Drasner, a former co-publisher of the New York Daily News and former executive at Newsweek rival U.S. News & World Report.
Avenue’s offer came just a few hours before yesterday’s 5 p.m. deadline for final bids. The firm is no stranger to the publishing world, owning several printing firms and a stake in Men’s Fitness and National Enquirer publisher American Media. It is also likely to wind up with a substantial chunk of newspaper publisher Tribune Co. when it emerges from bankruptcy.
By contrast, the Post said thanks, but no thanks, to Ritchie’s bid. It is the Ritchie Capital Management founder’s second failed bid for a big name in news, following his failure to buy the Sun-Times Media Group last year. The Post also ruled out conservative publisher Newsmax Media.
Private equity firm OpenGate Capital, which owns TV Guide, had also been considering a bid, although it is unclear if one was made. Harbinger Capital Partners was also mulling a move for the magazine.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...