Monday, 30 March 2015
Last updated 2 days ago
Jul 30 2010 | 12:00pm ET
Avenue Capital Group’s bid for Newsweek magazine has been imperiled by the hedge fund’s ties to the publisher of sensationalist grocery-store tabloid the National Enquirer.
The Washington Post Co., which is selling the august if highly-unprofitable news weekly, is uncomfortable with Avenue’s plans to involve American Media in the running of Newsweek. Avenue’s proposal would have AMI handle advertising and other back-office functions for Newsweek, The Wall Street Journal reports.
But the Post’s concerns were not eased by Avenue’s promise that AMI would have no ownership stake or editorial involvement in Newsweek, and that its back-office functions would be strictly laid out in a service agreement. Avenue owns a 20% stake in AMI, which also published Shape, Men’s Fitness and Star, and holds a seat on its board of directors.
Avenue had widely been seen as the front-runner for Newsweek. But the hedge fund now believes that audio-equipment mogul Sidney Harman is the favorite to buy the magazine.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…