Friday, 29 August 2014
Last updated 4 hours ago
Aug 4 2010 | 2:51am ET
A handful of alternative investment firms wanted to buy Newsweek. But none will be the next owner of the struggling news weekly; instead, a 91-year-old audio equipment billionaire.
Sidney Harman, the founder of Harman Kardon, beat out New York hedge fund Avenue Capital Group for the magazine. He reportedly won’t pay much—the figure of $1 has been bandied about—instead agreeing to take on some $50 million in liabilities from the current owners, the Washington Post Co.
Avenue’s bid was reportedly derailed by its ties to the National Enquirer, the sensationalist tabloid. The hedge fund owns a stake in Enquirer publisher American Media, and had planned to turn Newsweek’s advertising and back-office functions over to AMI.
Avenue had been seen as the front-runner to buy the magazine.
Private equity firm OpenGate Capital and hedge fund Harbinger Capital Partners were also reportedly considering bids for Newsweek. Hedge fund manager A.R. Thane Ritchie also briefly considered an offer.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...