Wednesday, 1 October 2014
Last updated 23 min 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.
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...