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| National Enquirer owner set for bankruptcy protection http://www.x404.co.uk/forum/viewtopic.php?f=19&t=11279 |
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| Author: | pcernie [ Mon Nov 01, 2010 11:57 pm ] |
| Post subject: | National Enquirer owner set for bankruptcy protection |
The US publisher of The National Enquirer and Men's Fitness has said it will file for bankruptcy protection within a fortnight. American Media (AM) announced that it will restructure during an expected two months in Chapter 11 protection. During this time, the company will operate as usual, it said. The publisher has already made one attempt to trim its debt after advertising revenue fell during the global economic downturn. Last year, AM, which is backed by private equity firms Evercore and Thomas H Lee Partners, cut its debt from $1.1bn (£685m) to $850m by exchanging AM's bonds for equity. This does not appear to have been enough to avoid Chapter 11. The publisher, which also owns Star magazine, declined to say how much debt is left on its balance sheet. It said that 80% of bondholders support the Chapter 11 deal. Earlier this year, The National Enquirer tabloid newspaper was controversially nominated for the Pulitzer prize for its coverage of a presidential candidate's extra-marital affair. 'Business as usual' "For our advertisers, employees, customers and vendors, this short period will be business as usual, with considerable upside in the future," said AM's chief executive David Pecker. "It will provide us with the ability to compete even more aggressively with our peers in the industry." In the year to the end of March, AM had revenues of $415m and earnings before interest, taxes, depreciation and amortisation of $114m. Many newspapers and magazines have struggled during the economic downturn as advertising revenues declined. Newsweek, the US weekly, was sold for just $1 - and $47.3m of debts - in August to stereo equipment magnate Sidney Harman and Harman Media. http://www.bbc.co.uk/news/business-11669384 |
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| Author: | Amnesia10 [ Tue Nov 02, 2010 2:31 pm ] |
| Post subject: | Re: National Enquirer owner set for bankruptcy protection |
The National Enquirer was actually doing well recently. Winning journalism awards. It was doing a lot better in terms of investigative journalism than the rest of the media. |
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| Author: | pcernie [ Tue Nov 02, 2010 11:48 pm ] | |||||||||
| Post subject: | Re: National Enquirer owner set for bankruptcy protection | |||||||||
It's maybe been the endless court cases, partly  I'd have thought the endless obsession with celebrity would have seen them in good stead, maybe the net hit them hard like nearly everyone else 
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| Author: | Amnesia10 [ Wed Nov 03, 2010 1:01 am ] |
| Post subject: | Re: National Enquirer owner set for bankruptcy protection |
I think that they were pretty careful about celeb stories making sure that they could prove what they claimed. They knew of rumours about Tiger Woods but held off like everyone else so were not reckless. I do think that the internet has probably had a huge impact because of the numbers of celebrity new and blogging sites that can provide up to date information about whatever scandal. |
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