imPRESSions expedites Honolulu liquidation

“imPRESSions Worldwide has purchased all the equipment at Hagadone Printing in Honolulu, making the buy one of the largest acquisitions in the company’s 25-year history.

With less than six months to remove the contents of the manufacturing facility, imPRESSions worked to sell the pre-press, press, mail and bindery equipment off to multiple destinations that included California, Rhode Island, Florida, Alabama, Pennsylvania, Illinois, India, Canada, Chile and China.

Equipment sold and removed included a late model Komori GL-640 sheet fed press and a 5-unit Goss M600C offset web heat set press. The Goss M600C made its way to Anaheim, California, and included a Contiweb splicer and dryer. The same company recently purchase a Muller 227 inserter from imPRESSions.

The process was completed a month ahead of schedule, with all equipment removed and the building readied for new owners, according to imPRESSions.

imPRESSions Worldwide offers an inventory of second-hand single-wide newspaper and commercial presses and auxiliary equipment. imPRESSions is headquartered in Burlington, Washington, and also has a facility in Tupelo, Mississippi.”

Source: News&Tech, 2019 

Pacific Standard, Governing ceasing publication

“Two U.S. magazines, Pacific Standard and Governing, are ceasing publication, The Hill and others reported.

“Today is an extremely difficult day, the worst day—and I’m heart-broken and devastated. We learned this morning, without any warning, that our primary funder is cutting off all charitable giving and that our board is shutting down @PacificStand, effective next Friday,” tweeted Pacific Standard Editor-in-Chief Nicholas Jackson on Aug. 7.

The magazine is published by the Social Justice Foundation and almost entirely funded by SAGE Publishing. “SAGE is unable to continue to offer the very considerable financial support that the magazine requires to be viable while also investing in the core businesses of SAGE Publishing and, as a result, the Board of the Foundation had no alternative but to take this decision,” said a statement from the foundation. “The Board is committed to exploring options for maintaining the availability of Pacific Standard’s content or otherwise continuing the work of the magazine,” the statement said.

Governing, covering local and state government, announced it was shuttering this fall.

“For the past several years, Governing and our parent company, e.Republic, have made continued investments in the magazine, in governing.com and in the numerous events we host throughout the country. Ultimately, however, Governing has proven to be unsustainable as a business in today’s media environment. We will cease publication of the monthly print magazine after September, and we will be ramping down our web presence and the rest of our operations over the next few months,” said a statement from the publication.”

Source: News&Tech,2019 

WSJ: Facebook may pay to license news content

“Facebook would pay news outlets up to $3 million annually for the rights to use their material in a news section that Facebook aims to start this year, The Wall Street Journal reported, citing people familiar with the matter.

The social media giant is in talks with publishers such as The Washington Post, New York Times, ABC News, Bloomberg and Dow Jones, WSJ reported.

Publishers could choose between placing content right on Facebook’s tab or using previews that link back to the publisher’s site, the paper reported.

The story didn’t address what a revenue split would be with Facebook, Nieman Lab points out. Apple recently announced a 50 percent revenue split with publishers for its Apple News+.

“Licensing and paying for news content is a good idea, and continued access to quality journalism would be an absolute good for Facebook users,” said a statement from News Media Alliance President and CEO David Chavern in response to the report. “However, we still have many questions about the idea, including which publishers would be included, what kinds of terms they would be offered, and what it would mean for local journalism in particular.” Chavern’s statement went on to advocate for  passage of the Journalism Competition and Preservation Act.”

Source: News&Tech, 2019

GateHouse-Gannett deal hits possible snags

“Industry watchers are wondering what will happen with the announced GateHouse buy of Gannett after MNG Enterprises, controlled by hedge fund Alden Global Capital, acquired a 9.4 percent stake in New Media Investment Group last week, as Gannett-owned USA Today reports.

GateHouse owner New Media is managed by Fortress Investment Group, which is owned by Tokyo-based Softbank. MNG attempted but did not succeed in a hostile takeover of Gannett recently.

An SEC filing from MNG indicated it may vote against, campaign against or suggest alternatives to the merger.

Also increasing his stake in New Media was billionaire Leon Cooperman, whose investment has hit 9.9 percent. Cooperman is thought to favor the merger, USA Today indicated.

Meanwhile, the New York Post reported that Tribune Publishing is mulling a $10-a-share cash bid for Gannett, citing a well-placed source.

Tribune would make that move if Gannett’s stock doesn’t top $10 a share.

Shares of both Gannett and GateHouse fell after the companies announced their $1.38 billion proposed deal last week.

Analysts, including Ken Doctor at Newsonomics, said Alden may be aiming to shed its newspapers or get MNG merged with New Media or Gannett.”

Source: News&Tech, 2019

Canadian Tire buys all Party City stores in Canada for $175M

“Canadian Tire Corp. is diversifying its store offerings with the purchase of 65 Party City stores across Canada for $174.4 million cash, a move the national retailer expects to strengthen its connection with millennial customers.

The Toronto-based company, which operates multiple retail banners including Canadian Tire, SportChek, Mark’s and Helly Hansen, said the acquisition of Party City’s Canadian stores gives it a high-margin retail category.

It plans to add stand-alone Party City stores as well as sell its products across 500 Canadian Tire retail stores and online at Canadiantire.ca.

Canadian Tire estimates that it will be able to double Party City’s annual sales in Canada to $280 million by 2021.

“Strengthening our marketplace is at the heart of our growth strategy and we are excited to welcome Party City into the Canadian Tire family of companies,” CTC executive vice-president Allan MacDonald said in a statement.

“We believe the Party City-Canadian Tire partnership will drive more trips, improve our offers in micro seasons, strengthen our connection with millennials and Canadian families and expand the appeal of Triangle Rewards.”

Party City Holdco Inc. says it will use proceeds from the sale to pay down debt. It will also have a long-term wholesale supply agreement with Canadian Tire through Amscan Inc., beginning with an initial term of 10 years.

The New York-based company has been struggling in an increasingly competitive retail environment, including strong competition from online retailers. It announced in its second-quarter results Thursday that it would shutter additional stores in the U.S. Its stock has fallen some 60 per cent in the past 12 months.

Meanwhile, Canadian Tire has so far managed to weather the gathering retail storm, partly due to its diversification push.

Quarterly earnings

The Canadian Tire deal was announced as the Toronto-based home and outdoor goods retailer announced second-quarter results, which included a 14 per cent increase in net income attributable to shareholders.

The $177.4-million profit was up from $156 million a year earlier, while earnings per diluted share increased 20.5 per cent to $2.87 from $2.38 in last year’s second quarter, when more shares were outstanding.

Revenue increased 5.9 per cent from last year to $3.67 billion from $3.48 billion, mostly from retailing.

Analysts had estimated $3.72 billion of revenue and $187.3 million or $3.01 per share of adjusted earnings, according to financial markets data firm Refinitiv.”

Source: CBC, 2019