An article in the February 13, 2009 edition of the Business Journal says the former publisher of the Raleigh News & Observer, Frank Daniels, offered to buy the paper from parent company Landmark Communications for $45 million. When the paper was on the offering block, the asking price was $75 million.
Since then, the company pulled the paper off the market due to the slumping economy, despite its successful sale of its Weather Channel property to NBC-Universal.
Coverage also available from the Greensboro Telegram.
G-T:
Daniels is the former publisher of the News & Observer daily newspaper in Raleigh. The News & Observer company was owned by the Daniels family for over 100 years before the daily newspaper was bought by McClatchy Newspapers in 1995 for $373 million. The Daniels family bought later The Pilot newspaper in Southern Pines after selling the Raleigh publication. According to the TBJ article, Daniels and a North Carolina ownership group that included some of his relatives made an offer of $45 million for the Greensboro News & Record. Some of the potential buyers in the group included unnamed local investors in Guilford County.
A call to former mayor Jim Melvin of Greensboro last year by The Greensboro Telegram to confirm that a group of local investors was looking at buying the News & Record also did not reveal any of the potential local buyers. There had been speculation last summer that a group of investors in Guilford County were in talks to buy the News & Record.
"I was thinking we could get Greensboro for a low price and we began looking into it," Daniels said to the TBJ.
Maybe they should've taken the deal.
E.C. :)
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Thanks to Andy over at the
According to a March 2008 federal regulatory filing, Marshall N. Morton, Media General’s president and chief executive officer, received executive compensation valued at more than $2 million in 2007. Morton received a base salary of $925,000. A large portion of Morton’s compensation came from the value of stock and option awards. The awards, granted Jan. 31, 2007, had a total value that day of $783,826, according to the filing.
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If you haven't seen
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The Business Journal
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I'm a big fan of smooth jazz. Always have been.
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