Elsevier acquires oncology journal portfolio From Cancer Information Group

February 4, 2011 — Fusion DigiNet

Elsevier, the global publisher of scientific, technical, and medical information products and services, has acquired the oncology portfolio of journals previously published by CIG Media Group LP., (operated as Cancer Information Group). The journals publish peer-reviewed, disease specific original research and review articles that disseminate cutting-edge data to physicians, medical researchers and health care professionals.

“These journals provide an excellent addition to Elsevier’s oncology portfolio and will further enhance the depth and quality of oncology content published by Elsevier,” said Glen P. Campbell, Executive Vice President, Global Medical Research, for Elsevier. “We look forward to working with the editorial teams and to leveraging Elsevier’s global resources and market-leading online platforms for the continued development and growth of the quality, international profile and visibility of these prestigious journals.”

The specific journal titles are: Clinical Breast Cancer, Clinical Lung Cancer, Clinical Lymphoma Myeloma & Leukemia, Clinical Colorectal Cancer, Clinical Ovarian Cancer, and Clinical Genitourinary Cancer.”Authors will benefit from the upcoming release of enhanced online manuscript submission and review systems for the journals, as well as the range of author support tools provided by Elsevier,” said Campbell.

USA, New York, NY

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US entertainment and media M&A activity has outpaced the overall US deal market in 2010

January 31, 2011 — Fusion DigiNet
  • Content developers remain attractive investments
  • Expect increased activity in video games and social media sectors ample cash available to fuel future M&A

US entertainment and media (E&M) merger and acquisition activity outpaced the overall US deal market in 2010, according to PwC US. With the industry’s fast-paced shift to digital – and attractive levels of corporate cash reserves and private equity dry powder, PwC believes the catalysts are in place for more E&M deal activity during 2011.

In 2010, completed E&M deal volume increased slightly by 3% to 804 transactions, while total completed and disclosed deal value fell from $37.2 billion in 2009 to $33.5 billion in 2010. A primary driver of the increase in deal volume was Internet software & services (B2C) deals. PwC notes an increase in the percentage of announced transactions that did not disclose value, which could have an impact on the actual 2010 value trends. However, despite the decrease in announced deal value, the pipeline for E&M deals in 2011 points to continued improvement and a strong outlook, with more than 200 deals and $24 billion of deal value already announced and pending (including the recently approved NBC Universal joint venture between Comcast and GE).

Total entertainment & media deals by sector

Corporate deal activity remained at the forefront in 2010 with strategic buyers contributing 83% of total deal volume. However, with the decline in reported and completed corporate mega-deals (deals greater than $1 billion), total corporate E&M deal value decreased from 81% of disclosed deal value in 2009 to 59% in 2010.

Private equity solidified its presence within certain E&M subsectors with acquisitions of platform and strategic bolt-ons throughout 2010 (particularly within casinos and gaming, recreation and leisure, publishing and broadcasting). The number of private equity-backed deals increased from 126 in 2009 to 140 in 2010, while their announced value nearly doubled from $6.9 billion in 2009 to $13.7 billion in 2010. PwC sees the potential for an increased appetite for mega-deals by private equity firms.

“With almost $1 trillion of untapped committed capital worldwide, private equity is still primed to make significant acquisitions in the future,” Spiegel continued. “Look for a selection of E&M companies to re-evaluate existing business portfolios and accelerate their divestiture plans, as valuations continue to rebound and interest from private equity intensifies.”

More detail of PwC’s Global Entertainment and Media Outlook: 2010–2014 is available here.

USA, New York, NY

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Hearst Corporation to buy the international magazine business of Lagardère

January 31, 2011 — Fusion DigiNet

Lagardère SCA has received a fully binding offer of €651 million from Hearst Corporation, for its non-French magazine business with an attached share purchase agreement. The business, which generated revenues of €774 million in 2010, includes 102 titles in 15 countries (The United States, Russia & Ukraine, Italy, Spain, UK, China, Japan, The Netherlands, Czech Republic, Hong Kong, Mexico, Taiwan, Canada and Germany). The deal includes a license allowing Hearst to continue publishing Elle magazine and Elle across other media for a fee of circa €8 million per year.

Lagardère will retain, in some European countries, real estate assets, currently used by the international magazine business, worth around €30M.

Closing of the transaction is expected by Q3 2011.

France, Paris

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Guild, Newsweek pact clears way for Daily Beast merger

January 28, 2011 — Fusion DigiNet

The Newspaper Guild of New York today announced an agreement that will enable Newsweek magazine to complete its pending merger with the Daily Beast and include a wide range of editorial employees of the website under the existing Guild-Newsweek collective bargaining agreement.

Under the “Framework Agreement” between the Guild and Harman Newsweek LLC, non-supervisory editorial employees who produce the Daily Beast will be covered by the same contract that now covers many of Newsweek’s reporters, editors and other news employees, upon completion of the merger. The agreement was a necessary prelude to the completion of the merger of the two news organisations that was announced December 6, 2010.

“Newsweek’s Guild members are proud to be part of this exciting new venture that will combine the journalistic resources of a venerable news magazine and a cutting-edge news website in an editorial workplace in which all employees will have a voice,” said Guild President Bill O’Meara. “We look forward to working with the operation’s highly respected new editor, Tina Brown, and her team from the Daily Beast as they join with the Newsweek staff to produce high-quality journalism in the digital age.”

The parties agreed to meet within 90 days of the completion of the merger to explore “cost-effective solutions designed to ensure the viability of the Company.”

Under the agreement, Daily Beast employees whose pay is below the minimums set by the Guild-Newsweek contract will be brought up to scale and their seniority will be dovetailed with that of Guild-represented Newsweek employees. The agreement also calls for voluntary buyouts to be offered to certain classes of current Newsweek employees.  Details regarding the buyouts still have to be negotiated.

The Guild, Local 31003 of the Communications Workers of America, represents nearly 3,000 print, photo and video journalists and other employees at 18 New York-area companies, mostly news organisations, including The New York Times, Time Inc., Thomson Reuters, Consumers Union and Standard & Poor’s.

USA, New York, NY

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Ziff Davis acquires LogicBuy.com

January 27, 2011 — Fusion DigiNet

Technology media company Ziff Davis has acquired LogicBuy.com, a provider of tech deals and coupons. Over 10 million visited LogicBuy.com in 2010 seeking the best deals and coupons on a range of technology products and services, including laptops, cameras, TVs and software.

With the acquisition of LogicBuy.com, Ziff Davis websites, such as its flagship PCMag.com, will now be able to provide their audience of in-market buyers the best up-to-the-minute deals and coupons on the products they’re researching. At the same time, LogicBuy.com will tap Ziff Davis’ long-running relationships with tech manufacturers and retailers to bring even more high-quality deals to its audience.

“Between our owned-and-operated websites and our recently launched ad targeting platform, BuyerBase™, Ziff Davis reaches over 40 million tech buyers per month,” said Vivek Shah, CEO of Ziff Davis. “LogicBuy.com gives us the ability to introduce the best deals and coupons to those shoppers and further pursue our mission of informing and influencing tech buyers.”

Launched in 2007, LogicBuy.com was designed to cut through the clutter of overwhelming and often low-quality deals on the Web to present buyers with the best opportunities to save money. LogicBuy.com allows shoppers to find, share and rate every deal and coupon.

“We have saved consumers tens of millions of dollars since our founding,” said Thai Than, founder of LogicBuy.com. “By joining Ziff Davis, we will be able to reach even more buyers with the best possible deals and coupons in technology and consumer electronics.”

USA, New York, NY

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Demand for media IPOs growing – Demand Media and Nielsen shares soar above their IPO prices

January 27, 2011 — Fusion DigiNet

Nielsen Holdings and Demand Media rallied on Wednesday in their trading debuts, signalling that demand for media-related IPOs was building.

Nielsen’s shares rose 8.7 percent from its initial public offering price, and Demand Media’s shares rose 33.2 percent.

Nielsen’s IPO, the biggest of the two, is the first of what is expected to be a rush of big private equity-backed IPOs in 2011. Nielsen raised $1.6 billion on Tuesday, nearly a tenth more than expected.

Read the full story here

USA, New York, NY & Santa Monica, CA

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The Nielsen Company announces the pricing of Its Initial Public Offering

January 26, 2011 — Fusion DigiNet

Nielsen Holdings N.V. has priced its initial public offering of 71,428,572 shares of its common stock at $23.00 per share. The Nielsen Company’s shares of common stock are expected to begin trading today, January 26, on the New York Stock Exchange under the ticker symbol “NLSN.” The Nielsen Company has also priced its concurrent offering of $250 million in aggregate principal amount of mandatory convertible subordinated bonds, which will be mandatorily convertible into shares of The Nielsen Company’s common stock on February 1, 2013. The bonds will bear interest at a rate of 6.25% per annum, and the conversion rate per $50.00 principal amount of bonds will be between 1.8116 and 2.1739, depending on the market value of The Nielsen Company’s common stock, subject to customary anti-dilution adjustments.

In the initial public offering, The Nielsen Company will sell 71,428,572 shares of common stock. The IPO’s underwriters have a 30-day option to purchase up to 10,714,286 of additional shares of common stock from The Nielsen Company at the initial public offering price less the underwriting discount. In the bond offering, The Nielsen Company will sell an aggregate principal amount of $250 million of bonds. The underwriters of the bond offering have a 30-day option to purchase up to an additional $37.5 million in aggregate principal amount of bonds from The Nielsen Company at the initial public offering price less the underwriting discount.

The Nielsen Company will receive net proceeds of approximately $1,560 million from the initial public offering of its common stock and approximately $240 million from the bond offering after payment of commissions and estimated expenses. The Nielsen Company intends to use the proceeds to repay a portion of its outstanding indebtedness and to pay an advisory agreement termination fee to its current owners.
J.P. Morgan, Morgan Stanley, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co. and Citi are serving as joint book-running managers for both offerings, with BofA Merrill Lynch, William Blair & Company, Guggenheim Securities, Wells Fargo Securities, Blaylock Robert Van, LLC, HSBC, Loop Capital Markets, Mizuho Securities USA Inc., Ramirez & Co., Inc. and The Williams Capital Group, L.P. are acting as co-managers.

USA, New York, NY

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Summit Business Media files for Chapter 11 bankruptcy after securing approval from 83% of its lenders for a debt restructuring plan

January 26, 2011 — Fusion DigiNet

Summit Business Media has filed for Chapter 11 bankruptcy after securing approval from 83% of its lenders for a debt restructuring plan. The reorganization will entail halving the current debt load, for a reduction of $135 million. The company says it expects to reemerge from Chapter 11 in the first half of 2011 and that normal operations at Summit will continue.

Subject to court approval, Summit will use its bank balances, currently in excess of $10 million in cash, and cash flow from its operations to meet its working capital needs throughout the reorganization process. Any pre-filing advertising, subscription and event contracts will be honored in full. Summit will pay all vendors for goods and services received during the reorganization process, and Summit employees will receive uninterrupted wages and benefits. In addition, the Company’s lenders have agreed to provide a debtor-in-possession (DIP) credit facility of $5 million to support the Company’s additional working capital needs, if any, during the restructuring.

“Summit Business Media is a fundamentally sound and profitable company,” said Andrew L. Goodenough, President and CEO. “We believe that Summit is well-positioned to take advantage of economic growth coming out of this unusually deep downturn as the industries we serve rebound. We look forward to a speedy resolution of our balance sheet restructuring while we remain focused on delivering quality products for readers and marketers in the markets we serve.”

He added, “While Summit has emerged from the downturn as a smaller but healthier company, we have too much debt to support our current business operations, left over from when Summit was a larger, acquisition-oriented company. We view this reorganization process as the last step in a two-year strategic refocusing of Summit on our core markets.”

Reed Smith is legal counsel to Summit Business Media for the restructuring and Lincoln International is acting as financial advisor.

USA, New York, NY

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Pilot magazine acquires Today’s Pilot

January 20, 2011 — Fusion DigiNet

Pilot magazine, the UK’s biggest-selling general aviation magazine, has acquired Today’s Pilot from Key Publishing.

Pilot magazine has been published for over 40 years and covers everything from gliders, microlights and helicopters to private, business and commercial fixed-wing flying. Today’s Pilot has been published for ten years and is particularly popular among student pilots.

Today’s Pilot Editor Dave Unwin will join the newly formed Pilot team, headed by Group Editor Nick Wall and Associate Editor Philip Whiteman. Unwin will become Pilot’s Flight Test Editor and also work on the Today’s Pilot section within Pilot. The first combined issue of Pilot incorporating Today’s Pilot will be the April issue, on sale March 2.

UK, Berkshire

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EWTN acquires National Catholic Register

January 19, 2011 — Fusion DigiNet

EWTN Global Catholic Network has signed a letter of intent to acquire the National Catholic Register, a leading Catholic newspaper.

“I am very pleased and excited that the Register will now be a part of the EWTN family,” said Michael P. Warsaw, the Network’s president and chief executive officer.  “All of us at EWTN have great respect for the Register and the role it has played throughout its history. It’s a tremendous legacy that deserves to not only be preserved, but also to grow and to flourish.”

“I believe that EWTN will be able to provide the stability that the Register needs at this time as well as to give it a platform for its growth in the years ahead. We’re proud to be able to step in and carry on both the Register’s name and its tradition of faithful Catholic reporting on the issues of the day,” noted Warsaw.

Under the terms of the transaction, no cash will be exchanged between the parties. EWTN will take over the ongoing operational expenses of the Register and will assume the paper’s future subscription liabilities.

The acquisition of the Register is the latest in EWTN’s efforts to expand its news presence in the global Catholic digital and multimedia market. At the start of 2010, EWTN entered into a partnership with the Catholic News Agency (CNA), a Denver-based independent Catholic news media outlet with bureaus in North and South America and Europe. Under that agreement, EWTN and CNA are sharing news resources and have created a joint news service found at http://www.ewtnnews.com.  That arrangement was recently expanded to include a new original Spanish-language news service, EWTN Noticias, launched in January 2011.

The National Catholic Register grew out of Denver’s Catholic Register, which began on Aug. 11, 1905. Under the leadership of Msgr. Matthew Smith, the Register System of Newspapers was developed, with the first national edition appearing on Nov. 8, 1927. It was acquired by the Legion of Christ in 1995.

USA, Irondale, AL

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