This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Update: Thomson Sells Remainder of U.S. Newspapers

Updated from 11:58 a.m. EDT

Canadian publishing concern Thomson has reached a deal to sell the last of its U.S. newspaper holdings, announcing Friday that it has agreed to unload two Ohio daily papers and 10 non-dailies to closely held Cox Newspapers for an undisclosed amount.

With the announcement earlier this week of the sale of its Connecticut newspaper operations to MediaNews Group, Thomson has agreed to sell all of its U.S. newspaper operations, consisting of 49 dailies and their ancillary operations, for $2.44 billion.

In February, Toronto-based Thomson, a traditional print publisher, announced that it would sell 54 newspapers in the U.S. and Canada, which comprise the entirety of its newspaper holdings except for The Toronto Globe and Mail.

According to Thomson, proceeds from the sale of the newspapers will be used to reduce debt and provide additional borrowing capacity as the company focuses more on providing information online and through CD-roms and computer software.

Last month, Thomson said it would sell these Ohio properties, as well as the newspapers in six other strategic groups, to Gannett (GCI) in a deal totaling $1.125 billion. However, Cox exercised its right of first refusal on the southwestern Ohio properties, leading to Friday's announcement. Thomson said it expects the sale to be completed during the third quarter.

A Thomson spokesman said Cox gained the right of first refusal on the southwestern Ohio properties as part of a 1996 deal in which Thomson acquired some Arizona dailies from Cox.

Under the terms of the previously announced agreement with Gannett, Thomson will still sell to Gannett 19 daily newspapers and 23 non-dailies in central Ohio, Louisiana, Maryland's Chesapeake region, Wisconsin and Utah.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $121.30 0.00%
FB $94.01 0.00%
GOOG $625.61 0.00%
TSLA $266.15 0.00%
YHOO $36.67 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs