Time Inc., the magazine division of Time Warner Inc., has resolved to sell 18 titles from its Parenting Group and Time4 Media group in order to focus more on its most profitable titles. Among the magazines up for sale are Parenting, BabyTalk, Field & Stream, Outdoor Life and Skiing. A Wall Street Journal report said the combined sale could garner more about $300 million for Time Inc. The affected magazines, and associated online properties, have a collective staff of 560 employees. After the sale Time Inc. will continue to publish 132 magazines around the world.
The New York Times Co. plans to sell its Broadcast Media Group, which includes nine network-affiliated television stations and their related properties. The stations are located in Alabama, Arkansas, Illinois, Iowa, Oklahoma, Pennsylvania and Virginia. Goldman Sachs & Co. has been retained to advise NYTC in the sale. In 2005, the Broadcast Media Group accounted for approximately 4% of NYTC’s total revenues, and this year is expected to generate revenues of approximately $150 million and operating profit of about $33 million. Meanwhile, depreciation and amortization is expected to be approximately $10 million for the year. The decision sell the Broadcast Media Group is a result of NYTC’s ongoing analysis of its business portfolio. The sale will allow the company to sharpen its focus on developing its newspaper and digital businesses, and the synergies between them, according to a statement released by the company.
The board of directors of Stratos International Inc. has decided to explore strategic alternatives for the company. The move comes after hedge fund Steel Partners II, in June, announced that it would consider making an offer for the Chicago-based company. Stratos designs, develops and manufactures RF, microwave and optical subsystems and components used in the telecom, enterprise, military and video markets. The company has an IP portfolio of more than 100 patents. Stratos’s sales for the first quarter of fiscal 2007, which ended July 31, 2006, were $21.1 million. In addition, the company recorded license fees and royalty income of $100,000. Last years total revenue for Q1 was $20.6 million.
NovaGold Resources Inc. and Pioneer Metals Corp. are officially in play, as the owner of the two businesses—Copper Canyon Resources Ltd.—hired Blackmont Capital Inc. to advise it on strategic alternatives regarding the companies. The move stems from an unsolicited offer from Barrick Gold Corp. made on Aug. 14 to acquire the two companies. Barrick has recently announced the acquisition of 81% of the outstanding shares of Pioneer Metals. NovaGold owns a 70% interest in Alaska’s Donlin Creek gold project, one of the world’s largest gold deposits, and is a 100% owner of the Galore Creek copper-gold project in northwestern British Columbia among other properties. Pioneer Metals, meanwhile, is the majority, or sole, owner of mining operations such as the Bonito Gold/Silver Project, Puffy Lake Mine, Nokomis Lake Gold Project, Grace Gold-Copper Project and Fish Lake.