tag:blogger.com,1999:blog-2080506270244832638.post5048320426720449498..comments2024-03-18T20:44:42.858-05:00Comments on Clark Street Value: Journal Media Group: Quick UpdateMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-2080506270244832638.post-11745436299456121482015-04-08T11:18:34.408-05:002015-04-08T11:18:34.408-05:00You're right, I shouldn't have said no pen...You're right, I shouldn't have said no pension liability, just relatively minimal exposure compared to others. Journal will still have a portion of the defined benefit expense going forward, but it looks manageable.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-73003067481184516442015-04-08T10:48:58.908-05:002015-04-08T10:48:58.908-05:00Hi there,
Are you sure they took all of the pensi...Hi there,<br /><br />Are you sure they took all of the pension plans? The pro-forma only adjusts for a portion of the defined benefit expenseAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-86359509499968387082015-04-08T10:42:26.019-05:002015-04-08T10:42:26.019-05:00I haven't looked closely other than casting as...I haven't looked closely other than casting aside initially for taking too much capital to put on the stub trade, its probably out of my strike zone, but thanks I'll take a closer look at it anyway.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-87541800428869965422015-04-08T08:43:05.937-05:002015-04-08T08:43:05.937-05:00Off the topic but wondering if you looked at ATLS ...Off the topic but wondering if you looked at ATLS spin? Stub equity issued from Atlas/Targa merger and fell off the cliff post transaction.no namehttps://www.blogger.com/profile/01180488577665672291noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-73300659806684443782015-04-07T14:14:46.063-05:002015-04-07T14:14:46.063-05:00Yes they do, good point, mentioned it in the origi...Yes they do, good point, mentioned it in the original post but worth stating again considering others like TPUB don't own their real estate. NEWM is also making a point out of doing sale-leasebacks with new acquisitions.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-33493046305106005552015-04-07T14:11:45.143-05:002015-04-07T14:11:45.143-05:00It looks like they own a substantial amount of rea...It looks like they own a substantial amount of real estate too, all unencumbered.oklavaluehttps://www.blogger.com/profile/14866623496877726419noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-26778644395119523762015-04-06T15:55:29.914-05:002015-04-06T15:55:29.914-05:00I view the newspaper market as a little bifurcated...I view the newspaper market as a little bifurcated, I see the large dailies (basically everything TPUB owns) as being in the largest trouble. Populations in those cities tends to be younger and more transient, local news in those areas is more national in nature, easier to find online for free, or just not important to someone not from the area. Stable mid-sized like Milwaukee have a little more enclosed population to them, families typically stay in the area and there's less migration. Then community papers are the only sources of news in their towns. But overall I agree with the sentiment, revenue and margin trends aren't good, digital advertising is really beginning to disrupt the car advertising space, once a staple of newspapers and local television. If a recession is around the corner, could be the end for a few of the leveraged players. Thanks for the comment.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-52462074464624155162015-04-05T10:13:50.310-05:002015-04-05T10:13:50.310-05:00Any view on revenue and margin trends? Problem wi...Any view on revenue and margin trends? Problem with newspapers is that these tend to be melting ice cubes... Such businesses invariably look attractive on free cash flow metrics. Dex media, that was shamelessly hyped up by whatshisface at an investor conference is a case in point. While that is a yellow pages company, still analogous to local newspapers. I will say that JMG not having any debt is a big plus because in almost all these newspaper companies, I see their sole purpose as serving creditors rather than shareholders. Still, very uninspiring businesses no matter what valuation. no namehttps://www.blogger.com/profile/01180488577665672291noreply@blogger.com