New Owner Sale of TV Guide for 1 Needs to be Taken

first_imgIt came as startling news to many when the financial terms of TV Guide’s sale were revealed, showing that California-based investment firm OpenGate Capital paid $1—less than the cover price of one single issue—to purchase the print brand from owner Macrovision. On top of that, Macrovision said it would lend OpenGate up to $9.5 million at a surprisingly low 3 percent interest rate.Is this like paying the garbage man to take your trash away? It seems crazy that Macrovision, after its acquisition of Gemstar-TV Guide for $2.8 billion, would cough up nearly $10 million in loans, to an investment firm no less, to get the magazine off its books. There again, in this rollercoaster of an economic environment, anything is possible.According to OpenGate founder and managing partner Andrew Nikou, terms of the sale need to be “taken into perspective.” Here is his statement regarding the acquisition terms, via a TV Guide spokesperson: “Macrovision’s recent disclosure of the terms of the sale of TV Guide need to be taken into perspective, given the magazine’s history and unprecedented relaunch in 2005.TV Guide is a company with an exceptionally strong foundation, built around a subscriber base of over 3 million, a weekly readership in excess of 21 million, a powerful brand that commands trust and loyalty, and a world class organization able to produce a leading entertainment magazine with stunning photography and unique features-driven editorial content.However, the magazine’s reinvention from a listings guide to a contemporary television entertainment magazine has been not only highly promising and successful to date, but has also been a very costly undertaking. With losses over $20 million in 2007 and further losses expected in 2008, all of this combined with significant deferred subscription and other operational liabilities, OpenGate is stepping in with the commitment to successfully complete the magazine’s turn-around, which targets restored profitability by the end of 2009, and to re-establishing TV Guide as the premier television entertainment magazine in the country.This commitment will enhance the value of this unique franchise and is a tribute to the underlying strength and potential of the brand that has so far demonstrated its ability to withstand the test of time.”last_img read more

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Promising Developments at Former New Jersey Supply Depot

first_img Dan Cohen AUTHOR The Lincoln Equities Group plans to turn an unused, 90-acre waterfront parcel at the former Military Ocean Terminal Bayonne, N.J., into 1.6 million square feet of “next generation” industrial warehouse space to house e-commerce and logistics companies importing goods through the Port of New York and New Jersey, officials announced Thursday. The developer is acquiring the site from Highstar Capital for a project which is expected to generate 2,700 jobs, reports the Jersey Journal. … The former Army facility, a man-made peninsula jutting into New York Harbor, has seen little development until recently. Last week, Bayonne officials said they had reached an agreement with the Port Authority of New York and New Jersey to operate a commuter ferry to Manhattan, according to the Hudson Reporter.Jersey Journal photo by Reena Rose Sibayanlast_img read more

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PM Hasina says budget to benefit everyone

first_imgPrime minister Sheikh HasinaPrime minister Sheikh Hasina on Saturday described the proposed budget for FY 2019-20 as people-friendly, development-oriented and balanced one, saying that everyone will be benefitted by the budget as it will help continue the pace of ongoing development.“Everyone will be benefitted by the budget,–this budget will help us to go forward with continuing the pace of ongoing development to build a happy, developed and prosperous country,” she said while winding up the general discussion on the proposed budget in the parliament.Sheikh Hasina, also Leader of the House said, “Bangladesh is going ahead and it’s my commitment to build a happy, prosperous and developed ‘Sonar Bangladesh’ free from hunger and poverty dreamt by father of the nation Bangabandhu Sheikh Mujibur Rahman.”The government has achieved the quality of upgrading Bangladesh into a middle-income country by successfully implementing the ‘Vision 2021 and it is heading forward to achieve the Sustainable Development Goals (SDGs) by 2030 and build a developed country by 2041, she said.The premier said that the proposed budget of Tk 5,231.90 billion (Tk 523,190 crore) is the 11th straight budget of the Awami League government and the first one of this government.“We are now being praised in home and abroad for unprecedented development (of the country) in the last 10 years during the tenure of our government,” she said.The GDP growth is going to reach 8.13 per cent in the current FY 2018- 19 while the Asian Development Bank (ADB) has forecasted of 8 per cent GDP growth and according to ADB, it’s the highest in the Asia, she said.Sheikh Hasina said, “The International Monetary Fund (IMF) has mentioned that Bangladesh is one of the 20th countries which are going to contribute the highest in the GDP”Bangladesh has set a target to achieve 8.20 per cent growth in the GDP in the FY 2019-20 and double digit in the FY 2023-2024, the premier continued.The prime minister on Saturday also moved the Finance Bill, 2019 in the House on behalf of the finance minister as he is still sick.last_img read more

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Dengue snatches three more lives

first_imgAn aedes mosquito. File PhotoThree more persons have died of dengue and 1,460 others have been infected with the mosquito-borne disease, showing a fall in the number of dengue patients than Friday’s 1,719, reports UNB.The fresh deaths were recorded in Dhaka and Faridpur on Saturday while the new infections in 24 hours till Saturday morning.In Dhaka, a woman lost her battle to dengue while undergoing treatment at Dhaka Medical College Hospital (DMCH) in the morning.The deceased was Monwara Begum, 45, wife of Saiful Islam of Chamakpur village in Mithamain upazila of Kishoreganj district.Saiful said Monwara was admitted to Kishoreganj Sadar Hospital after she was diagnosed with dengue about 10 days back.She was taken to the DMCH on 13 August where she died at the intensive care unit around 10:45am, he said.In Faridpur, two persons, including a college student, died of dengue at Faridpur Medical College Hospital. The deceased were Sumon Bashar Raj, 18, son of Mizanur Rahman of Changpur village in Magura district and a second-year student of a government college in Magura, and Yunus Sheikh, 55, son of Aynal Sheikh of Rajbari.Mostafizur Rahman Bulu, assistant director of the hospital, said Sumon was admitted to the hospital on 12 August and he breathed his last around 10:00am.The victim’s father said Sumon was detected with dengue at Magura Hospital on 8 August and later sent to the medical college hospital.Yunus died of the mosquito-borne disease at the hospital around 7:00pm, said hospital director Kamda Prasad Saha.He was taken to the hospital on 12 August with dengue, he said.Of the new dengue infections, 621 were reported in Dhaka city alone while the rest in other divisions, according to the Health Emergency Operation Centre and Control Room of the Directorate General of Health Services (DGHS).The number of dengue patients was 1,719 on Friday while 1,929 on Thursdays and 1,880 on Wednesday.The government has so far confirmed 40 deaths although unofficial estimates suggest the death toll is much higher.The DGHS said 51,476 people were hospitalised with dengue since January this year. Of them, 43,580 had made full recovery.Currently, 7,856 patients are undergoing treatment at different hospitals and clinics.Bangladesh is grappling with its worst outbreak of dengue. Dhaka, the densely-populated megacity, has been at the centre of the outbreak.There is no specific treatment for dengue or severe dengue, WHO says. But early detection and access to proper medical care lowers fatality rates below one per cent.last_img read more

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