Gannett's company-wide garage sale continues in full swing: The Arizona Republic has sold its 1% stake in the Arizona Diamondbacks pro baseball team, ending a relationship that began when the paper's corporate parent provided seed capital establishing the team 10 years ago. Financial terms, including the sale price, were not disclosed.The Republic initially made a $5 million investment and two subsequent $1 million cash calls early on to help with the team's "financial shortcomings,'' the paper said in a story reporting the sale. That $7 million stake was worth just more than 1% of the team. Gannett bought the Republic, plus The Indianapolis Star and three other dailies in Indiana and one daily in Louisiana from the Pulliam family in 2000 for $2.6 billion in cash.
Forbes lists the D-backs as being worth $379 million.
ReplyDeleteSeveral years ago, the executive editor let the Copy Desk use the Republic's box seats to take in a game. I think it was to thank us for our work during extensive wildfires. Of course, only copy editors who weren't working that particular evening could attend, but it was a nice gesture.
ReplyDelete"Of course, only copy editors who weren't working that particular evening could attend, but it was a nice gesture."
ReplyDeleteOh fer the luvagawd...
When will Gannett divest of the Cincinnati Reds share? Though, that price has been dropping in value as well.
ReplyDeleteThis is no surprise. The Republic has been looking to get out of the sports world (partnerships, etc) for a couple of years now.
ReplyDeleteThe marketing department at the newspaper is pretty poor when it comes to putting partnerships together. They have no clue what's in the client's best interest, this just gives them another excuse.
ReplyDelete