In January, citing industry sources it didn't identify, Sports Business Daily said Gannett had spent about $30 million that month to buy Big Lead Sports, a network of more than 500 owned and affiliated sports sites for the company's nascent USA Today Sports Media Group.
I wondered if that was true, because it would have ranked among the company's biggest acquisitions in years in terms of price. However, a Gannett Blogger immediately replied: "It was far below that number. I heard $8M."
Now, according to a regulatory filing today, it appears my reader may be correct. In its quarterly 10-Q filed with the U.S. Securities and Exchange Commission, Corporate said:
"Cash flows used for investing activities totaled $22 million for the first three months of 2012. This reflects $18 million of capital spending, $8 million of payments for an acquisition, and $1 million of payments for investments. The Company received $4 million of proceeds from investments and $1 million of proceeds from the sale of certain assets."
(Emphasis added.)
Now, according to a regulatory filing today, it appears my reader may be correct. In its quarterly 10-Q filed with the U.S. Securities and Exchange Commission, Corporate said:
"Cash flows used for investing activities totaled $22 million for the first three months of 2012. This reflects $18 million of capital spending, $8 million of payments for an acquisition, and $1 million of payments for investments. The Company received $4 million of proceeds from investments and $1 million of proceeds from the sale of certain assets."
(Emphasis added.)
Hopkins you were a Business Reporter right? How does $8 million for an acquistion turn into $30 million?
ReplyDelete9:21 Ask Sports Business Daily.
ReplyDeleteA better question is how will sports ever generate anything close to the $300 million annual revenue Beusse promises?
ReplyDeleteNoticing our sports guys are having a rough go of it so far revenue wise.. Not as easy as ya thought heh boys and girls?
ReplyDeleteGood work, Jim. Ignore the Martore / Banikarim lapdogs.
ReplyDeleteYea, getting rid of people doesn't translate into more revenue or more readers. I guess that means well be hiring more high priced "talent" to feed Beusse's oversized ego.
ReplyDelete