Editor & Publisher, the top trade magazine for newspapers, focuses on the recently announced decision by GateHouse Media to have a second public stock offering:
GateHouse said the funds managed by its principal owner, Fortress Investment Group LLC, are not selling any shares in the offering. Fortress owns an approximately 60% stake in the Fairport, N.Y.-based publisher.
GateHouse said it has granted the underwriters of the offering an option to purchase as many as an additional 2. 55 million shares of common stock.
We intend to use these net proceeds to repay in full the $300 million of borrowings under our Bridge Loan (including accrued and unpaid interest) incurred in connection with the Copley Acquisition and the Gannett Acquisition," GateHouse said in its SEC filing.
The article noted the information, first revealed in the June 30 Turner Report, that GateHouse is nearly $1.2 billion in debt.
In southwest Missouri, GateHouse Media owns The Carthage Press, Neosho Daily News, Neosho Post, Greenfield Vedette, and The Big Nickel.
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