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Texas Newspapers to be Muzzled Date: Jun 10, 2007 3:45 PM Hello My fellow Americans, Wondering why information that tells what really is going on is so hard to find? Well it is about to get a lot harder...read on from the Agust Review: Texas Newspapers to be Muzzled Staunch grass-roots resistance in rural Texas against the Trans-Texas Corridor has suffered a serious setback as the Australian investment company Macquarie invests $80 to acquire American Consolidated Media. Macquarie, already a key player in the consortium to build the NASCO Super Corridor, will take control of 40 community newspapers in rural Texas. Why? To silence opposition to the TTC! Halyard Capital Sells American Consolidated Media for $80 Million to Macquarie Media Group NEW YORK, Jan. 24 /PRNewswire/ -- Halyard Capital today announced that its portfolio company, American Consolidated Media, has entered into an agreement with Macquarie Media Group (MMG) to be acquired for $80 million. The acquisition is subject to regulatory approval and other customary closing conditions. Other financial terms of the transaction were not disclosed. American Consolidated Media (ACM), which is based in Dallas, was formed in 1998 by Jeremy L. Halbreich, formerly president and general manager of The Dallas Morning News. The company publishes 40 community newspapers and shopping publications serving nine communities throughout Texas and Oklahoma. In July 2004, Halyard made its investment in ACM to facilitate the acquisition of Valley Media, a publisher of shopper and community newspaper publications with a significant Hispanic audience in the Lower Rio Grande Valley, one of the fastest growing regions in the U.S. "Halyard was attracted to ACM community papers' strong franchise values in high-growth communities where there are few local media competitors. In locations where there are competitive publications, ACM generally owns the dominant paper," said Christopher Ruth, a partner at Halyard Capital. "Most of its publications are mature brands with a strong, loyal readership and long relationships with local advertisers. In addition, ACM's publications are geographically clustered, providing operating leverage and cost synergies in the areas of distribution, printing, newsprint and administration. All these factors increased ACM's attractiveness as a media investment." "We are delighted to have partnered with Jeremy and his team in our firm's fourth successful investment in the newspaper industry. Jeremy and his team have demonstrated exceptional execution capabilities and will continue to drive the growth in the business with MMG through their focus on targeted community content," Ruth added. "Halyard Capital has demonstrated throughout our relationship a deep understanding and extremely valuable commitment to our business, our operating strategy and our people," said Halbreich. "Along with fellow investors Arena Capital Partners and BancBoston Ventures, they have served as true partners in facilitating and supporting the growth and development of ACM," he added. Other Halyard investments in the sector have included ImpreMedia, Herald Media, and American Community Newspapers. Dirks, Van Essen & Murray acted as the company's financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as well as Akin Gump Strauss Hauer & Feld LLP served as legal advisors to the company. About Halyard Capital Halyard is a private equity fund with $350 million of capital under management focused on investing in media, communications and business services companies. The firm specializes in middle-market leveraged buyouts, growth equity and structured equity investments. Halyard invests in and works closely with exceptional management teams in companies with defensible market positions and franchise characteristics, which generate strong cash flow and operate in attractive growth markets. The firm will commit up to $40 million to individual portfolio companies with a focus on investments of between $15 million and $30 million. Halyard has the ability to complete larger transactions utilizing our network of investment partners. For more information, please visit http://www.halyard.com/. About Macquarie Media Group Macquarie Media Group (MMG) is
an investment fund established to create a flexible platform
for investments in a broad range of media assets globally, and
is listed on the Australian Stock Exchange (ASX: MMGCA) . MMG
seeks to combine operational expertise from quality media operators
with Macquarie's financing and acquisition expertise, to access
investments across the media sector globally, and provide investors
with stable cash yields, the benefits of organic growth through
market growth and asset performance improvement, as well as growth
through acquisition. Website: http://www.halyard.com/ |
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