Broker says Globe likely worth only $75 Million

By Jessica Heslam

Boston Herald Media Reporter

Saturday, October 30, 2010 – The Big Apple-based newspaper broker who estimated the Boston Globe’s worth at $120 million tops said that price tag doesn’t include the beleaguered broadsheet’s employee pension costs.

Kevin Kamen, president of Kamen & Co., told Forbes this week that the Globe isn’t worth more than $120 million – and that it’s more likely worth $75 million. “Whoever does buy this is going to have to assume debt – no question,” Kamen told the Herald yesterday. “The big question is how much of that debt has to be assumed and what is that debt?”

“It’s got to be somebody with real deep pockets that has a sincere and a genuine reason for wanting it,” Kamen added. The New York Times [NYT] Co. bought the Globe for a staggering $1.3 billion in 1993 and failed to sell it last year. The Times yanked the Hub broadsheet off the market after fetching preliminary bids of $35 million from Stephen Taylor, whose family used to own the Globe, and Platinum Equity, a West Coast investment firm. The Times originally wanted potential buyers to assume $59 million in unfunded pension liabilities for the Globe and Worcester Telegram & Gazette – and then nearly doubled that figure to $115 million.

Wellesley greeting card entrepreneur Aaron Kushner has been meeting with some of Boston’s top business leaders and is putting together an investor group to try to buy the Times Co.’s New England Media Group, which includes the Globe, Boston.com and T&G.

Hub construction honcho John Fish said he met with Kushner a few weeks ago.

“It sounds as though they’ve got a very interesting perspective on how to re-engineer the Globe,” Fish said. “My sense was it’s just way beyond my space. It’s a very, very challenging proposition.”

As for the Globe’s worth, Kamen said yesterday he’s “more comfortable with the $75 million” figure. “These are really tough times,” said Kamen. James Boyce, founder of the Boston-based Common Sense New Media Strategies, said it’s a declining asset.

“No matter what the valuation is, there is not a model out there for turning around newspapers and making them more valuable,” Boyce said.

jheslam@bostonherald.com

Broker: Publishing industry to improve slightly in second half of 2010

BY INLAND STAFF

Wednesday, May 26, 2010 9:28 AM CDT – Kevin B. Kamen, president & CEO of Kamen & Co. Group Services in Baldwin, N.Y., said Wednesday he expects an improving picture in the third quarter for the publishing industry.

“After a very hard first half of 2010 within the print and digital publishing industry a slight recovery can be expected for the second half of this year,” Kamen said in a statement. “We have seen profits at most publishing companies decline between 18-33 percent the past 18 months when we examine financial records and prepare our customized valuation reports. Classified and ROP advertising lineage is down significantly primarily in part to the weak housing and employment crisis the country is in the midst of.”

He also warned about the need to innovate. “Executive publishing teams whom maintain the status quo will not survive. Continuing to be creative and instituting efficiencies is the key to future success as well as focusing on e-commerce presentations that features videos, interactive editorial and production galleries and online synergies.”

Kamen said he’s seen evidence that investment in technology is paying off for publishers. “Publishing executives must drive the conversation and keep their readers interested and the future success of growing the revenue side of all publishing organizations evolves around mobile capabilities, social networking programs and data alignment formations,” he said.

“A publisher who understands the relevance of accumulating a library of data and knowing how to sort it for potential strategic marketing purposes will be able to stay ahead of the curve. Already we are seeing that those who invest in technology and focus on better brand positioning are beginning to show marginal profits vs. those who have not.”

Madavor Media Acquires Award-winning Fairways & Greens

(Long Island, N.Y.) Madavor Media continues a recent string of acquisitions with the purchase of Fairways & Greens magazine, a bimonthly publication covering golf, travel and lifestyle for the American West and beyond. FG Magazine joins forces with Madavor’s Northeast Golf, which brings readers the most up-to-date information about people, places and events in the Northeast golf market.

“We are honored to have the opportunity to expand our portfolio with this award-winning publication,” says Jeffrey C. Wolk, Chairman and CEO of Madavor Media. “Because of our experience and industry partnerships, we are now well-positioned to serve golf enthusiasts on both coasts.”

During the magazine’s 13-year history, Fairways & Greens has grown into a vibrant publication, outliving nearly all of its direct competitors while racking up national honors including the 2006 Folio Award for Best Consumer Magazine Redesign and International Network of Golf awards ranging from Best Golf Travel Writing (2005 and 2007) to Best Golf Photography (2008) and Best Golf Illustration (2007, 2008). In addition, FG Magazine’s Vic Williams was honored with Best Golf Competition Writing for his analysis of Tiger Woods’ historic 2008 U.S. Open victory at Torrey Pines, topping writers from publications such as Golfweek and Sports Illustrated.

“Madavor Media is the perfect new home for FG Magazine,” Williams says. “It is a successful, growing publisher with resources that will enable FG to grow in the coming decade. Having such a strong partnership in place gives us a wealth of new tools to build on the success we’ve worked hard for since the magazine began in 1997.” Both Williams, who will serve as Executive Editor, and Creative Director Darin Bunch will remain with the magazine and www.fgmagazine.com website to maintain continuity and connection within the golf community.

“We’ve always known FG Magazine could be something truly special,” Bunch says. “And now, as part of the Madavor team of sports- and hobby-themed publications, we have an opportunity to build the brand into what we’ve always known it can be.”

Madavor Media publishes other titles and manages trade shows that are No. 1 in their respective fields in the sports, music and enthusiast markets. Through its print and digital magazines, trade shows, websites, e-mail newsletters and other partnerships across the publishing industry, Madavor offers unique ways to communicate with passionate consumers who are eager to learn more about products and events that support their interests. And now, with both FG Magazine and Northeast Golf, the company sees potential to reach golf travelers as never before.

The first issue of FG Magazine under Madavor’s direction will be the March-April 2010 magazine, scheduled to hit newsstands in mid-March. The title will be published on a traditional bimonthly calendar, with subsequent issues scheduled for May-June, July-August, September-October, November-December and January-February.

“In each issue of FG Magazine, we will deliver the golf travel information that readers and advertisers have come to expect from this acclaimed publication,” says Madavor Media’s VP/Group Publisher Susan Fitzgerald. “And with our experience in circulation, distribution, production, digital editions and promotion, we plan on expanding FG’s reach to new golfers and travelers throughout the West and beyond.” Kamen & Co Group Services of New York brokered the sale (info@KamenGroup.com)

For more information, contact:

Joan Lynch

Director, Madavor Media

www.madavor.com

617-706-9080

Vic Williams

Executive Editor, Fairways & Greens

www.fgmagazine.com

775-745-3190