MediaNews To Go Completely Silent on SEC Filings
This story was written by Rafat Ali.
MediaNews Group, the privately-held newspaper company, the nation's fourth-largest, will stop filing documents with SEC, according to its last filing with SEC. "On April 4, 2008, MediaNews Group, Inc. (the "Company") entered into amendments [with] Bank of New York, as trustee, regarding the Company's 6-7/8% Senior Subordinated Notes..The amendments ended MediaNews' obligation to file reports under the Securities Exchange Act of 1934 (the "1934 Act") on a voluntary basis. Such obligation has been replaced with an obligation to deliver to Note holders quarterly and annual financials. Accordingly, the Company will no longer be filing reports under the 1934 Act on a voluntary basis." All of its filings were made because the company had publicly registered debt.
What this means is no visibility on its earning and interactive efforts, among other things. It also mean no news on compensation of CEO William Dean Singleton, and the ownership stakes of Singleton, Chairman Richard Scudder, and key employees, as this story points out.
In its last quarterly earnings filed in Feb, it had revenues of $345.2 million, down 7.2 percent from $372.4 million. Net income grew in the quarter to $17.3 million from $12.9 million.
By Rafat Ali