Thursday, June 3, 2010

Will Open Gate Capital Get Newsweek for a Dollar?

Open Gate Capital, the owner of TV Guide, is the newest name on the list of parties interested in buying Newsweek, according to Keith Kelly. Open Gate bought TV Guide for $1 in 2008 and convinced the seller, Macrovision, to lend the company $9.5 million until 2014 to help run the magazine, which at the time was losing $20 million per year. Jack Kliger, CEO of Open Gate, cut much of the magazine's staff and hired consultants to fill in. The Washington Post Co. suggested in its sales book that it wouldn't be surprised if a new owner cut the staff. Letters of interest are due June 2.
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