Gamco Buys More Stock in Journal Communications
July 27, 2009
RYE, N.Y.: Mario Gabelli’s investment funds have taken a bigger chunk of Journal Communications, Triangle Business Journal reports. Gameco Investors, Gabelli Funds and Teton Advisors, collectively added 900,000 shares of Journal (NYSE: JRN) during the second quarter. Gabelli’s funds now hold more than 7.5 million JRN shares comprising 18.45 percent of the common stock, up from 17.64 percent on April 2. TBJ said Gabelli funds paid between 95 cents and $2.10 a share for the stock. Shares were trading this after noon at around $2.30 each.
Gabelli’s Gameco recently picked up more stock in Media General to nail down 30 percent of that company’s A shares. Gameco also has a 20 percent stake in Fisher Communications.
Previous TVB coverage of Gabelli’s media investments:
July 2, 2009: “Gabelli Increases Stake in Media General”
Investor Mario Gabelli upped his stake of Media General. Gabelli’s Gamco Investors now holds nearly 30 percent of Media General’s (NYSE: MEG) A shares. Gamco has purchased 442,437 shares since March, increasing the firm’s piece of MEG from 27.94 to 29.87 percent, and from 22 percent in April of 2008.
April 10, 2009: “Firms Advise Fisher Shareholders to Block Gameco Gambit”
Gamco chief Mario Gabelli told Bloomberg that Fisher overpaid when it spent $55 million last year for two TV stations in Bakersfield, Calif. He was moved to seek a larger presence on Fisher’s board when the company didn’t disclose an offer to be acquired. Fisher last month agreed to nominate two of Gabelli’s people to its board election at the annual meeting, scheduled April 28.
Previous TVB coverage of Journal Communications:
July 21, 2009: “Journal 2Q Broadcast Revenues Drop 18 Percent”
Second-quarter revenues for the 14 TV stations in the Journal Communications stable fell around 18 percent compared to last year, the media company said today. Operating earnings for the segment would have been down 53 percent, but were further deepened by an impairment charge on broadcast licenses.
March 4, 2009: “Journal Posts 4Q Loss on Write-down”
The 12 TV stations owned by Journal Communications generated revenues of $33.4 million for 4Q08, down 5.5 percent from 4Q07's $35.3 million. The stations posted an operating loss of $51.9 million, reflecting a $56.9 million write-down on the value of the licenses. Excluding the charge, Journal (NYSE: JRN) said operating income would have been $5 million—flat compared to last year. Operating expense for the stations was cut by 6.5 percent from 4Q07.
July 2, 2008: “Journal Communications Agrees to Pony $8 Million for KNIN-TV”
The Journal Communications (NYSE:JRN) broadcast division has agreed to buy KNIN-TV in Boise, Idaho for $8 million. The Milwaukee-based media group already owns the local ABC affiliate in the city, KIVI-TV, making for a TV duopoly in the market