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  1. #851
    The_dENzD The_dENzD is offline

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    Brian Carey has an interest perspective on LM today here. (Free reg required to read).

    This is before The Irish Times factors redundancy costs into its calculations. Landmark employs 446 staff and has a payroll of about €20m. Industry insiders feel The Irish Times is “culturally incapable” of slashing costs to the extent required to wring the necessary savings. That could be a fatal flaw.

    The Irish Times has cash and listed investments of just over €20m, more than enough to buy Landmark. It is not flush enough, however, to support Landmark indefinitely. Small wonder the deal has moved so slowly. This is a big step for a traditionally conservative company.
    Hmmm. I really am starting to wonder if the IT are getting cold feet with the scale of the deal.
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  2. #852
    bogman424 bogman424 is offline

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    Quote Originally Posted by The_dENzD View Post
    Brian Carey has an interest perspective on LM today here. (Free reg required to read).



    Hmmm. I really am starting to wonder if the IT are getting cold feet with the scale of the deal.


    Will we see "Yellowpack Version 2" in the group ?
    Last edited by bogman424; 20th November 2017 at 02:05 PM.
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  3. #853
    jmcc jmcc is offline

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    Quote Originally Posted by The_dENzD View Post
    Hmmm. I really am starting to wonder if the IT are getting cold feet with the scale of the deal.
    The IT has its own problems and the continuing decline of its print edition might give its management a moment of clarity on this potential deal. There was a Phoenix article a few years ago about the IT becoming completely reliant on advertising with cash reserved being down considerably since the bursting of the property bubble. Would the IT be willing to sacrifice any cash reserves on this deal?
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  4. #854
    The_dENzD The_dENzD is offline

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    Quote Originally Posted by bogman424 View Post
    Will we see "Yellowpack Version 2" in the group ?
    Maybe we will see another receivership.

    I guess firstly the deal sounds really complex involving AIB massive debt write offs, Landmark Media Investments, the IT, Iconic / Trinity / INM and possibly Wireless Group so maybe we need to be patient but it does seem like things are not going exactly to plan.

    If a deal is not done then heavily indebted Landmark Media Investments will surely need to start liquidating some low hanging fruit to keep the rest of the group afloat.
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  5. #855
    The_dENzD The_dENzD is offline

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    Big news as eveyone probably knows by now, The Irish Times DAC has acquired most of the assets of Landmark Media Investments. All newspapers. All radio stakes. All website interests.

    AIB have taken a debt write down.

    Tom Murphy will go post deal closure. Deal closure may take 6 months.

    Seems strange that the IT would want all of the assets especially the radio assets.

    A restructure is coming with the IT talking to unions.

    Articles:
    The Irish Times to acquire Landmark Media business | Irish Examiner
    https://www.irishtimes.com/business/...sets-1.3317705
    https://www.rte.ie/news/business/201...ner-newspaper/
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  6. #856
    constitutionus constitutionus is offline

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    yeah looking at it my first thought was theyre gonna wind down the stuff that aint central to their business model.

    i mean WTF does the times want with radio stations?

    besides having a place to go for their journos now newstalks off limits that is

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  7. #857
    bogman424 bogman424 is offline

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    Quote Originally Posted by The_dENzD View Post
    Big news as eveyone probably knows by now, The Irish Times DAC has acquired most of the assets of Landmark Media Investments. All newspapers. All radio stakes. All website interests.

    AIB have taken a debt write down.

    Tom Murphy will go post deal closure. Deal closure may take 6 months.

    Seems strange that the IT would want all of the assets especially the radio assets.

    A restructure is coming with the IT talking to unions.

    Articles:
    The Irish Times to acquire Landmark Media business | Irish Examiner
    https://www.irishtimes.com/business/...sets-1.3317705
    https://www.rte.ie/news/business/201...ner-newspaper/

    And so, after months if not years of specualtion, another chapter is written in this sad tale of a once thriving publising group.

    And yet again, staff members will have sleepless nights as they await news of the guaranteed rationalisation, restructuring and subsequent job losses.

    A few questions come to mind:
    Will all existing contracts be honoured?
    Will we ever know the terms of Tom Murphy's departure?
    Will, or indeed can, Linehan, O'Keeffee and Crosby remain?
    Will all creditors get paid or will it be business as normal?

    Remember, all this has to be approved by the Competition Authority so it is not set in stone yet.
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  8. #858
    bogman424 bogman424 is offline

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    Quote Originally Posted by bogman424 View Post
    And so, after months if not years of specualtion, another chapter is written in this sad tale of a once thriving publising group.

    And yet again, staff members will have sleepless nights as they await news of the guaranteed rationalisation, restructuring and subsequent job losses.

    A few questions come to mind:
    Will all existing contracts be honoured?
    Will we ever know the terms of Tom Murphy's departure?
    Will, or indeed can, Linehan, O'Keeffee and Crosby remain?
    Will all creditors get paid or will it be business as normal?

    Remember, all this has to be approved by the Competition Authority so it is not set in stone yet.

    SBP reporting that "between 200 to 300 jobs are expected to go between the two companies (IT and LM) through redundancies and asset disposal". Another report in the same paper questions how a company with retained profits of 39m in 2005 ended up in it's current situation.
    Straightforward answer to that one would assume.............
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  9. #859
    The_dENzD The_dENzD is offline

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    They clearly figures that it was too complex to sell off bits and bobs to different parties prior to an IT sale. Seems that Iconic still have an eye on some of the regional assets.

    It is going to cost the IT a fortune to get rid of 200-300 staff.
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  10. #860
    Teddyboy Teddyboy is offline

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    Quote Originally Posted by The_dENzD View Post
    It is going to cost the IT a fortune to get rid of 200-300 staff.
    Yes it'll cost a fortune, but they'll have it back in a year with salary savings. Linehan and O'Keeffe rumoured to stay on bizarrely.
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