;^)
Posted on 09/22/2006 8:17:33 AM PDT by abb
EW YORK, Sept 22 (Reuters) - Standard & Poor's on Friday cut its ratings on Tribune Co. into junk territory and said it may cut them again, citing the media company's statement that it is exploring alternatives to increase value for shareholders.
Tribune, under rising investor pressure to sell divisions or go private, said after a board meeting on Thursday that it would consider strategic alternatives to create value with the support of its largest shareholder. For details, see [ID:nN21309852].
The statement did not elaborate on what the alternatives include but it came after several of Tribune's biggest shareholders urged the company to spin off its broadcasting division, find a buyer or have a leveraged buyout.
S&P had cut its ratings on Tribune in May, after the company announced a leveraged recapitalization with the purchase of about 25 percent of its stock, the rating agency said in a statement.
"Standard & Poor's had expected that Tribune would focus on debt reduction following the completion of the repurchases," the ratings agency said.
S&P cut Tribune's corporate credit rating and senior unsecured debt by one notch to "BB-plus," the highest junk rating, from "BBB-minus."
Spreads of Tribune's credit default swaps have widened by around 66 basis points on the news to around 185 basis points, or $185,000 per year for five years to insure $10 million in debt.
Ping
Yes such good news to warm the heart this fine morning.
Maybe you and I will take over the Trib and re-make it once again as a conservative newspaper like it was in the good ol' days ;-).
Liberal fools and conservatives who don't know any better have been rushing in to buy TRB as they Enron the stock value with rumors of selling the LA Slimes and other holdings. That will drive the future value of their miserable stock even lower.
Cramer's calling it a buy now on TheStreet.com. He must be ready to get out, lol...
Cramer's calling it a buy now on TheStreet.com. He must be ready to get out, lol...
If Cramer is calling it a buy, he probably bought low and plans to sell when his lunatic left wing cult decides to buy on his advice.
That show of his is a reality show of liberal insanity.
These people also own the Chicago Cubs, WGN-TV (and radio), Channel 5 in L.A., but they can't sell their printed liberal spin.
We must not stop until the deceit, omssions, lies, and constant campaign for the criminal Democrat party is crushed by righteous might.
;^)
The same people that have told Geffen and others offering $1 billion for the Times they arent selling. What a bunch of tools.
"The same people that have told Geffen and others offering $1 billion for the Times they arent selling. What a bunch of tools."
Just more proof to never be associated with nor believe any liberals when they are in control of a business, a mutual fund, have investment letters/talk shows, write investment articles or anything financial re a business.
I hope that smarmy guy that's from Chicago, Jim ? had alot of stock that is near worthless now.
Are you talking about the guy with really big head, huge mouth that screams what to buy?
If so that is the Lunatic Cramer.
BUMP
http://www.latimes.com/business/la-fi-tribune23sep23,1,4892233.story?coll=la-headlines-business
Tribune's Future Not Easy to Read
As The Times' owner weighs action to increase share value, analysts say its broadcast holdings or smaller papers may end up on the block.
http://www.chicagotribune.com/business/chi-0609230063sep23,1,456147.story?coll=chi-business-hed
Tribune shares jump 6% on moves
But talk of breakup raises default fears; debt rating lowered
http://online.wsj.com/article/SB115896620760471819.html?mod=home_whats_news_us
Why Tribune Needs to Work Quickly
Falling Fortunes of Industry
May Sour Potential Bidders;
Whether, How to Split Firm
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