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Wednesday, October 25, 2006

GateHouse Media IPO Pricing.....and who said newspapers were dead???

GateHouse Media (GHS) priced 13.8 million shares at a price of $18.00 in its IPO set for today. That 13.8 million shares was above the initial 11.5 million shares planned in the filing and the pricing was at the top of the $16.00 to $18.00 range.

Goldman Sachs and Wachovia were the lead underwriters; and co-managers were listed as Bear Stearns, Allen & Co, and Lazard.

So who says newspapers are dead? GateHouse is a "local" specialist printing and online companies for local newspapers and online content. It has some 75 daily newspapers with 405,000 paid subscribers, 231 weekly newspapers with total paid circulation of 620,000 and free circulation of 430,000. It owns 117 local shopping free ad-only magazine/papers with circulation reaching 1.5 million; and it owns 230 locally-focused web sites. In 2005 the company lost almost $10 million on $205 million in revenues.

Jon C. Ogg
October 25, 2006
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