From: Peter Liguori
Sent: Wednesday, May 15, 2013 1:02 PM
Subject: Our strategic review process
There's been a lot of noise recently about the possible sale of our
newspapers and speculation on who the interested parties might be. From
the get go, such speculation has been and is premature. A sale
transaction is only one of our possible strategic options, and there are
many others.
Such speculation is understandable, as over the past several weeks we
have received a great deal of unsolicited interest in our publishing
businesses, which says a lot about the strength of our brands, the
outstanding journalism you deliver, and the talent and dedication of
each of you.
I’ve promised that we will be as transparent as possible about the
strategic review, so I want to get you up to speed on where we are now.
First and most important, thanks to your hard work and innovation, our
newspapers are performing well and we’re ahead of our 2013 financial
plan. We’re delivering compelling journalism, which drives readership,
circulation and advertising. Our sales force’s creative,
performance-oriented advertising programs are delivering results that
are above expectations. Finally, we’re engaged in thoughtful,
efficient business practices and managing our publishing operations
better than ever.
As we’ve discussed at our employee town hall meetings, we will continue
exploring all strategic options to maximize shareholder value, including
retaining and operating our publishing assets. The process is ongoing
and no decision to sell our publishing assets is imminent.
An important element in maximizing value, of course, is continuing to do
the incredible job you’ve been doing since the start of the
year—delivering great content, expanding our reach, and developing new
products. The Board of Directors and the leadership team is extremely
grateful for everything you’ve enabled us to accomplish so far.
Thank you.
Peter
SOURCE: LAObserved
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