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Newspaper Valuation Issues

Newspaper Valuation Issues. MFM/BCCA Annual Conference Atlanta, GA May 16, 2011 Bond & Pecaro, Inc. 1920 N St., NW – Suite 350

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Newspaper Valuation Issues

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  1. Newspaper Valuation Issues MFM/BCCA Annual Conference Atlanta, GA May 16, 2011 Bond & Pecaro, Inc. 1920 N St., NW – Suite 350 Washington, DC 20036 (202) 775-8870 www.bondpecaro.com

  2. Panelists • John S. Sanders, Principal, Bond & Pecaro, Inc. • Gary M. Greene, Managing Director, Cribb, Greene & Associates • Frank J. Grueter, Jr., III, Senior Vice President, Publishing Group, Citizen’s Bank • Nancy Trillo, Vice President – Enterprise Finance, Controller, and Treasurer, Freedom Communications, Inc.

  3. ’00-’10 Reasonably Expected CAGR : 5.0% ’95-’00 CAGR: 6.5%

  4. ’00-’10 Reasonably Expected CAGR : 5.0% ’95-’00 CAGR: 6.5% ’00-’10 CAGR: -5.4%

  5. Comparative Operating Performance and Valuations – 2010 to 2011 (Dollars in Thousands) 5/28/2014 .

  6. Current Newspaper Valuation Issues • Market Turbulence Has Caused a Multitude of Valuation Issues • Economic Decision-making and Transaction Analysis (debt/equity swaps, financings, etc.) • ASC 350 (Formerly FAS 142) Impairment Testing • ASC 360 (Formerly FAS 144) Long-Lived Assets Including Tangibles • ASC 805 (Formerly FAS 141) Business Combinations • Property Tax Valuations • Fresh Start Accounting • Sec. 1031 Like Kind Exchanges and Ongoing IRS Controversy Regarding Masthead Valuation • IRC 409A Appraisals in connection with stock options and deferred compensation • Employee Stock Ownership Plans (ESOPs) – Dept. of Labor

  7. Newspaper Valuation Issues MFM/BCCA Annual Conference Atlanta, GA May 16, 2011 Bond & Pecaro, Inc. 1920 N St., NW – Suite 350 Washington, DC 20036 (202) 775-8870 www.bondpecaro.com

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