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Newcastle Investment Corp Announces Spin-Off Of Media Assets

Friday, 27 Sep 2013 11:35am EDT 

Newcastle Investment Corp announced that its Board of Directors has unanimously approved a plan to spin off its media assets, which include an interest in GateHouse Media, Inc. (GateHouse) and 100% ownership of Local Media Group, Inc. Newcastle intends to effect the spin-off in early 2014 by distributing shares of its subsidiary New Media Investment Group Inc. (New Media). On September 27, 2013, GateHouse commenced voluntary chapter 11 proceedings under the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware pursuant to a prepackaged plan of reorganization (Plan) for which Newcastle is acting as sponsor. As a result of the transactions contemplated by the Plan, New Media will own the reorganized GateHouse and Local Media on the effective date of the Plan. New Media has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) with respect to the planned spin-off. In evaluating the spin-off, the independent members of Newcastle`s Board of Directors were advised by Houlihan Lokey. 

Company Quote

-0.48 -3.45%
4:00pm EDT