US Publisher Pulitzer Hires Bankers to Explore Sale

22 November 2004

One of the most famous names in US newspaper publishing could be on the market.

The family-owned Pulitzer company, whose stable of daily and weekly newspapers includes the St Louis Post-Disptach and the Arizona Daily Star, has confirmed the appointment of investment bankers Goldman Sachs to explore its strategic options.

Although no decisions have been made and any move would have to be approved by the family, which controls 88% of the shares, a sale of the company could attract bids of around $1.5 billion (€1.1bn, £800m.)

Last month the firm reported third quarter earnings growth of 13%, due to rising advertising sales.

One of the most likely bidders for the Pulitzer name would be Gannet, the US's biggest newspaper publisher. Other private equity firms are also likely to be interested.

The firm's directors, including chairman Michael Pulitzer and ceo Robert Woodworth, are due to meet today, Monday, for what they insist is a scheduled discussion of end-of-year business.

Data sourced from Wall Street Journal Online; additional content by WARC staff