Tuesday, July 23, 2013

WaPo Moves Beyond Newspapers and Gets Forney

The PEU Report writes:

Bloomberg reported:

In what may be the most brazen diversification play in media, the Washington Post this week said it’s purchasing Forney, a Texas-based company that makes burners and flame detectors for industrial furnaces.  

Chief Executive Officer Donald Graham said Washington Post is pursuing a “decentralized operating philosophy.”
WaPo went from staunch defender of private equity underwriters to being one.

The Post’s “ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon.”

Oddly, the purchase price was not revealed, despite both United Technologies and Washington Post being publicly traded.  Neither company filed with the SEC on the agreement.

More here.

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