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Private equity makes a big newspaper play

Dan Primack, author of Pro Rata

AP Photo/Rob Griffith

TPG Capital and Ontario Teachers' Pension Plan have revised their takeover offer for Australia's Fairfax Media. The firms originally bid A$2.2 billion to acquire Fairfax's metro newspaper and real estate classifieds unit, but now are offering A$2.76 billion for the entire company (which actually lowers the overall enterprise value a bit from the initial approach).

Why it matters: Private equity firms have avoided mass-market print media for a while now, but TPG is betting that the value of Fairfax's online real estate classifieds business (called Domain) is worth taking on not just the big metro dailies, but also a mishmash of smaller, regional papers. If TPG is successful, the big question for Australian news consumers, will be how long TPG can stomach that particular headache.

Bottom line: "The $2.76 billion now on the table will not be high enough to get the board to agree to open the company's books to TPG and its partner, Ontario Teachers' Pension Plan, but it is not far off. Key shareholders in the target company believe the bidding consortium now means business." ― Australian Financial Review

Go deeper

Alayna Treene, author of Sneak Peek
3 hours ago - Politics & Policy

Trump to issue at least 100 pardons and commutations before leaving office

Photo: Mandel Ngan/AFP via Getty Images

President Trump plans to issue at least 100 pardons and commutations on his final full day in office Tuesday, sources familiar with the matter told Axios.

Why it matters: This is a continuation of the president's controversial December spree that saw full pardons granted to more than two dozen people — including former Trump campaign chair Paul Manafort, longtime associate Roger Stone and Charles Kushner, the father of Trump's senior adviser and son-in-law, Jared Kushner.

  • The pardons set to be issued before Trump exits the White House will be a mix of criminal justice ones and pardons for people connected to the president, the sources said.
  • CNN first reported this news.

Go deeper: Convicts turn to D.C. fixers for Trump pardons

Stef W. Kight, Kadia Goba
4 hours ago - Politics & Policy

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

Go deeper (1 min. read)Arrow
Kadia Goba
6 hours ago - Politics & Policy

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Go deeper (2 min. read)Arrow