The New York Times Company (NYSE:NYT) has entered into an agreement to sell its Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, to Halifax Media Holdings LLC for $143 million in cash, subject to certain adjustments. The transaction is expected to close within a few weeks and upon completion of the sale, the Company will record an after-tax gain on the sale in the first quarter of 2012. The Company intends to use the net proceeds for general corporate purposes. The Company estimates the net after-tax proceeds from the sale will be approximately $150 million.
The New York Times Company, a leading media company with 2010 revenues of $2.4 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, 15 other daily newspapers and more than 50 Web sites, including NYTimes.com, BostonGlobe.com, Boston.com and About.com.
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Cleantech Transit, Inc. (CLNO) Energy is such an essential requirement of our daily lives that we all have to take it seriously. Energy is needed to provide lighting, heating, air conditioning, cooking, transport and to power all the technologies in the family home or business premises. The benefits of renewable energy can make a real contribution in most of these areas of energy usage.
Perhaps the greatest benefit of such energy is the potential for it to provide clean sources of power generation that is also affordable for both home owners and businesses. Secondly, in the case of solar energy, the maintenance required is low as cleaning of the panels is low cost and relatively easy. Businesses benefit from a clean energy image that renewable presents through its ability to reduce pollution and have a positive effect on the environment. Home owners can benefit from such renewable energy concepts as solar powered lighting for walkways and solar covers on swimming pools.
Cleantech Transit is focusing its efforts on building a portfolio of environmentally friendly green assets. Their goal is to create a self-sustaining environment where they can produce and sell clean electricity for domestic use. In addition Cleantech will expand its focus to other areas of sustainable energies including renewable resources such as Geothermal, Solar and Wind. Cleantech Transit’s goal is to use innovative technologies to reduce electricity consumption and dependence on carbon based energy.
Cleantech Transit, Inc. (CLNO) is pleased to announce it has met its funding requirement to secure the Company’s ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
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FBL Financial Group, Inc. (NYSE:FFG) recently announced it has closed the previously announced sale of its subsidiary, EquiTrust Life Insurance Company, to a controlled affiliate of Guggenheim Partners, LLC in an all-cash transaction with initial sale proceeds of $471.4 million. The initial sale proceeds of $471.4 million consist of the preliminary purchase price of $440 million increased by $31.4 million for the closing net worth adjustment, calculated as the estimated change in EquiTrust Life’s adjusted statutory net worth for the nine-month period since March 31, 2011. The final price will be determined after the year-end statutory balance sheet is completed for EquiTrust Life and a further post-closing adjusted statutory net worth reconciliation is calculated.
FBL Financial Group is a holding company whose primary operating subsidiary is Farm Bureau Life Insurance Company. FBL Financial Group underwrites, markets and distributes life insurance and annuities to individuals and small businesses.
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The McGraw-Hill Companies (NYSE:MHP) recently completed the sale of its Broadcasting Group to The E.W. Scripps Company. As previously announced, the purchase price of the nine-station Broadcasting Group was $212 million in cash.The divestiture of the Broadcasting Group, a non-core asset, was carried out pursuant to the Corporation’s Growth and Value Plan, which will create two focused operating companies, McGraw-Hill Financial and McGraw-Hill Education, and is designed to accelerate growth and enhance shareholder value.
The McGraw-Hill Companies, Inc. provides various information services for financial, educational, and business information markets worldwide.
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