Parent company of business papers files for IPO
Dolan Media, the parent company of the Long Island Business News and other business newspapers,Â filed to go public with the Securities and Exchange Commission, according to a story in the paper.
David Reich-Hale wrote, “In a filing with the Securities and Exchange Commission, the Minneapolis-based company said it plans to raise $150 million in an initial public offering. The company said it would use the net proceeds to redeem preferred stock, repay debt and for general corporate purposes, including acquisitions and working capital.
“In 2006, the company’s revenue increased to $111.6 million from $77.9 million. However, net loss from continuing operations widened to $14 million from $5.7 million in the previous year, according to the filing.
“Goldman, Sachs & Co., Merrill Lynch & Co., Piper Jaffray, and Craig-Hallum Capital Group are the IPO underwriters. Shares are expected to trade on the New York Stock Exchange under the ticker ‘DM.'”
Read more here. Earlier this year, Dolan bought the Mississippi Business Journal, and it also owns the Colorado Springs Business Journal, the Idaho Business Review and the Daily Journal of Commerce in Portland, Ore.