Creative Loafing Newspapers Taken Over by Hedge Fund Atalaya Capital Management

-- The Creative Loafing alternative newspaper chain, including Creative Loafing Tampa Bay, is being taken over by a hedge fund, The St. Petersburg Times reported on August 26, 2009:

"A New York hedge fund wrested control of the Creative Loafing newspaper chain Tuesday, promising to keep the weekly tabloids running in Tampa, Sarasota, Atlanta, Chicago, Charlotte, N.C., and Washington, D.C.

In a bankruptcy auction in Tampa, Atalaya Capital Management's $5 million bid blew away the field. Creative Loafing's longtime owners, the Eason family, opened the bidding by offering $2.32 million, but didn't counter when Atalaya upped the ante.

Ben Eason, effectively removed as chief executive of the chain Tuesday, vowed to start afresh this week with a new online publication based in Tampa. Eason had run family publications for close to 20 years."

The full story:
https://www.tampabay.com/news/business/tampas-creative-loafing-chain-taken-over-by-hedge-fund-atalaya/1030750

Go to the Creative Loafing Tampa Bay newspaper profile for more information about the newspaper.

Or see the latest Mondo Times media news & reviews.