Cribb, Greene Cope Publisher Confidence Survey 2015 Greene & Cope Report... · Cribb, Greene Cope...

10/12/15, 10:11 AMCribb, Greene Cope Publisher Confidence Survey 2015

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A"Report"on"Merger,"Acquisition"and"Valuation"Activityin"Print"and"Digital"Publishing

Cribb Greene Cope Report October, 2015

Newspaper sale activity currently high

Cribb, Greene & Cope closestransactions on six dailies, eightmore pendingThe newspaper sale market has been quite active in thesecond half of 2015. CG&C has just completed the sale of six daily newspapers in two separate transactions,with accompanying weekly papers. Eightadditional daily newspapers in four transactions arealso in the sale process.

Selling prices for CG&C properties are considerably abovethe "typical" market values of 3.5x to 4.5x trailing EBITDA,and currently average just under 6x EBITDA. These strongvaluations appear to be both due to the high quality of thesenewspapers and markets, and a shift in the valuationmethodology used by some buyers. Rather than basing valueon a multiple of trailing EBITDA these buyers are determiningthe EBITDA under their ownership, and then applying amultiple. The result can be a much higher multiple of trailingEBITDA. This shift began in the 4th quarter of 2014 and hascarried through 2015.

Wyoming capital city daily newspaper and three more

Cheyenne, Laramie, Rawlins andRock Springs, Wyoming dailiessell to Adams Publishing GroupThe daily newspapers in Cheyenne, Laramie, Rawlins and

SurveyResponses

PublisherConfidence Survey

Results

Client

Comments

The Cribb, Greene & Copecommitment is to do the best

job for our client in everyassignment. We are

fortunate to work with theexcellent companies and

individuals whose commentsare provided at the end ofthis Cribb Greene Cope

Report.

Marketat a Glance

EBITDA valuationmultiples for mid andsmall market papersrange from 3x to 6x

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Rock Springs, Wyoming, have been sold by the McCrakenand Richardson Families to APG Media of the Rockies,according to John Cribb, Cribb, Greene &Cope, who represented the sellers in thetransaction. The four newspapersdominate the southern tier of Wyoming,and include the state capital and thesignificant Wyoming college town. APG is a subsidiary of Adams PublishingGroup, LLC, a family owned mediacompany headquartered in St. Louis Park,Minnesota.

"We are extremely pleased that the Adamsgroup has purchased all four of our dailynewspapers, and we feel that they will be excellent operatorswho will continue to provide solid local news coverage for ourcommunities," said L. Michael McCraken, former WTEpublisher.

"We're very excited to have the McCraken group ofnewspapers and digital products join ourcompany going forward," said StephenAdams, chairman of APG. "The McCrakenfamily has been a stalwart steward of itsnewspapers for generations, and it's ourgoal to continue their tradition of locallyfocused, community-driven editorial andreporting."

The daily newspapers included in thetransaction are: the Cheyenne WyomingTribune Eagle; the Laramie Boomerang;the Rawlins Daily Times; and the RockSprings Rocket-Miner.

Two Pennsylvania dailies plus weekly clusters

Towanda and Shamokin, PAdailies sold to Sample MediaTowanda Printing Company (TPC) has been sold to SampleMedia Group according to Gary Greene, Cribb Greene &Cope who represented the seller in the transaction.

Publishing company valuesare currently in the 3x to 6xtrailing EBITDA range withmost transactions at 3.5x to4.5x. Cribb, Greene & Copetransactions are well abovethis level with an average of

over 6x trailing EBITDA. Prices over 5x tend to be

strategic acquisitions. Buyerstypically look at the most

recent performance, and themultiples indicated here are

based on stable or improvingperformance. Companies

with declining revenues andEBITDA, or that have high

EBITDA percentages torevenues, tend to be valued

at the lower end of themultiple scale.

Some of these transactionsinclude seller financing

Publishing*company*brokerage,appraisal*and*consulting*since

1923

CG&A Team

Contact Cribb Greene

"Our commitment is to do thebest possible job for our

client in every aspect of ourassignment."

Transactions:

Towanda and Shamokin,Pennsylvania

Towanda Printing Co.announced Wednesday thatit has reached an agreement

to sell the company toSample News Group,

according to Gary Greene of

http://www.cribb.com/index.php/the-team/

mailto:[email protected]



George Lynett, Jr., CEO of Times-ShamrockCommunications, the parent company of TPC, made theannouncement along with George "Scoop" Sample, Presidentof the Sample Media Group. Towanda Printing Company is made up ofthree newspaper clusters that include daily,weekly and monthly publications that servea five county area centered in NortheastPennsylvania and South Central New York.Those publications include The DailyReview, the Bradford Sullivan Pennysaver,and the Farmer's Friend, all in Towanda,PA; the Northeast Driller, Sayre, PA; theTroy Pennysaver, Troy, PA; theSusquehanna County Independent andWeekender in Montrose, PA; The NewsItem in Shamokin, PA; the CitizensStandard, Valley View, PA; and the Owego Pennysaver inOwego, NY. Also included in the sale is the company'smodern printing facility in Towanda. "This is a bittersweet moment for our family and for me as aformer Publisher of the Daily Review. We have had awonderful experience as owners of the Towanda PrintingCompany," Lynett said. "But we are also confident that wehave placed Towanda Printing in the capable hands ofanother respected family-owned media company." Sample News Group, headquartered inHuntingdon, Pennsylvania, owns more than50 publications, including 15 dailynewspapers, in Pennsylvania, New York,New Jersey, Maine, New Hampshire andVermont."We welcome Towanda Printing Co. andShamokin into our family of newspapers,"Mr. Sample said. "We are honored to havebeen selected by Times-Shamrock tocontinue their legacy of delivering all thebest news to these fine communities."Gary Greene of Cribb, Greene & Coperepresented the Towanda PrintingCompany in the sale. Cribb, Greene & Associates is a ninety-one year old newspaper brokerage, appraisal, and consultingfirm with offices in Helena, MT, Charlottesville, VA, andNeosho, MO.

Cribb, Greene &Associates.Towanda Printing

Co.

George V. Lynett Jr.,

publisher of The Times-Tribune, made the

announcement along withGeorge "Scoop" Sample,

CEO of Sample News Group.Mr. Lynett is also a CEO of

Times-ShamrockCommunications, the parent

company of TowandaPrinting and The Times-

Tribune.An asset purchase

agreement between the twocompanies was executedAugust 4, and the sale is

expected to be completed byOctober 1.

Farmville HeraldFarmville, Virginia

Farmville Newsmedia, LLC, anew Virginia entity wholly

owned by CarpenterNewsmedia, LLC (CNL),purchased The Farmville

Herald from the Wall familyon Friday, according to GaryGreene of Cribb, Greene &

Associates. CNL is anaffiliate of Boone

Newspapers, Inc. (BNI) withoffices in Natchez,

Mississippi and Tuscaloosa,Alabama.



Ohio weekly cluster

Weeklies in Batavia, Mt. Orab,Ohio sold to MCM OhioMCM Ohio, LLC completed its purchase of The ClermontSun, Batavia, Ohio, and The Brown County Press, Mt. Orab,Ohio, from Clermont Sun Publishing Company, according toRandy Cope, Managing Director, Cribb, Greene & Copenewspaper brokerage firm. The sale was completed onMonday, September 28, 2015. MCM Ohio, LLC is owned by Scott Champion, with offices inMooresville, North Carolina. MCM, LLC also owns the ThiefRiver Falls Times in Thief River Falls, Minnesota. TonyAdams, general manager of The Clermont Sun, will continueto serve in that capacity. The Clermont Sun was founded in 1828, making it one of theoldest newspapers in Ohio. The Clermont Sun PublishingCompany is owned by Bill and Mary Pat Latham. Cribb,Greene & Cope represented The Clermont Sun PublishingCompany in the sale.

Kentucky capital city daily newspaper

State Journal, Frankfort,Kentucky, sells to BooneFrankfort Newsmedia, LLC, (FNL) completed its purchase ofThe State Journal daily newspaper, Frankfort, Kentucky, fromDix Communications according to John Cribb, ManagingDirector, Cribb, Greene & Cope newspaper brokerage firm.Agreement in principle for the sale was announced lastmonth, and final details were worked out in recent weeks.

FNL is majority owned by Boone Newspapers, Inc., (BNI) withoffices in Tuscaloosa, Ala. and Natchez, Miss. Other ownersare Natchez-based Carpenter Newsmedia, LLC, (CNL) andkey BNI personnel. Jim Boone, of Tuscaloosa, is BNI'schairman. Todd Carpenter, of Natchez, is BNI's president and

The sale ends three

generations of ownership bythe Wall family.

"The Herald celebrates its125th birthday in 2015 andthe 94th year the paper hasbeen published by the Wallfamily," commented third

generation publisher SteveWall, whose grandfather J.B.

Wall purchased thenewspaper in 1921. "Theindustry has undergone

major changes in the lastcouple of years. My dad Bill,who joined the staff in 1954,

is planning to completelyretire and after 37 years inthe business full time I'm

ready for another newspaperfamily to take the helm."

Daily News Worland, WY

After 75 years of ownership,the Wyoming Newspaper

Group has sold the NorthernWyoming Daily News

according to John Cribb,Cribb, Greene & Associateswho represented the seller in

the transaction.NorthernWyoming Daily News

The group made the decisionto focus on their I-80 corridor

newspapers, according toPresident of CheyenneNewspapers, Inc. Mike

McCraken, who represents



chief executive officer and principal owner ofCNL.

The State Journal's sale ends 53 years ofownership by Dix Communications. VeteranAdvertising Director Lloyd Lynch has beennamed general manager of FNL and will leadits business operations. Longtime Editor PhilCase will continue to lead news operations.Cribb, Greene & Cope represented the Dixfamily in the sale.

Publishers optimistic

Cribb Greene Cope PublisherConfidence Survey Fall 2015Responses to the Fall 2015 Publisher Confidence Surveyindicate publishers continue to be encouraged about the shortterm future, but are still wary in some areas. One hundredand thirty-seven newspaper publishers/executives completedthe 2015 Survey with 60% of respondents owning daily andweekly newspapers and 40% owning primarily weeklypublications. More respondents than ever indicated theywould buy a newspaper currently (63%), and more mightorwould recommend their children seek a newspaper career (75%).

Significant is that 40% of publishers think that their localeconomy is improving which is down from 50% in 2014 - butinterestingly thepublishers who thinktheir local economy isdeclining stayed thesame as last year at11%, with more feelingthe economy is stayingthe same (49%).Publishers who feel theirprofit will be up next year declined somewhat from 51% in2014 to 48% this year with 38% of publishers estimating theirprofits will be about the same as the previous year.

Publishers were not as optimistic that ad revenues willincrease next year, with 39% saying they will be up comparedto 52% saying the same in 2014. More publishers would buy

the McCraken family, themajority interest owner of the

company.The McCraken family's

association with the NorthernWyoming Daily News beganJune 1, 1939. The companyalso operates newspapers inCheyenne, Laramie, Rawlins

and Rock Springs.Longtime Wyoming

newspaper operators Robband Jen Hicks of Buffalo andGary and Sue Stevenson of

Sheridan purchased thepaper.

Virgin Islands Daily NewsVirgin Islands-basedbusinessman Archie

Nahigian has purchased TheVirgin Islands Daily News

and its affiliated publications,websites and businessoperations from Times-

Shamrock Communicationsof Pennsylvania.

Nahigian, who becomespresident of Daily News

Publishing Co., Inc. effectivetoday, lauded the tradition ofexcellence at the newspaper."The Daily News has been avital institution in the lives of

Virgin Islanders since itsfounding on Aug. 1, 1930. I

consider it a great privilege tobe entrusted with this

responsibility, and I hope toprove a worthy steward of

that legacy," he said.

Gulf Coast NewspapersBaldwin, Souther Carolina

Gulf Coast Newspapers,



a newspaper compared to anytime in the Survey history, with63% saying they would make a newspaper purchase.

A new question in the 2015 Survey asked what publishers areworking toward in digital advertising revenue as a percentageof total advertising. The "zero to 10%" category was mostdominant at 55%followed by 39% inthe "10% to 20%"; 5%in "20% to 30%" and only1% looking for more than30% in digitaladvertising. Our "litmus test" question"Would you recommend the newspaper business as a careerfor your children?" shifted some who said "yes" last year tothe "maybe" category, for a total "yes" or "maybe" in 2015 of75% compared to 73% in 2013. The people who would notrecommend newspaper as a career dropped to 25%.

Please also see theSurvey RespondentComments at the end ofthis story, with a numbernoting thatthe "definition" of anewspaper is thequestion. Our favorite"poignant" comment from a Survey respondent is thisone: "News yes, newspaper maybe."

The overall results of the Fall 2015 Publisher ConfidenceSurvey seem to indicate that publishers continue to beoptimistic - but cautious - about future performance and thenewspaper industry in general. We would like to thank all thepublishers and executives who took time to respond to theSurvey.

PUBLISHER CONFIDENCE SURVEY QUESTIONS:

#1: Is your newspaper company primarily daily frequency (5days or more each week), non-daily or a combination?Answer: Daily: 41%; Non-daily: 40%; Combination: 19%

LLC, a publishing firmoperating in Baldwin County,

has been acquired by afamily owned newspaper

company in SouthCarolina, according to GaryGreene, Cribb, Greene &

Associates, who representedthe seller in the transaction.OPC News, LLC, purchased

the media properties fromCrescent Publishing

Company, LLC, also based inSouth Carolina. The sale

closed July 29.

OPC News is owned by three

members of the Osteenfamily, Graham, Kyle and

Jack Osteen. The brothersalso have holdings in OsteenPublishing Company, Inc., aSumter newspaper operationthat has been in their family

for more than a century.In a statement, the brotherssaid their comfort with smallnewspapers and the locationof these particular properties

made the purchaseattractive.

Culpeper TimesCulpeper, Virginia

Fauquier Times ' parentcompany, the Virginia News

Group, has sold thenewspaper's sister

publication, CulpeperTimes, according to GaryGreene, Cribb, Greene &

Associates, who representedVirginia News Group in the

sale.



#2: Do you think the local economy(s) in your publicationmarket(s) is/are improving, declining or about the same aslast year?Answer: Improving: 40%; About the same: 49%; Declining:11%

#3: Next year (2016) do you believe that your bottom line willbe up, down or about the same as this year?Answer: Up: 48%; About the same: 38%; Down: 14%

The new owner will be

Dennis Brack, who publishesthe Rappahannock News

newspaper and ThePiedmont Virginian

magazine.Culpeper Times Editor AnitaSherman, a former Fauquier

Times staffer as well asformer editor of the

Rappahannock News, isstaying with the paper under

the new ownership."The decision to sell the

Culpeper Times came withmixed feelings," Peter W.

Arundel, publisherof Fauquier Times and chief

executive officer of theVirginia News Group, saidMonday. "We will miss thepaper and the community agreat deal. Mostly, we will

miss working with AnitaSherman, the editor. She'sbeen such an asset for ourcompany for over 10 years.

But that all said, the paper isin better hands with Dennis. He'll give it the attention it

needs to be an even strongercommunity paper.

Huckle Media, LLC

Owatonna, Faribault,Minnesota

The daily Owatonna People's

Press, the Faribault DailyNews, and assorted weekly



#4: As your local economy continues to improve, do you thinkyour bottom line will be better than it was before thedownturn, worse or about the same?Answer: Better: 41%; About the same: 32%; Worse: 27%

#5: Next year (2016) do you believe your total advertisingrevenues will be up, down or about the same as this year?Answer: Up: 39%; About the same: 39%; Down: 21%

and monthly publicationshave been sold by the

Huckle Family to AdamsPublishing Group accordingto John Cribb, Cribb, Greene

& Associates, whorepresented the HuckleFamily in the transaction

Daily Progress-IndexPetersburg, Virginia

The daily Progress-Index and

Colonial Voice have beensold by the Times-Shamrock

Company to New MediaInvestment Company

according to Gary Greene,Cribb, Greene & Associates,who represented the seller in

the transaction.

Kings Mountain HeraldKings Mountain, North

Carolina

The Kings Mountain Heraldhas been sold by Gemini

Newspapers, Inc. toCommunity First Media, Inc.according to Gary Greene,

Cribb, Greene & Associates,who represented the seller in

the transaction.

Marana NewsTucson, Arizona



#6: What is your target for digital advertising revenue as apercentage of total advertising revenue in 2016?Answer: 0% to 10%: 55%; 10% to 20%: 39%; 20% to 30%:5%: More than 30%: 1%

#7: If you currently print in-house, would you consideroutsourcing your printing and eliminating your press?Answer: Yes: 49%; No: 51%

The Marana News has beensold by News Media Corp. to10/13 Communications, LLC

according to John Cribb,Cribb, Greene & Associates,who represented the seller in

the transaction.

Elizabethton Star,Elizabethton, TN

The Elizabethton (TN) Stardaily newspaper and related

printing and digital operationshave been sold by the

Robinson and GoodwinFamilies to partners of BooneNewspapers, Inc., according

to Gary Greene, Cribb,Greene & Associates, who

represented the sellers in the



#8: Would you consider purchasing a newspaper currently?Answer: Yes: 63%; No: 37%

#9: If you would consider purchasing a newspaper, forfunding would you primarily use (please choose one answeryou think best applies): Bank financing; Seller financing; CashReserves; Other sourcesAnswer: Bank financing: 30%; Seller financing: 30%; Cashreserves: 24%; Other sources: 12%

transaction.

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#10: In your opinion, is bank financing on "reasonable" termsavailable to you?Answer: Yes: 70%; No: 30%

#11: Would you recommend the newspaper business as acareer for your children?Answer: Yes: 36%; No: 25%; Maybe: 39%



Survey Respondent comments:

"We have had the worse summer in history. I am hoping it is asimple glitch, but if it doesn't change, we won't be a dailymuch longer."

"As long as the newspaper had a good digital and socialmedia plan."

"News yes, newspaper maybe."

"The issue is all about how the term 'newspaper' is defined. Ifyou are talking the collection and dissemination ofinformation, my answer is yes. If you are talking about the actof putting ink on paper, no."

"Our future is bright for those who are innovative, make agood operating plan and implement."

"They have no interest in "print"...digital maybe, but not mychildren."

"Only as an innovator pursuing a more diverse businessmodel."

"We have seen an increase in print ad revenue as advertisershave found digital advertising to have been considerably lesseffective in reaching their customers."

"Small to medium, truly multiplatform, multimedia newspaperorganizations will survive. They are not going anywhere.There are very few journalistic staffs available to cover thenews."



"While a career in newspapers may not be lucrative, it's mostcertainly rewarding."

"Our market in Southern Oil and Gas country is experiencingheavy economic trouble with declining oil prices. There is noupturn here, it's more like a cliff."

"There is no denying that newspapers are not what they usedto be however, the industry is evolving and I believe there is aplace for newspapers among the exploding social mediaculture. Community newspapers will remain relevant andimportant businesses in the community."

"Really depends on what the business becomes..."

"Not searching widely for acquisitions, but if a strategicopportunity were available, we'd take a look."

"Community newspapers are alive and well!!"

"Our web traffic has grown to the point that advertisers arepaying attention. My expectation is that print-web advertisingcombinations will create new revenue streams."

"Business remains strong in well run community newspapers."

"Those daily newspapers that survive the current downturnand have a nice press facility will be fine."

"Digital conversion kills the business model. The more apaper has gone that direction, the more wary I am ofpurchasing it."

We are fortunate to work with high quality companies and individuals:

"Cribb, Greene & Cope" Client CommentsChuck Dix, President, Dix Communications (Recent sale ofFrankfort, KY daily):"Cribb, Greene was a solid broker for Dix, acting in a professionalmanner not only to us, but to the buyer as well. They are wellplaced in the industry, respected, and confidential."

Renee Huckle Mittelstaedt, President & Principal Owner:"While making the decision to sell the company was difficult,



selecting John Cribb with Cribb, Greene & Associates as ourbroker was easy. When our family decided to sell Huckle Mediawe chose to engage John who we've known and respected for along time. After talking with other family-owned companies andhearing about the great experiences they have had working withCribb, Greene, we felt confident we were in good hands. John andhis crew didn't disappoint - they exceeded our expectations andperformed with the highest level of integrity. We were delightedthat John connected us with Adams Publishing Group, whichpurchased our company mid-year 2014."

Mike McCraken, Cheyenne Newspapers, Inc.: "John Cribb did agreat job handling our recent sale of the Northern Wyoming DailyNews in Worland. John listened to our concerns, put together asolid marketing package and in very short order identified GaryStevenson of Sheridan and Robb Hicks of Buffalo as interestedbuyers. The negotiations and transaction progressed smoothly,and all of the owners were extremely pleased to sell the paper toa couple of long-time newspapermen from Wyoming. We werevery happy with the expertise and performance of Cribb, Greene& Associates."

Bill Jacobs, former owner, Brookhaven (MS) Daily Leader: "My dependence on John Cribb during each phase of thenegotiating process was crucial during the sale of mynewspapers. When one is traveling in uncharted territory, it isimportant to have someone of his experience on the team toproperly work on the details of such transactions."

David Jackson, former owner, Ludington (MI) Daily News: "Igreatly appreciated Cribb Greene's help not only in solicitingpotential buyers for our company, but also their expertise inevaluating the interest and financial wherewithal of thoseindicating an interest in our newspapers. Cribb Greene made theprocess much easier and less painful than it would have beenwithout their assistance."

Jim Boone, Chairman and Todd Carpenter, President, BooneNewspapers, Inc.: "John Cribb and Gary Greene have served usand their clients well. They bring deep experience and importantknowhow to guiding seller and buyer through the sale processand to negotiations. While we work with multiple brokerage firms,Cribb-Greene stands tall with the best."

Dave Lord, Pioneer Communications: "I've worked with JohnCribb and Gary Greene for many years, and the company hasbeen unfailingly professional while delivering results. I give CribbGreene the highest rating."

Larry Perrotto, Chairman, Community Media Group: "We



have worked with John Cribb and his associates for many years,closing a number of newspaper acquisitions. John and his teamare among a select group of highly qualified M&A professionals inthe publishing space with an in-depth understanding of ourindustry. We appreciate their sensitivity and dedication to theinterests of both buyers and sellers."

Pat Cashman, former owner of the Vicksburg (MS) Post: "Ithink you handled my business with care and the knowledge thatcame from many transactions. I would recomend your company toanyone looking into a sale. You brought several prospects to methat let me see who was out there and who was qualifed to gofurther into a deal. Thanks."

Jim Flood, former owner of the Dover Post group: "John'sdeep understanding of the newspaper business made explainingour weekly group easy, his reputation brought numerous buyers tothe table, his marketing skills enabled us to prepare apresentation document that really showed what the Dover Postorganization was about and, lastly, his personal touch, taking thetime to get to know the various members of the family (The DoverPost group was a 200 employee, 12 weekly newspaperorganization started by the Flood family in 1975 and sold in 2008.)that had a significant effect on making everything come together.It was like working with a friend, not a broker."

William D. Highland, Clarksburg Exponent-Telegram:"Cribb & Greene was instrumental in helping my family decidewhat to do about selling our newspaper in West Virginia. Theywere patient in explaining the economic aspects of newspapers,industry terms like "EBITDA", the current sales climate (a buyer'smarket). They provided a clarity about these matters which wehad lacked. Indefatigable in their efforts on our behalf, theyappeared at a shareholders' meeting with graphs and participatedin countless telephone conferences and follow-up calls. Inchoosing a broker for our company, we had no doubt that Cribb &Greene stood head-and-shoulders above the competition, and wenever changed our opinion."

Gary Stevenson, owner: "We were pleased to work with JohnCribb of Cribb, Greene & Associates in the purchase of theNorthern Wyoming Daily News in Worland Wyoming. As usual,John was very timely with any and all information requests andfacilitated a smooth, professional sale. We have worked withCribb Greene & Associates on numerous occasions on both thebuying and selling side and have been quite pleased with them.We would surely use them in the future if the stars alignagain. Thanks John for a professional, rewarding transaction."

Andy Bickford, President, Independent Publications



Inc.: "When my company decided to sell all of its newspaperassets we knew that we could count on Cribb Greene to achieveour objectives. We've worked with John and Gary on severalprojects over the years on both the buy and sell sides and havegreat respect for their knowledge of the marketplace andcommitment to their clients."

Arne Hoel 10/13 Communications: "I have worked with Cribband Associates on a number of transactions and have alwaysfound them to be knowledgable and honest. They set reasonableexpectations for their clients and always come through."

Kevin Olson, Owner, Teton Media Works, Publisher, JacksonHole News&Guide, Jackson Hole Daily: "I've had theopportunity to use John's guidance and representation on both theselling and buying sides of a recent media transaction. Hisinsights on transactions in the broader market and valuationsrelating to our market provided confidence that the sales pricewas fair and within reason for a sale of the size and market inwhich we were operating. On the buying side, John focused meon the most important elements I needed to reconcile in order tofeel sure and secure about moving forward. His advice was soundand based on experience from a career's worth of transactions.There's no doubt he's my first call when I need media brokerageadvice in the future."

Appraisals are essential for transferring stock to the nextgeneration, and useful for bank loans and strategic planning

Newspaper and publication appraisalCribb, Greene & Cope has done valuations on hundreds ofpublishing titles and we feel our evaluations reflect accuratemarket values. Our appraisals have been used for estateplanning, loans, partnerships, venturecapital/financial backing, taxes, Employee StockOwnership Plans, shareholder value, minorityownership and market value. Please contact us directly if you would like to discuss avaluation. CG&C also offers desktop review valuations whichare more modestly priced, and evaluation for a potential saleprice is included in the marketing process when CG&C isretained to represent a client.

We would be pleased to discuss these possibilities - on acompletely confidential basis, of course:



Consulting services available fromCribb, Greene & CopeCribb, Greene & Associates offers a variety of consultingservices to its clients, including:

Strategic planningBoard Organization and goalsettingOperationsOrganizational structuringEmployee psychologicalevaluations

All work is confidential and fees are based on thescope of the engagement. An initial no-cost assessment isprovided.

Publication Brokerage, Consulting and Appraisal FeesAvailable On Request

Left to right: Randy Cope, John Cribb, Gary Greene:

Cribb, Greene & Cope Contact Information:

Montana office:




John Cribb

Gary Greene

Randy Cope

John Cribb, Managing Director825 Great Northern Blvd.Suite 202Helena, MT 59601

Phone: 406-579-2925 * Fax: [email protected]

Virginia office:

Gary Greene, Managing Director943 Glenwood Station Lane,Suite 001Charlottesville, VA 22901 Phone: 434-227-0952 · Fax:[email protected]

Missouri office: Randy Cope, Managing Director2018 Estella DriveNeosho, MO 64850

Phone: 214-356-3227 * Fax: [email protected]

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