Several parties have submitted official declarations of interest to the Washington Post Company in regard to a potential acquisition of ailing Newsweek magazine. Although a company spokesperson declined to say exactly how many notifications were submitted prior to Wednesday’s deadline, Newsmax Media, private equity firm OpenGate Capital and Ritchie Capital Management founder Thane Ritchie all confirmed separately that they were among those that did.In a statement e-mailed to FOLIO:, conservative monthly Newsmax confirmed its contact with the Washington Post Co., stating that its interest in acquiring Newsweek “is congruent with its objective to diversify and expand into numerous distinct media brand offerings.” Newsmax said that if its bid is successful it would not shut liberal-leaning Newsweek down. “Newsweek’s staff, advertisers and readers can be assured that … [the magazine’s] stellar brand and editorial representation would remain distinct from our other brands.”Also among those who submitted a formal declaration is private equity manager Thane Ritchie, his spokesperson said in an e-mail. Last year, Ritchie unsuccessfully attempted to acquire the Sun Times Media Group. And according to the Wall Street Journal, Los Angeles-based private equity firm OpenGate Capital is in the mix for Newsweek, too. OpenGate managing partner Andrew Nikou, who indicated to FOLIO: several weeks ago that the firm would be making a bid for Newsweek, did not immediately return a request seeking comment.OpenGate is arguably most noted for acquiring the print edition of TV Guide from Macrovision in 2008 for just $1. Since then, the firm has been active in 2010, announcing three additional acquisitions through April.Others who may also have contacted the Washington Post Co., including editor-in-chief John Meacham and entertainment industry billionaire Haim Saban, could not be reached for comment.The Washington Post Co. said last month that it had hired media and entertainment investment bankers Allen & Company to explore a sale of ailing Newsweek, which is expected to continue losing money this year. In 2009, Washington Post Co.’s magazine division, (which also included Budget Travel, until it sold in December) reported an operating loss of $29.3 million.Presumably, the next step is for the interested parties to sign non-disclosure agreements in order to take a deeper look at Newsweek’s business.
(EDITOR’S NOTE: Special Town Meeting Article 1 asks “To see if the Town will eliminate multi-family housing in the central business and neighborhood mixed use districts defined in the Wilmington zoning bylaws.” If this article passes, no new apartments, condos or townhouses can be built in town. The one exception would be through the state’s 40B program. (The town may become susceptible to 40B projects if its affordable housing stock falls below 10% of its overall housing stock after the 2020 census.) 40B housing projects do not need to follow local zoning regulations. Such developments can be higher, bigger, and denser than what’s normally permitted.)Dear Editor,Many voices have been raised in recent weeks warning of the potential costs to Wilmington of additional multi-family development. Some have gone so far as to suggest that these costs, particularly in the form of increased school enrollment, could bankrupt the town. I believe the costs would be significantly lower than many fear.People have long assumed that an increase in housing units leads to an increase in the school population. The Metropolitan Area Planning Council (the public regional planning agency serving the 101 towns of greater Boston) has looked at the data and last year published a study concluding that “the conventional wisdom that links housing production with inevitable enrollment growth no longer holds true.” Not only have demographic trends (with baby boomers’ children aging out of school and subsequent generations having fewer children) led to a sharp decrease in school enrollment generally, but those towns that have experienced an increase in enrollment have done so largely irrespective of housing production, as a result either of their highly desirable school districts (Belmont, Brookline, Lexington) or their much-more-affordable-than-average housing stock (Revere, Everett, Chelsea, Lynn). Wilmington’s school population has mirrored the general demographic trends, falling 9.14% from 2011 to 2017 (from 3732 to 3391 students).For those interested in reading more, the MAPC study is available at www.mapc.org/wp-content/uploads/2017/10/MAPC_HousingEnrollment_Final.pdf and general school enrollment data can be found at http://www.doe.mass.edu/infoservices/reports/enroll/default.html?yr=1011.Concerns have also been raised about increased traffic and other infrastructure burdens. While such burdens are undoubtedly real, they can be mitigated. First, multi-family development is not permitted as of right in any zoning district in Wilmington. Instead, in those two districts in which multi-family development is possible, it requires site review and a special permit. The Planning Board thus must be involved and determine, together with the developer, what mitigation measures may be appropriate. Second, multi-family development will generate revenue for the town (unlike other ideas that have been floated for large parcels of developable land, such as town acquisition or taking by eminent domain), which revenue can be used towards services many believe the town already needs, such as construction of a fire sub-station.Multi-family development can advance many of Wilmington’s stated goals. It can preserve open space, by allowing developers to concentrate units on a portion of a site, rather than having to build out the entire site with sprawling single family lots. It can also provide a greater variety of housing units, including those that may be more accessible physically and monetarily to our seniors.Given the robust Boston area economy, development will occur. Leaving development to neighboring towns may seem like a good idea, but likely will result in Wilmington bearing many of the consequences, such as increased traffic, while generating none of the revenue. Multi-family development need not undermine Wilmington’s character. Done correctly, it can improve the town.Sincerely,Megan CoslickLike Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email email@example.com.Share this:TwitterFacebookLike this:Like Loading… RelatedHOT BUTTON ISSUE: Should The Town Prevent New Condos & Apartments From Being Built? Could It Backfire? (Article 1)In “Government”LETTER TO THE EDITOR: Fasulo Urges Voters To Support Article 2, Oppose Article 53; “Facts Don’t Add Up” On Sciarappa Village ProposalIn “Letter To The Editor”WHOA! Apartment Complex, 7 Retail Stores & Bank Proposed At Woburn St. & Lowell St. IntersectionIn “Government”
Close IBTimes VideoRelated VideosMore videos Play VideoPauseMute0:01/0:59Loaded: 0%0:01Progress: 0%Stream TypeLIVE-0:58?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading … India’s first bitcoin ATM launched in Bangalore Despite warnings by the Reserve Bank of India and Finance Minister Arun Jaitley, Unocoin Technologies Private Ltd has set up India’s first Bitcoin ATM in Bengaluru.Unocoin said that they are calling it a kiosk and not an ATM as many might mistake it for a regular machine from which they can withdraw cash.Unocoin, a blockchain solutions provider, has made it easier for Indians to trade bitcoins since the Indian government in February banned banks from trading cryptocurrency. Pixabay”We have a customer base of 13 lakh users and we are hoping that this will ease the pain points of customers after the ban,” says Sathvik Viswanath, CEO and founder, Unocoin.To trade cryptocurrency, Indians have to seek the help of known people living abroad, where the transactions are allowed, reports TOI.This was due to the unpredictability that the cryptocurrency posed to the markets.The bitcoin kiosk, which is similar to a normal ATM, has the card slot disabled. Instead, they will have to enter a 12-digit-pin which will allow them to withdraw money they made by trading the bitcoins. This will be done after the user contacts Unocoin and inform them of the amount they want to withdraw.”The user would then visit the Unocoin Kiosk to enter the reference number and OTP that was sent to his registered mobile number to withdraw the INR,” Unocoins was quoted by Times Now.The blockchain company added that for deposit, a one-time password and the user ID will be sent to the registered mobile number after which the customer can get the money deposited.While talking about cryptocurrency, Finance Minister Arun Jaitley said in his budget speech, “The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payment system.”However, Vishwanath found a loophole in this statement.”The finance minister’s statement was very clear. He said cryptocurrencies are not legal tender in India. He did not say illegal tender. There’s a huge difference. It only means you bear the risk of your investment and there’s no regulation or the industry,” Vishwanath said.
The awful condition of road drives tourists away from Shalban Bihar and Mainamati in Cumilla. Photo: UNBThe awful condition of around two and a half kilometres of road stretching from Cumilla Kotbari to Cumilla University in sadar upazila is causing immense sufferings to local people as well as discouraging tourists from visiting different archaeological sites, including Shalban Buddhist Bihar and Mainamati Museum.University students, tourists and local people have to face problems as potholes and cracks on this road have made the vehicular movement difficult.Besides, the famous archaeological spots are losing attraction to visitors due to the dilapidated road as it is the only way to the historical sites.Ataur Rahman, regional director of Department of Archaeology (Chattogram and Sylhet divisions), said the number of tourists has been decreasing gradually due to the rundown road.“This year the authorities concerned set a target to earn Tk 15 million as revenue from the Shalban Bihar and Mainamati Museum but the target fell short by Tk five million,” he said.During a recent visit to the road stretching from Cumilla Polytechnic Institute to Cumilla University, the UNB correspondent found that small and large potholes and cracks have developed on the road.Vehicles, including auto-rickshaws and human-haulers, cannot move on the road as those often get stuck on the potholes and overturn.Passengers are often seen pushing up their stuck vehicles to reach their destinations.Locals said there are many tourist spots in the district, including Shalban Bihar, Cumilla University, Mainamati Museum, Itakhola Mura, Rupban Mura, Latikot Mura, Cumilla Cadet College, Lalmai Hill and Dinosaur Park.Mitali and Mariam, two students of Cumilla University, said they have to cross the road every day amid fear of possible accidents.They also demanded immediate steps to renovate the road.Mustafizur Rahman, a tourist who came here with his family members to visit the archaeological sites of the district, said, “I’m going to the Shalban Buddist Bihar and Mainamati Museum but now it seems impossible to reach there as the road condition is very bad.”Tariqul Islam Rony, a resident of No 24 ward of the city corporation area, said the road has been lying unrepaired for long but the local administration did not take any initiative to make it fit for plying of vehicles and the movement of pedestrians.Anupam Barua, chief executive officer of Cumilla City Corporation, said the renovation work on the road will start soon as a tender has been floated for the task.
Researchers have discovered why it is important to stay clam before taking any big decision in life. Anxiety disrupts brain activity that supports decision-making, says a study.Anxiety disengages a region of the brain called the prefrontal cortex (PFC), which is critical for flexible decision making, the findings showed. By monitoring the activity of neurons in the PFC while anxious rats had to make decisions about how to get a reward, the scientists made two observations. Also Read – ‘Playing Jojo was emotionally exhausting’First, anxiety leads to bad decisions when there are conflicting distractors present. Second, bad decisions under anxiety involve numbing of PFC neurons. The data indicates that anxiety has an exquisitely selective effect on neuronal activity that supports decision making, said lead author of the study Bita Moghaddam, professor at University of Pittsburgh in the US. The study was published in The Journal of Neuroscience.As with many people who suffer from anxiety but go through day-to-day life and make decisions, the anxious rats completed the decision-making task and, actually, did not do too badly. But they made far more mistakes when the correct choice involved ignoring distracting information.