FIRM CHANGES MIND AGAIN, WILL OFFER ITS NEW SHARES

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP74-00115R000300050001-7
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 7
• Document Creation Date: December 27, 2016
• Document Release Date: January 6, 2014
• Sequence Number: 1
• Publication Date: May 25, 1966
• Content Type: OPEN SOURCE

IV A 7 r r-rb
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MAY 2 5 1966
.
I 71"M Changes Mind A gain :
Wilt Offer Its New !Shares
By a WALL STREET JOURNAL Staff Reporter
NEW YORK ? Richmond Newspapers,
Inc., has changed its mind again and has
decided to go ahead with plans to raise
about $1 million through the sale of 50,000
Crass A common shares.
The company on Monday said it had
abandoned the idea of raising funds
through a public stock sale, but said a
350,983-share secondary offering of its
stock would go on as originally planned.
Yesterday's reversed decision leaves the of-
fering at 50,000 shares representing new '
financing and 300,983 shares being sold as
a secondary.
A group led by Lehman Brothers,
Scott & Stringfellow and Wheat & Co. are
'scheduled to sign underwriting agreements
this morning covering the offering. It is
expected the stock will be priced at $22 a
share.
Proceeds from the 300,983-share sec-
ondary portion will go to D. Tennant
Bryan, the company's chairman. Mr.
Bryan currently holds about 688,000 of the
company's approximately 1,240,000 out-
standing Class A shares. He also owns
81,180 Class B shares. The sale would be
the first public offering of the newspaper
and broadcasting company's stock.
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STAT
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EDITOR & PUgLISHER
APR 21966
141chmond
Newspapers
Go 'Public'
Richmond Newspapers, Incor-
porated has filed with the Secu-
rities and Exchange Commission
a registration statement cover-
ing the proposed public offering
of 400,983 shares of Class A
non-voting common stock, the
first public sale of the news-
paper and broadcasting com-
pany's securities.
Lehman Brothers, Scott &
Stringfellow and J. C. Wheat &
Co. will organize an under-
writing group, which will offer
the shares.
Bryan Selling Shares
Proceeds from the sale of
50,000_o_f_the shares will be re-,
67i-Ved by the.comfraily ariradded
to woikine capital. The remain-
ing 350,983 shares are being
sold by D.? _Tennant Bryan,
chairman of the board of Rich-
mond Newspapers. After giving
effect to the sale, Mr. Bryan will
own 336,880, or 27.2%, of the
company's Class A common
shares and 81,180, or 54.1%, of
the company's Class B voting
common shares.
Richmond Newspapers pub-
lishes the morning and Sunday
Richmond Times-Dispatch and
evening Richmond News Leader,
and operates radio stations
WRNL and WRNL-FM in Vir-
ginia. The company also owns
the controlling interest in the
Tribune Company of Tampa,
Florida, which publishes the
morning and Sunday Tampa
Tribune, the evening Tampa
Times, and the weekly Gulf
Sentinel in Largo, Florida, in
addition to operating radio sta-
tions WFLA and WFLA-FM
and television station WFLA-
TV in Tampa.
On a pro forma consolidated
basis, Richmond Newspapers
and the Tribune Company had
gross revenues of $36,727,178 in
1965 and net income of $2,438,-
103, or $1.75 per share.
?
IS
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MAR 3 1 1966
Richmond Newspapers
Files 400,983 Shares
For Combination Sale
Earlier Holder Approval of Plan
For Recapitalization Cleared
Way for First Public Offering
By a WALL STREET JOURNAL Staff Reporter
ATLANTA ? Richmond Newspapers, Inc.,
filed a registration statement with the Securi-
ties and Exchange -Commission for an offering
of 400,983 shares of Class A nonvoting stock, a
spokesman said.
It is the first public offering of the Rich-
mond, Va., company, which publishes news-
papers in Richmond, Tampa and Largo, Fla.,
and owns broadcasting interests. The compa-
ny plans to sell 50,000 shares "for working
capital," a spokesnian said. The rest of the
shares, 350,983, will be sold as a secondary
offering for D. Tennant Bryan, chairman.
Shareholders paved the way for the offering
earlier this month by appcoving a recapitali-
zation plan that is to tak6 effect before the
stock sale. When the plan is put into effect,
the company will have 2,000,000 Class A shares
and 300,000 Class B voting shares authorized.
There will be somewhat more than 1,200,000
Class A shares outstanding after the offering
and 150,000 Class B .shares, the spokesman
said.
The recapitalization plan calls for the 30,000
shares the company currently .has to be split
5-for-1, resulting in 150,000 Class B shares.
Then a stock dividend of eight Class A shares
Will be paid for each Class B share, for a total
of 1,200,000 Class A shares outstanding.
Richmond Newspapers owns controlling in-
terest in Tribune Co., Tampa,. Fla., which pub-
lishes newspapers and operates radio and tele-
vision stations. On an adjusted consolidated
basis, Richmond Newspapers and Tribune Co.
had gross revenue of $36,727,178 in 1965, and
net income of $2,438,103, or $1.75 a share on
the Class A and B shares outstanding after the
recapitalization.
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STAT
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.
Bryan Group Buys \
Tampa Tribune Co.
RICHMOND, Va.
Richmond Newspapers Inc.
has purchased control of the
Tribune Co. of Tampa, Fla.
The announcement of the pur-
chase did not make public the
price, but Richmond Newspa-
pers incurred a long-term debt
of $17.5 million to finance the
acquisition. The loan was made
by a syndicate headed by John
Hancock Mutual Life Insurance
Co. of Boston.
The Tribune company pub-
lishes the morning and Sunday
Tampa Tribune and the evening
Tampa Times. It also owns and
operates WFLA and WFLA-
FM and WFLA-tv and the Gulf
Sentinel Corp., which publishes
the weekly Largo Sentinel.
Richmond Newspapers pub-
lishes the morning and Sunday
Richmond Times-Dispatch and
the evening Richmond News
Leader.
The Tampa newspapers have
a combined daily circulation of
193,519 and a Sunday circula-
tion of 170,887. Richmond News-
papers have a combined daily
circulation of 283,153 and Sun-
day circulation of 2021784.
Bryan Is Chairman
In the corporate realignment,
D. Tennant Bryan, president of
Richmond Newspapers Inc.,
since 1944, was elected chair-
man of the board.
Alan S. Donahoe, executive
vicepresident since 1959, was
elected president.
Under the realignment, Mr.
Bryan continues as publisher of
the two Richmond newspapers,
a position which he has held
since 1944.
Mr. Donahoe, assistant pub-
usher since 1959, becomes as-
sociate publisher.
A. J. Brent, a Richmond at-
torney, was named general
counsel and secretary.
. New directors of the corpora-
tion are: J. Harvie Wilkinson
Jr., chairman of the board of
State-Planters Bank of Com-
merce and Trusts; Mr. Brent;
James H. Couey Jr. of Tampa,
vicepresident of the Tribune
Co.; John C. Council of Tampa,
president of the Tribune Co.;
Mr. Donahoe, and Paul E. Man-
' eim of New York, partner in
Lh
Lehman Brothers, international
financiers.
Directors continuing are D.
ennant Bryan, A. Hamilton
Bryan, and Lamont S. Bryan,
all of Richmond.
and general manager since 1959,
continues in those positions and
was elected treasurer and as-
sistant secretary.
Walter F. Robertson was
elected assistant secretary and
assistant treasurer and will con-
tinue as comptroller.
Autonomous Management
He said control of the Tampa
properties would not change the
corporate structure of the Flor-
ida company and that "it willr
continue to function as a sepa-
rate unit under autonomous
management so that it can best
respond to the need of the
Greater Tampa community."
Metropolitan Tampa is about
the same size as metropolitan
Richmond, with a population of
442,800, retail sales of $687,-
989,000 and effective buying in-
come of $733,263,000.
The acquisition comes at a
time when Richmond Newspa-
pers Inc. is completing a $7.5-
-million expansion program in
both the office and production
buildings and installation of
new presses.
The Tribune Company was
founded in 1894 and the first
daily issue of the Tribune ap-
peared Jan. 1, 1895. In 1926 a
syndicate of local businessmen
?purchased the Tribune but in
1927 they sold it to S. E. Thoma-
son of Chicago and John Stew-
art Bryan of Richmond. They
set up a local management or-
ganization with a profit-sharing
plan for the executives.
Principal ownership of the
Tribune remained in the Thoma-
son and Bryan families when
the partners both died in 1944.
In recent years, D. Tennant
Bryan, John Stewart Bryan Jr.
and R. Keith Lane, the sons and
son-in-law of John Stewart Bry-
an, owned 47% of the Tribune
Company stock, and, as trustees,
voted 52% of the stock. Thoma-
son heirs owned about 35% of
the remainder.
In 1958 the Tribune Company
acquired the Tampa Times,
whose principal owners were
members of the Smiley family,
and consolidated the publishing
operations in the Times build-
ing.
The Richmond Newspapers'
acquisition consisted mainly of
a transfer of family trusts fol-
lowing the death of John Stew-
art Bryan Jr. last year. Stock
was purchased from the Bryan
trusts as well as from other
To wt.e T. vt: I oln.4
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JAN 1 0 1966
RICHMOND PUBLISHER
BUYS TAMPA OUTLET
Special to The Near,4rork Times
RICHMOND, Jai. 8 ? Offi-
cials of Richmond Newspapers.
*tc., publisher of 14 Times Dis-
patch and The .3#1.vs Leader
here, announced today the pur-
chase of newspaper, radio and
television interests in Tampa,
Fla. . ?
The Richmond publishing com-
pany said it had purchased yes-
terday the Tribune Company of
Tampa, publister of the evening
Tampa Time and the Sunday
Tampa Tribune. The Florida
onillany also . operates radio
tations WFLA-AM and WFLA-
VM. a television ntation, WFLA-
11r. and a weekly newspaper,
'The Largo Sentinel. These
properties were inauded in the
;mrehase. ? . I
Richmond /.4wspapers. Inc.,
pwris the morning Times Din.
,?atch and the afternoon News
Leader here and radio stations
\yR:51,-Am ? and WRNL-FM.,
The combined' 'daily circulatlorl
of the Riehniond papers it
The Tampa newspapers
!lave a combined daily circula-
ion of 193,519:
David Tennant Bryan, pres1-
.!ent of Rielunond Newspapers:
.nc., said thp,acquisition of thel
1,1prida papeo? would make hig 1
eompany the lath largest news.'
paper group4n the country in
terms of cirenlatIon.
The comfiany did not an.
nounce the purchase price, but 4?
report in today's Times Dis,
patch said that it had incarrect
a long-term debt of $17.5 mil,
:ion in cdmpleting the purchases
The loan was made by a group
insurance and banking corn.:,
janies headed by the John
Hancock Mutual Life Insuranc0
il;'ornpany of Boston.
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&TWIT Cirt It (1
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r. It" rIA"I ?
Au-mono QtItTt?IA.013dt
?
DAVID TINNANT BRYAN, Preeidast end Pubits101 ,
Vacuum Dsmirr, Setter RiosH Cesauni, Aloof& Maar
Friday, Nimember 1100
Eleven Vanished Ameritane
, If 11 Americans were missing
on a Polar ICO OSP Or aboard a
. vessel adrift in the Atlantic
? there Would be widespread anx-
iety and searching.. It would go
on until those =Ming were res-
- cued or &WIPP* Was abandoned.
But 11 Amipleart airmen are
? missing sorisewbere inside the
borders of the Soviet Union and
few peeps other than relatives
? seem to knew. or eare.
On=per I es air force
C120 St transpoirt with 17
men aboard was flying from
Aden% X:illtsy, on round trip
?Mate to Vbis that took IS along
tam! ENT* fronVer. de Ilie plane
neared ir? Mitigubwlyvi
Soviet yet ;fights* rePectedlY
boxed in tbe transport and
forced lb 4i.t1r ineidg the Soviet
border.
"Moving Aka its mound of
an explodes Wea heard and a
? (plum of wk. was seen Tie-
' lpg from baWa range of hills
? , within,1eF,tarriory,! our
Stetsb Int quoted Turk-
Ashoon the border. "
? ?.* * *
Ton dan later the Soviet fey-
f: lb* &PAW
knowledge . of theplane, in-
formed. ibe United Mateo lb?
burned 4irreskaira Pt live trans-
port had been found about 90
milts Inside 11.14st territory. nix
bodies want resorted in the
plane. --Theo, later were turned
over to AZIMPItath ?Choate.
The doe* government claimed
firmly 1t new nothing about
the fats of the other 11 fliers.
But 11 men don't Just
dijap-
f*sr in the heavily patrolled
, border sone of the Soviet Union.
AssunAing that Only six bodies
were Ickrid in the wreckage, and
there Is DO .110.0011 10 think
?thaw*, ft -Milian either
WI" eapnited)or llid
to swaps: In Oilier case the
, go not
' to
? safely and were taken captive, -
why Weren't they turned over to
the Untteteteett That depends
on Use mission that tar them ,
along tho Soviet border. It is
poadble the fliers can Ore ths
Soviets much technical mtary .
information, under certain tech-
nktuea of pernmelen.
Sul if the Americane *Weal ,
taken alive, hoir.014 tit./ dist
The airmen *014 .4ezried
sidearms. Since the caMedoin
within 20 miles . bf the"
border they might her.=
, .
desperately to fight . theft -Ng
back. ' The ohkiines "mkt gas
boireVer4 of Pantie the ?`.
army patrols, mine stripe and ?
barbed wire along the border. ? ? .
Ons.more glint possibility' ? '
fats. Itham smother,
j
transport was shot elownar era*
vitt LOMA& in June, the snow-
men who bailed out were nearly
killed by angry peasants. The
Armenian pesoutto apparently
thought the 'Americans were
Turks, what'll 110 intensely bate,
for When ths airiien identified
themselves by shouting t ?
names of American cities the
violence stowed. The 11 'drain
on the Plane downed in
bar may sot havis been so 311017.
* * *
The American State Depart-
tient has madvitreld otaguirles
to the Soviet goverisnseut far
information on the missing air-
. 1111111
know no.
I. reply is ehmfe. ?We
not about It."
? Ibuistbat is to be done?
There
ea4be le ?OWly Bit* Abet
MMUS, ith ihan.
is emit* appeI3 to Ib So-
fa
*is United Ira-
hope ogbilad
f mng.
1.11,010d
rt
osof the a.
about ceir in-
ter Can% Slip at -
the? the Amer!.
fame printed 4?
nOtse about the downed
the , Aniericiui request for
mattes about the mg
s
'sat withheld. This
? belief that the airmen,
alive, are in Soviet head*
.12 Ids Americans
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