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In February 1999, Eagle New Media Investments,
* * * LLC, an investment affiliate of the Company,
acquired Newport Media, Inc., a publisher of shopper
publications in the Long Island and New Jersey areas,
for approximately $132,000,000.
Efrem Zimbalist III, who had succeeded Unterman as chief
financial officer of Times Mirror, signed Times Mirror’s 1999
Form 10-K on March 29, 2000. Part I contained the following
statements:
ITEM 1. BUSINESS.
GENERAL
* * * * * * *
During 1999, Times Mirror engaged in several
strategic transactions including the acquisition by an
investment affiliate of Newport Media, Inc., a
publisher of shopper publications in the New York and
New Jersey areas, ValuMail, Inc., a shared mail company
that distributes preprinted advertising in Connecticut
and Massachusetts, and Airspace Safety Analysis
Corporation, a provider of airspace utilization and
Federal Aviation Administration compliance services for
the telecommunications and aviation industries. * * *
In September 1999, Times Mirror, its affiliates
and its largest stockholders, the Chandler Trusts,
completed a transaction that, for financial reporting
purposes, reduced Times Mirror’s outstanding common
stock by 12.4 million shares and reduced Times Mirror’s
then outstanding Series C Preferred Stock by 501,000
shares. * * *
The annual report referred to various investment activities in
newspaper publishing as directly engaged in by Times Mirror. The
annual report contained no reference to Reed as having any
interest in the “affiliate” actually engaged in the investment
activity.
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