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markets, such as San Diego or Las Vegas. Times Mirror
could swing a very big acquisition: With its own
capital plus borrowing power, the company could easily
finance a $4-billion, even a $5-billion acquisition.
The section entitled “Financial Questions and Answers” contained
the following statements:
Following the 1998 divestitures, Times Mirror has
considerable cash resources. What are your priorities
for reinvestment?
Times Mirror has significant financial flexibility as
we enter 1999. With control over more than $1 billion
of cash resources and further debt capacity available,
we are very well positioned to pursue new
opportunities.
Unterman and Times Mirror’s board of directors signed Times
Mirror’s 1998 Form 10-K on March 4, 1999. Part I contained the
following statements:
During 1998, Times Mirror engaged in several
strategic transactions including the divestiture of
Matthew Bender & Company, Incorporated, a publisher of
legal information, the Company’s 50% interest in
Shepard’s, a legal citation provider, and Mosby, Inc.,
a publisher of health science information. * * * In
February 1999, an investment affiliate of the Company
acquired Newport Media, Inc., a publisher of shopper
publications in the Long Island and New Jersey areas.
The Company continued to have an active share
purchase program with a total of 16.7 million shares of
Series A Common Stock acquired by the Company or its
affiliates during 1998 * * *. In 1998, the Company, in
anticipation of the expected impact of divestitures,
also began a comprehensive review of its business
configurations, operating systems and other investments
to determine economic actions it could take to prepare
for future growth. * * *
Part II contained, among other information, management’s
discussion and analysis of the company’s financial condition and
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