Friday, Oct 24, 2014
Quincy, IL News - QuincyJournal.com
Trending on the Journal

Recent Comments

tts - QPD Blotter for 10/23/14 - Quincy, IL News - QuincyJournal.com
Sounds to me like an insurance scam!
GoSalukis - GREDF supports Quincy School Building Referendum - Quincy, IL News - QuincyJournal.com
The real question is: Who in the world is looking to GREDF for voting guidance? Yawn.
mwhunter45 - REBEL MEDIA: So I have a sign in my yard - Quincy, IL News - QuincyJournal.com
I understand that teacher's do not have opulent salaries but the statement about throwing good money after bad is biased. From what I have heard, the schools are structurally sound. Also, the state should not have tell us what repairs have to be made as they should have been completed as necessary. Doesn't the school district have paid staff to understand the state laws for maintenance…
pjohnf - Rauner makes Quincy stop on downstate swing - Quincy, IL News - QuincyJournal.com
Rauner doesn't have to tell voters in Cook County to vote. they'll be voting early and often anyway, heck even dead ones vote in Cook county and republicans vote for democrats when using faulty voting machines.
TheyRclueless - QPD Blotter for 10/23/14 - Quincy, IL News - QuincyJournal.com
Stolen was a purse, wallet, credit card, iPad, 18-inch TV, GPS, cash, diamond earrings with matching necklace, and sunglasses. Doesn't everyone keep those items on an unlocked car behind your house?

Most Popular

Authorities make meth bust on Madison

Adams Co. Divorces for 10/17

School Board to outline plans for savings, old buildings if referendum passes

Despite record yields for farmers, Titan's Taylor sees down year for tires in 2015

Illinois Early Voting starts: Cook County ballot box tries to cast GOP votes for Democrats

Bill Clinton to address workers at pro-Quinn rally

Upcoming Adams County blood drives

Quincy man accused of theft from elderly woman

Harris sells Broadcast Division for $225 million

1 year, 10 months ago by Bob Gough

Broadcast operation, including Quincy facility, expected to remain "largely intact"

Quincy Mayor John Spring was optimistic about the Harris sale.

"I do think this is good news," Spring said. "The Harris folks have been great to work with, especially Chris Parsons (Vice President of Global Operations for Harris)."

According to William Brown, president and CEO of Harris, the sale is part of a strategy to focus on its core businesses.

“As previously communicated, we plan to repurchase up to $200 million of our shares after the deal closes,” said Brown. “This is in addition to the $200 million of share repurchases already planned for fiscal 2013 and reflects our ongoing commitment to effectively deploy capital, including returning cash to shareholders."

Phil Conover, interim president of the Great River Economic Development Foundation, said The Gores Group has a successful record of buying and improving telecommunications companies.

"They have strong history,' Conover said. "They have a 25 year record. I'm cautiously optimistic."

PREVIOUS STORY

From insideradio.com:

The Gores Group is expanding its broadcast holdings with a $225 million deal to buy Harris’ broadcast business. Harris announced plans to sell the division in May to focus on its government and military technology business. By selling to a private equity firm, the Harris Broadcast operation is expected to largely remain intact.

“In Harris Broadcast Communications, we are investing in a proven technology leader with great products and a great team,” Gores managing partner Ryan Wald says in a statement. “We are excited to provide the capital and support to transition this division to a strong and independent company further enabling it to continue developing and delivering market leading technologies to its customers.”

Under the terms of the deal, Gores will pay $160 million in cash, plus there will be a 15 million subordinated promissory note and an earnout of up to $50 million based on future performance of the business.

Harris CEO Bill Brown says they will use the proceeds of the sale to buy back up to $200 million worth of company stock. “The sale of Broadcast Communications reflects our strategy to optimize our business portfolio and focus on our core businesses,” he says.

Gores is also a part-owner of Dial Global.


From the Newsroom

QuincyJournal on Twitter

QuincyJournal 1 hour, 24 minutes ago

GREDF supports Quincy School Building Referendum http://t.co/Yk04s0tGWr
Bob Gough on Twitter

Bob Gough 1 hour, 45 minutes ago

@keithlaw At least the Phillies waited for a Series off day to announce this blockbuster.
Bob Gough on Twitter

Bob Gough 2 hours, 18 minutes ago

Maybe the slogan should be "Your news later" #amIright
Bob Gough on Twitter

Bob Gough 2 hours, 29 minutes ago

Waiting on media brethren before this news conference will start. #neverfails