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Maybe $100 isn’t so cheap after all

Anthony and I are in the business of bidding $100 for companies/divisions that we think we can turn around. But, despite our convictions, we are well aware of the skepticism out there.

“But, Ben, isn’t $100 far too cheap?”

I have to admit the doubts did get to me, but no longer. Apparently, large, recognizable magazine business are bought for far less! From the Financial Times (courtesy of my Bench Press partner Eric):

The $1 for which OpenGate bought TV Guide “is probably the kind of deal that would be obtainable for Business Week”, Mr Phillips said. Another banker said: “I think they’ll end up giving it away.”

Nope, definitely not too cheap anymore. After all, Dogbert has shown an uncanny ability to land deals worth far less than $100!

Sorry, BusinessWeek, are you feeling that sinking feeling?

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