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In October 2010 J.C. Penney enacted the defense after activist investor William Ackman of Pershing Square and Vornado Square Management, chaired by Steve Roth, snapped up large stakes. The company eventually put both men on its board, a decision that ended badly last week.
http://xhamsters.in.net/ xhamster mature Now I'd like to switch gears a bit and recap what was our biggest news for the quarter, our pending acquisition of Belo Corp. announced on June 13, which will both complement and accelerate our ongoing transformation. Belo folds naturally into our existing strategy and will accelerate its progress. It shifts our digital -- it shifts our business mix toward our higher-growth, higher-margin broadcast and digital assets. Based on simply 2012 financials, we anticipate that following the close of the transaction, Broadcast will represent more than half of the company's combined total EBITDA and together, Broadcast and Digital are expected to contribute nearly 2/3 of total EBITDA. In addition, according to a recent Gallup poll, television is the #1 source of news for approximately 55% of Americans. Through our combination with Belo, we are creating a broadcast supergroup that will give us a significant presence, with 21 stations in the top 25 markets, including stations to be serviced by Gannett through shared services or similar arrangements. And among the big 4 network TV station owners in the top 25 largest markets, Gannett and Belo combined will be the largest owner/operator in terms of number of TV stations, significantly increasing our scale with minimal overlap. And in the 5 markets where both Belo and Gannett already own existing operations, we are, as we said, restructuring our ownership of the stations, and we expect to work with the new station owners through a combination of joint sales and shared service arrangements. We expect to consolidate all of the results from these stations into our overall financial results. The addition of Belo will also diversify our affiliate coverage and strengthen our positions. We'll become the #1 CBS affiliate group, reaching 10% of the CBS audience. We'll be the #4 ABC affiliate group, reaching 6% of their audience from a very minor presence within that network. And our position as the #1 NBC affiliate group will be further expanded. We'll now deliver 15% of NBC's total audience.
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Public pension costs have become a major concern forgovernments across the nation amid lean revenue. The issue isacute in California, where public employee pensions have stronglegal protections. Two California cities, Stockton and SanBernardino, filed for bankruptcy protection last year, in partbecause of soaring pension costs.
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