Nashville-based Thomas Nelson Publishers hopes to maintain a competitive edge by becoming a private company.
In a conference call (today/yesterday), CEO Mike Hyatt told investors that once the company is sold to InterMedia partners, its management will be in a better position to focus on long term strategies. And, according to Hyatt, the sale will level the playing field with other religious publishers.
“As a public company we live in a glass house. And if you consider all of our competitors are either subsidiaries of large media conglomerates where where their operating results are invisible, or they’re privately held, where their operating results are invisible, everything about us is public, all of our operating metrics, everything, we feel that it puts us at this point in our history at a competitive disadvantage, and so I think this will help.”
Thomas Nelson is one of the largest publishers and distributors of English language Bibles and inspirational products. If the 473-million dollar sale to InterMedia Partners goes through as anticipated, stockholders will receive nearly 30-dollars a share, which is 21-percent more than it sold for at the end of trading on Friday.