Gates loan helped buy newspapers
The Bill & Melinda Gates Foundation was among a few dozen banks, insurance companies, mutual funds and others entities that loaned $350 million to Denver-based MediaNews Group Inc. for its purchase of four newspapers from publisher McClatchy Co.
The Seattle-based Gates Foundation, the world’s largest philanthropic organization with an endowment of about $30 billion, contributed an unspecified amount toward the transaction, according to an Aug. 8 filing with the U.S. Securities and Exchange Commission by MediaNews Group. Others listed as contributors include General Electric Capital Corp. and Blue Shield of California.
Spokeswoman Monica Harrington said she could not confirm how much the foundation had contributed to the loan. A message left with the foundation’s investment team Monday was not returned immediately.
Jody Lodovic, president of MediaNews, said he did not know how much had come from the Gates Foundation.
McClatchy completed its $1 billion sale of the San Jose Mercury News, Contra Costa Times and Monterey County Herald, all in California, and the St. Paul (Minn.) Pioneer Press earlier this month, finishing its disposal of a dozen newspapers picked up in its recent acquisition of Knight Ridder Inc.
NEW YORK
Employees leave after AOL breach
Two AOL employees were fired and its chief technology officer has left the company in the aftermath of a privacy breach that involved the intentional release of more than 650,000 subscribers’ Internet search terms.
Although AOL had substituted numeric IDs for the subscribers’ user names, the search queries themselves contained Social Security numbers, medical conditions and other data that could be traced to individuals.
Maureen Govern, the technology chief, will be replaced on an interim basis by John McKinley, who had held that position before becoming AOL’s president for digital services. The change takes effect immediately, according to AOL Chief Executive Jonathan Miller.
Spokane
Safeway on Market getting upgrades
The Safeway supermarket on Market Street in Spokane’s Hillyard neighborhood is undergoing renovations that will cost several million dollars.
Manager Doug Ryan said the improvements to the five-year-old store are part of a companywide plan to create “lifestyle upgrades.”
A full-service seafood and meat department is being added, and the floral and bakery departments will be expanded. A larger deli will offer a self-service Chinese buffet, he said.
Ryan said the project should be wrapped up toward the end of September.
Jewelry shop among ‘cool stores’
Jewelry Design Center is included on a jewelry industry magazine’s list of “America’s Coolest Stores.” The feature appeared in InStore Magazine’s August issue.
The magazine noted Jewelry Design Center’s rustic-lodge interior design and monitors that allow customers to watch jewelers working. Doug Toone and Brian Toone opened the store at 821 N. Division St. last year.
From staff and wire reports