Quayle Interests Selling Shares
WASHINGTON (AP) _ Central Newspapers Inc., the privately held newspaper chain affilated with the family of Vice President Dan Quayle, went public Thursday with an initial offering of 3.5 million Class A common shares.
The Indianapolis-based company, through its subsidiaries, publishes newspapers in Arizona and Indiana.
The company will not receive any of the proceeds from the stock, which is being sold by a group of shareholders that include Quayle’s mother, Corinne Pulliam Quayle, and Huntington Newspapers Inc., the northern Indiana daily controlled by the vice president’s father, James C. Quayle.
There was no indication of any shares being sold by the vice president or his wife, Marilyn.
The newspaper chain was founded by Quayle’s grandfather, Eugene C. Pulliam.
Phoenix Newspapers Inc., a wholly owned subsidiary of Central Newspapers, publishes The Arizona Republic and The Phoenix Gazette. A 70 percent-owned subsidiary, Indianapolis Newspapers Inc., publishes The Indianapolis Star and The Indianapolis News.
Central Newspapers also publishes three smaller papers in Muncie and Vincennes, Ind. and a business weekly in Arizona.
The offering consists of 3 million shares of Class A common stock to be sold in the United States and 592,800 shares of Class A to be offered outside the country.
After the stock sale, Central Newspapers outstanding stock will consist of 23.16 million shares of Class A common stock and 33.27 million shares of Class B common stock.
Each Class A common stock share has ten times the dividend and liquidation rights of Class B common shares. But Class B shares have ten times the voting power of Class A.
All the Cass B shares will be retained by current shareholders, including the Eugene C. Pulliam Trust, which holds 68.85 percent of the stock.
Most current holders of Class A shares were reducing their holdings by only a fraction, according to documents filed with the SEC.
The offering is being underwritten by Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Inc.