Hale Global
Hale Global is an investment company that specializes in turning around troubled companies through technological innovation.[1][2][3] Hale Global is run by Charles Hale, a Wall Street executive who worked at the hedge fund York Capital Management, and who specializes in investing in troubled technology companies.[1][4] Hale Global controls at least two media companies: Patch Media and MNI - Market News.[5][6][7]
History[edit]
LocationLogic LLC[edit]
On January 14, 2009, Autodesk announced a definitive agreement to spin out its Location Services, LocationLogic, business to Hale.[8][9] On May 19, 2009, Telecommunication Systems, Inc. acquired the business.[10] The Wall Street Journal wrote that Hale held the company for little time, flipping it in under two months.[11] M&A Advisor named Hale Global's acquisition of LocationLogic LLC from Autodesk, Inc. a finalist in the "Divestiture Deal of the Year" and the "Turnaround of the Year" award categories,[12][13] and winner of its "Divestiture Deal of the Year" award.[14]
QL2 Software LLC[edit]
Hale Global acquired QL2 Software LLC in 2010 pursuant to a joint equity plan of reorganization in Western Washington Bankruptcy Court.[15][16][17][18] QL2 cut 10% of its staff upon emergence from bankruptcy.[19] In 2017, Infare Solutions purchased QL2's airline business.[20]
Patch Media[edit]
In 2014, AOL CEO Tim Armstrong established the joint venture between AOL's local news service, Patch, and Hale Global.[21] He stated that "Hale...will bring a faster way to restructure the product".[22][23] Until majority ownership of the company was sold to Hale Global in 2014, Armstrong received doubt and criticism from investors and the media over the brand’s losses.[24]
Newsroom Layoffs[edit]
In January 2014, according to The New York Times, Hale Global laid off "hundreds" of Patch Employees.[25] Armstrong has praised Patch’s new owners, stating that Patch was profitable and growing, and that he considered the calculus behind the site was right — just too early.[24] In 2016, Armstrong characterized Hale Global as operators who innovated and rebuilt the Patch platform.[26]
MNI - Market News[edit]
Deutsche Börse divested MNI - Market News to Hale Global in 2016.[7][27]
The Chicago PMI[edit]
Founded in 1983,[28] MNI - Market News produces the Chicago Purchasing Managers' Index with the non-profit ISM Chicago.[29] The Chicago PMI gives a detailed look at the Chicago region's manufacturing and non-manufacturing sectors.[30] The Chicago PMI index is perceived by market traders to be a leading indicator for the ISM, although shortcomings include the fact that it is only an opinion survey and relies on people’s perceptions, not data.[31]
Newsroom Layoffs[edit]
Dean of the School of Communications at Quinnipiac University, Chris Roush, whose work includes following the history of business journalism,[32] has reported that Hale Global laid off half the staff of the newsroom two weeks after acquisition, including one of the country’s foremost reporters covering the Federal Reserve.[33] Roush also cited plagiarism and newsroom disarray.[34]
References
- ↑ 1.0 1.1 Kaufman, Leslie (2014-01-15). "AOL Finds a Partner to Run Its Troubled Patch Division". The New York Times. ISSN 0362-4331. Retrieved 2019-10-24.
- ↑ Reuters (2014-01-16). "AOL finally unloading Patch". New York Post. Retrieved 2019-10-24.
- ↑ Bercovici, Jeff. "AOL Hands Off Patch To Turnaround Firm Hale Global". Forbes. Retrieved 2020-07-06.
- ↑ MarketScreener. "Charles C. Hale - Biography". www.marketscreener.com. Retrieved 2019-10-24.
- ↑ "About Patch". USA Patch. Retrieved 2019-10-24.
- ↑ "AOL Calls Patch Spin Out A "Pivot"". TechCrunch. Retrieved 2019-10-24.
- ↑ 7.0 7.1 "Deutsche Börse to divest Market News International | MNI". mninews.marketnews.com. Retrieved 2019-10-25.
- ↑ "Press release dated January 15, 2009". www.sec.gov. Retrieved 2019-10-25.
- ↑ "Hale Global | News". www.haleglobal.com. Retrieved 2019-10-25.
- ↑ Morrison, Dianne See (2009-05-20). "mocoNews - TeleCommunication Systems (TCS) Acquires LBS-Provider LocationLogic For $25 Million". ISSN 0190-8286. Retrieved 2019-10-25.
- ↑ Xu, Beina (2009-05-20). "Hale Capital Generates Exit Faster Than You Can Say 'Due Diligence'". WSJ. Retrieved 2019-10-29.
- ↑ "Hale Global | News". www.haleglobal.com. Retrieved 2019-10-25.
- ↑ "THE M&A ADVISOR ANNOUNCES FINALISTS FOR THE 4TH ANNUAL TURNAROUND AWARDS" (PDF). maadvisor.com. 15 February 2010. Retrieved 24 October 2019. Unknown parameter
|url-status=ignored (help) - ↑ "THE M&A ADVISOR ANNOUNCES WINNERS OF 4TH ANNUAL TURNAROUND AWARDS AT PALM BEACH FLORIDA GALA" (PDF). maadvisor.com. 23 July 2010. Retrieved 24 October 2019. Unknown parameter
|url-status=ignored (help) - ↑ "QL2 Software Acquired 1 Company in 2012 | Mergr". mergr.com. Retrieved 2019-10-24.
- ↑ "U.S. Bankruptcy Court, Washington Western LIVE Database V5.1". ecf.wawb.uscourts.gov. Retrieved 2019-10-25.
- ↑ "U.S. Bankruptcy Court, Washington Western LIVE Database V5.1". ecf.wawb.uscourts.gov. Retrieved 2019-10-25.
- ↑ "TCR_Public/100907.mbx". bankrupt.com. Retrieved 2019-10-25.
- ↑ "QL2 Restructures, Cuts Staff After Bankruptcy". www.bizjournals.com. 18 August 2010. Retrieved 2019-10-25. Unknown parameter
|url-status=ignored (help) - ↑ "Infare acquires QL2 Software's airlines business". TravelDailyNews International. Retrieved 2019-10-25.
- ↑ Boorstin, Julia (2014-01-15). "AOL unloads money-losing local news service". CNBC. Retrieved 2019-10-25.
- ↑ In the Loop With Betty Liu : BLOOMBERG : February 6, 2014 8:00am-10:01am EST, BLOOMBERG, 2014-02-06, retrieved 2019-10-25
- ↑ "Hale Global | News". www.haleglobal.com. Retrieved 2019-10-25.
- ↑ 24.0 24.1 Johnson, Eric (2017-08-31). "What Yahoo and AOL CEO Tim Armstrong learned from Patch's struggles". Vox. Retrieved 2019-10-25.
- ↑ "off white", Wild Hundreds, University of Pittsburgh Press, pp. 55–56, ISBN 9780822981084, retrieved 2019-10-29
- ↑ Marshall, Jack. "Patch Rebounds After Split From AOL". WSJ. Retrieved 2019-10-25.
- ↑ "Market News International, Inc. has been acquired by Hale Global | Oaklins". www.oaklins.com. Retrieved 2019-10-25.
- ↑ kindred (2016-07-05). "Market News Intl. sold to Hale Global on behalf of Deutsche Börse". Oaklins DeSilva+Phillips Investment Bank. Retrieved 2019-10-29.
- ↑ "ISM Chicago, Inc". www.ism-chicago.org. Retrieved 2019-10-25.
- ↑ "Chicago PMI - CME Group". www.cmegroup.com. Retrieved 2019-10-25.
- ↑ "Chicago Purchasing Managers Index dictionary definition | Chicago Purchasing Managers Index defined". www.yourdictionary.com. Retrieved 2019-10-25.
- ↑ "History of Business Journalism". www.bizjournalismhistory.org. Retrieved 2019-10-25.
- ↑ "At least 17 laid off at Market News International, including Beckner". Talking Biz News. 2016-07-18. Retrieved 2019-10-25.
- ↑ "MNI lays off more longtime journalists". Talking Biz News. 2018-01-08. Retrieved 2019-10-25.
This article "Hale Global" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Hale Global. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
