By Seth Gellman
Source: @TheEastSideNews on Twitter
The East Side News made its initial public offering on the New York Stock Exchange this past week, and investors are excited. The media conglomerate, which generates millions of dollars per year, is an investor magnate.
The New York Stock Exchange set a suggested price at $852,000 per share, where the East Side News will trade under the ticker ESN. On its first day Thursday, the share price skyrocketed. It reached a total of $2,997,274.72 per share at a peak, but dropped back down to $2,525,781.01 per share by the end of the day. It climbed another 8% Friday, reaching $2,727,843 per share by the market closure.
It is a direct listing, so no new shares will be created. Only existing shares can be traded.
The East Side News is currently valued at $200 billion. CEOs and Co-founders Mr. Huber and Mrs. Lanzone have been excited for a long time about going public.
At a press conference in February for her upcoming book Why your Favorite TV Show is Made by Marvel, Mrs. Lanzone talked about the upcoming IPO, saying, “We are hopeful that it will make a big splash and we have a lot of ambition. In the coming years, we hope to expand our advertising campaign and catch the attention of readers in new markets like China, Russia, India, and Saudi Arabia. We feel that there is a lot to be earned there and that is our #1 goal right now.”
Huber espoused similar sentiment, writing in a blog post earlier this year, “As we bring in more advertisers, we hope to enter more into the mainstream. We are buying advertisements to try to promote our brand. Personally, I will be asking the school district for half of their budget in an effort to purchase a Super Bowl ad. It would be huge for us and our ambitions to be the largest company in the world.”
The East Side News is also reportedly looking into buying rivals the Washington Post and the New York Times. No deals are confirmed, but there are rumors that negotiations are ongoing.
With ambitious plans and CEOs hungry for success, the East Side News will be a stock to watch as the company moves forward.
