DETROIT BUSINESS MAIN 07-30-07 A 1 CDB 7/27/2007 7:21 PM Page 1 ® http://www.crainsdetroit.com Vol. 23, No. 31 JULY 30 – AUGUST 5, 2007 $2 a copy; $59 a year ©Entire contents copyright 2007 by Crain Communications Inc. All rights reserved THIS JUST IN Pardus Capital increases Wal-Mart’s stake in Visteon Pardus Capital Manage- ment L.P. has purchased about 3 million additional shares in Van Buren Town- ship-based Visteon Corp. plans set up (NYSE: VC) since June 6, raising its total holding in the automotive supplier to 20.8 percent, according to a document filed Friday with A six-lane bridge (right) is planned to replace the four-lane the U.S. Securities and Ex- Ambassador Bridge, which would be renovated for occasional use. change Commission. The New York City- grocery fight based hedge fund disclosed that it has spent $177.3 mil- lion since June 6 to buy the shares and now owns Aims to open about 27 million of Vis- Span spin teon’s 129.6 million shares. In its last public disclo- 17 metro area sure, Pardus disclosed that it owned 23.5 million Two competing plans may give region shares, or 18.1 percent of supercenters Visteon. Pardus is Vis- three bridges to Canada NEWSCOM teon’s largest shareholder. BY SHEENA HARRISON Activist shareholder CRAIN’S DETROIT BUSINESS WAL-MART SUPERCENTERS Karim Samii, general part- BY ROBERT ANKENY owned by Wal-Mart Stores Inc. is forging Wal-Mart Stores Inc. is expanding ner of Pardus Capital, is in metro Detroit with up to 17 CRAIN’S DETROIT BUSINESS SITE FIGHT Grosse Pointe into the Southeast Michigan gro- also the largest sharehold- supercenters, some of which will trucking mag- cery market with 17 supercenters er of Paris-based auto sup- Detroit may end up with two Crown be conversions of existing Wal- nate Manuel it is building or plans to build by plier Valeo SA. bridges to Canada — plus one to Enterprises to Mart stores to include groceries. Moroun. the end of 2009 — a move that could Samii has a history of spare. get only Conversions: Commerce Township, $770,000 The bridge mean trouble for competitors both pushing for change at the New Hudson, Shelby Township, Both the Ambassador Bridge Co. more for company plans large and small. companies he invests in. Taylor, Van Buren Township. and an international team study- riverfront land, a six-lane bridge The Bentonville, Ark.-based dis- At Valeo, he sought to elect New stores: Livonia, Rochester ing border crossings say they plan Page 19. to replace the count retailer plans to convert up board members but was de- Hills, Sterling Heights, Dearborn, to push forward with separate existing four- to six existing retail-only stores, Fowlerville, Pittsfield Township, feated. At Bally Total Fitness plans for new bridges regardless lane Ambassador Bridge, which while the rest are new develop- Canton Township. Holding Corp. he succeeded of what the other party does. would be renovated and available ments throughout metro Detroit. in electing a slate of board Stores in the planning stages: “The bridge has been operating for use, for example, when mainte- Wal-Mart Supercenters are combi- Hartland Township, Chesterfield members and forced out for 80 years, and we’ve planned nance is done on the new bridge, nation full-service grocery and Township, Clinton Township, White the CEO. this enhancement since 1992 or Stamper said. general merchandise stores. Lake Township (conversion), Officials at Pardus de- ’93,” said Dan Stamper, president Lincoln Park. clined to comment on Fri- of the bridge company, which is See Bridges, Page 19 See Wal-Mart, Page 21 day. — Brent Snavely Livonia OKs Davenport plan The Livonia City Council on July 19 granted final ap- proval to the site plan for a new satellite campus for Advertisers pay more and get less Grand Rapids-based Daven- port University at the north- east corner of Seven Mile and Internet news alternatives Road and I-275. TV news ad rates up despite viewer losses have eviscerated the local stations’ Grand Rapids-based numbers compared to 10 years ago. “Regardless of what the audi- Rockford Development Group BY BILL SHEA tuned into the 5, 6 and 11 p.m. ence level is, if the demand is L.L.C. is serving as develop- CRAIN’S DETROIT BUSINESS newscasts in metro Detroit during there, the cost is going to remain er on the project. The plan the May “sweeps” period than did the same,” said Chris McCourt- calls for construction of a A 24 percent audience decline for in 1997, according to research pro- ney, general manager of radio 40,000-square-foot building Detroit’s evening and late local tele- vided by New York-based audi- group Salem Detroit and former ad to begin this summer, with vision news broadcasts over the ence-tracking service Nielsen Me- salesman for ABC affiliate WXYZ- completion scheduled for past decade hasn’t translated into dia Research. ISTOCK.COM Channel 7. “That translates, for the the beginning of the 2008-09 discounted rates for advertisers. The laws of supply and demand advertiser, into a higher cost per academic year. In fact, they’re paying more to HOW MANY ARE WATCHING? have kept advertising rates on a 1,000 (viewers). It’s costing more in — Sherri Begin reach fewer viewers during the See how ratings stack up for the gradual rise even as a change in terms of efficiency.” See This Just In, Page 2 sought-after newscasts’ ad slots. newscasts. Page 20. the way Nielsen measures audi- Nearly 400,000 fewer households ences and a proliferation of cable See Ratings, Page 20 These companies thrive in OntheGrow lackluster economy, Page 11 Solid Signal finds niche, NEWSPAPER Publicly traded list, Page 14 Page 3 DETROIT BUSINESS MAIN 07-30-07 A 2 CDB 7/27/2007 7:03 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS July 30, 2007 Crain Communications buys nologies makes stamping products was the leasing broker. Ryan & Co. down is a former gas station, THIS JUST IN for steel-product manufacturers was represented by Southfield- which makes the project eligible two more publications and is a division of TRP Internation- based Signature Associates along for brownfield status, said Mike ■ From Page 1 Detroit-based Crain Communica- al Inc. in Bloomington, Ind. with Texas-based Jackson & Cook- Shore, chief communications of- tions Inc. completed the acquisi- Detroit-based investment sey Inc. The landlord is Redico. ficer for the Michigan Economic De- Ductz changes hands tion of two of London-based Emap banking firm W.Y. Campbell & Co. — Daniel Duggan velopment Corp. Communications Ltd.’s publica- advised TRP in the deal. — Bill Shea Ann Arbor-based Service Brands — Sheena Harrison International last week sold Ductz tions: the 11,800-circulation Plas- Saline project gets $850,000 International L.L.C., a duct-restora- tics & Rubber Weekly and the brownfield credit from state Con-way Freight has tion service company, to Birm- monthly European Plastics News, One Detroit Center has new new president ingham-based Belfor International which has 13,800 subscribers in property management The state said Friday it will Holdings Inc. 20 countries. make up to $850,000 in brownfield John Labrie has been named Terms of the purchase were not The publications are based in Portfolio Property Management, tax credits available for an $8.5 president of Ann Arbor-based disclosed. Ductz is an air duct Croydon, England. Also part of an affiliate of Detroit-based real million private effort to redevel- Con-way Freight. Plastics Design cleaning and heating, ventila- the deal is Emap’s estate firm Mayfield Gentry Realty op a section of downtown Saline’s He previously was senior vice & Moulding Exhibition, an annual tion, and air-conditioning Advisors L.L.C., has been assigned main street. president of strategy and enter- U.K. industry awards event, and SRV Ventures restoration service and will re- property management and leas- A group called prise operations for parent com- about a dozen European-based ing duties for One Detroit Center at L.L.C. intends to tear down three main under its current manage- pany Con-way Inc., a freight trans- conferences. 500 Woodward Ave. buildings on a 1.45-acre site along ment structure under President portation and global logistics John Rotche, said Belfor CEO Terms of the deal were not dis- The property has been man- West Michigan between Lewis services company in headquar- Sheldon Yellen said. closed. aged by Houston-based Hines In- and Ann Arbor streets and build tered in San Mateo, Calif. Yellen said the company lead- The acquisitions will expand terests. a multistory, mixed-use develop- ership still is considering the reach of Crain Communica- The change comes as part of a ment to include a restaurant, cof- Con-way Freight, with annual whether to maintain or merge tion’s Akron, Ohio-based weekly shift in the ownership structure fee shop, specialty grocery and revenue of more than $3 billion, brands, and the combined compa- Plastics News brand and extend announced last week that in- wellness center plus 32 condo- is the largest of Con-way Inc.’s ny will likely expand Ductz to an the editorial offerings of all three cludes an unnamed institutional miniums. three operating companies. international level as a division publications, Crain Communica- investor taking a minority inter- One of the locations being torn — Bill Shea of Belfor. tions Vice President and Plastics est in the building’s ownership. — Chad Halcom News Publisher Tony Eagan said New York City-based iStar Finan- in a statement.