In yet another case of much ado about nothing, the Dow Jones Newswire recently ran a story stating that one of the press releases PR Newswire (PRN) ran on its electronic wire service may not have been true. Confused?
So was PRN.
Last month, PRN sent across a release by Ocean Fund in which the company declared that it had recently offered to buy eight Caesars hotels from Park Place Entertainment for dollars 3.6 billion.
News of the sale struck executives from Starwood Hotels and Resorts, which agreed to sell the Caesars properties to Park Place several months ago, as peculiar. 'We don't know who Ocean Fund is,' said Starwood spokesperson Jim Gallagher.
This sent PRN into a tizzy. '(The release) raised red flags,' according to PRN spokesperson Renu Aldrich.
However, after an investigation, PRN was able to breathe a deep sigh of relief. 'The release checked out,' said Aldrich. 'That's all there is to it.' So why the post-release panic? 'It's better to be safe than sorry, I guess.'