Jan 2, 2009

Poor start to 2009

There is no reason to think changing the calendar will slow the downward momentum of newspaper companies, and a quick survey of Romenesko today seems to bear this out.

First, Lee Enterprises, which has five papers in California, including the North County Times, risks being booted from the New York Stock Exchange because of rising debt. The company's auditor expresses "substantial doubt about (Lee's) ability to continue as a going concern."

Second, the struggling GateHouse Media borrows a page from the MediaNews Group playbook and announces that it will stop providing company contributions to 401k plans.

Last, niche publication AsianWeek will eliminate its print edition and fire most of its 11 person staff in San Francisco.

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