...and if after 60 days it has not sold, it will either be turned into a Web-only publication with a greatly reduced staff or discontinued entirely...The P-I is owned by Hearst Corporation, the same company that owns the San Francisco Chronicle - the same San Francisco Chronicle that's rumored to be losing $1 million a week.
Hearst is also the largest holder of MediaNews Group debt, a fact MediaNews came to rely on when its debt rating slipped and rumors of a Tribune Co.-style bankruptcy were bandied about. From Editor and Publisher:
"By far, the largest debtholder of MediaNews is our partner, which is a lot different than Tribune," the [MediaNews] spokesman said, referring to Hearst Corporation, which holds a stake in some 115 MediaNews newspapers published outside of California.
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Dean Singleton and all you wanna be newspaper men. Take a look at Rupert Murdoch and strive to be like him in your next life because you will never be a successful newspaper man as he was, is and will be. Rupert KNOWS what it takes to run a successful newspaper in these "economic" times, you Efing loosers. Amen.
"I'm Dean Singleton; let me just put everything on the company credit card."
From the credit card company.
Dean, you had an unlimited credit limit and you have now exceeded it!
I think it's hilarious that Murdoch is now the dean of journalism. As for his business acumen:
"Rupert Murdoch’s News Corporation stock has struggled since purchasing The Wall Street Journal a year ago..News Corp’s stock is trading at less than six-times-earnings..it is a sign of the times –businesses supported by
advertising will continue to have a tough go of it..."If they’re being supported by advertising across almost every platform, that’s a major problem.”
-- Sound familiar?
http://www.businessandmedia.org/articles/2009/20090102133658.aspx
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