Mar 18, 2009

A drop in ratings

S&P further lowered the debt ratings for MediaNews Group and Freedom Communications. The companies now rate "CCC" for their respective secured lines of credit. The MediaNews empire includes nine daily papers in Southern California. Freedom owns the Orange County Register.

11 comments:

Anonymous said...

Boy, what a shock! Lower debt ratings for MediaNews. With their brilliant executive team you would think they should be doing great. A while back a comment was posted on out of business...looks like the axe is still rising with down momentum to follow shortly. How the heck do you do it boys?

Anonymous said...

Are these the same agencies that gave AAA ratings to the toxic subprime mortgage bundles, the creation of which caused the near-failure of the global economy?

Anonymous said...

Here's a little "thought experiment."

Where would a Las Vegas oddsmaker set the over/under for the closure date of the first LANG paper to go under?

My best stab at it is 01/01/2011.

newsjunkie said...

just keeps getting worse and worse. that is why dean makes the numbers unavailable maybe?many lang papers about to go under. most of them are rags sans the los angeles daily news. it has a big name. no one out of the area, actually even in the area has ever heard of san gabe tribune. not on the same level as the LADN.

Anonymous said...

at least the tribune was close to 20 percent margins and is still probably in the mid teens, even with all the "help" they are getting. The daily news has been bleeding for quite a while.

Anonymous said...

just a matter of time ...

Anonymous said...

one would think if this bunch can last nearly two more years they could make it out of this mess...both good and bad news here. if there are very deep pockets that don't mind the risk, they could, but, don't think so. Their advertising base will never, ever be back, which means increased focus, if that is possible on reducing expenses. Less advertising, less circulation, less coverage, and a weaker newspaper. Hey LANG leadership, way to go!

Anonymous said...

tick tock little eddie

Anonymous said...

i haven't been able to find a record of all the success the brilliance of newspaper next has brought lang. am i missing it somewhere? another great innovation by the leader who brought you, well, nothing.

Anonymous said...

Wow those furloughs worked!!!

It was like giving a cracker to a T-Rex.

Anonymous said...

Could little eddie hearing the clock tick at lang be considering moving south to san diego? He could bring his magical bag of tricks to drive a profitable newspaper bust.