The name change has several purposes, not the least of which is to shed the image of a company tied to a tired, "one-dimensional" product: newspapers.
The new name also appears designed to position the company to better capture new revenue sources - Belo, Enterprise Media's parent, is going to experiment with paywalls come spring - and could simplify matters if Enterprise Media chose to partner with other media companies in the region.
From the memo to staff (my emphasis):
This change in our Company name has been planned for some time to ensure our business is seen by our clients as keeping pace with the significant, rapid and dynamic changes that are happening in the media industry. It also is aligned with the long-term vision for our business to reflect the innovation, new directions and forward-thinking multimedia strategy that our Company is actively pursuing. We have expanded from being a newspaper company to become a diversified media company. It’s now time for our customers to know us as more than a newspaper company as well.
The name Enterprise Media describes and defines who we are as a company. It effectively conveys our position as a future-focused media company; a leading and digitally savvy, multi-media news and information content provider. It is a name that will impress and influence our advertising and business-side clients to change their minds and attitudes about who we are.
This change is important because the name ‘Press-Enterprise Company’ does not align with our strategy. It is inextricably tied to our daily newspaper, ‘The Press-Enterprise,’ and it does not communicate to our customers the size, scale and capabilities of our multi-media product portfolio. ...
[T]he name ‘Press-Enterprise Company’ is tied to their past experiences with a newspaper company and it evokes attitudes and perceptions that are:The full memo is here.
· One-dimensional. It causes our B2B [business-to-business] clients to see us as a one-product company; in their minds, one that has limited, if any, value for their needs. Reality is we are so much more as a business partner.
· Geographically limited. In the minds of our B2B clients our Company’s market and audience reach is limited to the geography of our newspaper circulation area. Reality is that our sphere of influence and audience extends well beyond the geographic area our newspaper serves.
· Institutionally bound. It says “newspaper” which means “inflexible,” “high rates,” and “old media” to advertisers who are looking for new ways to reach their clients using social media, mobile, and more. We want our name to convey that we’re playing in that space too.