Los Angeles Times media critic James Rainey looks at the various merger options before the owners of Southern California's newspapers, as the currently bankrupt and recently bankrupt look for ways to hook up to save money.
The chase seems to center on Freedom Communications, owner of the Orange County Register, which has put itself on the market. Most of the hedge-fund money is on the Register merging with MediaNews Group, also recently bankrupt and owner of the nine LANG newspapers. The same group of investors, led by Alden Capital Group, already own major stakes in the two companies.
Alden also owns a piece of the Times, and Rainey reports that the currently bankrupt Tribune Co. has kicked Freedom's tires. But Tribune's internal troubles and potential anti-competition complaints would seem to make this wedding a little more difficult.
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So if Alden owns major stakes (or steaks for the top brass), i.e. owns OC Register AND MNG, why would MNG pay money for OCR? Why not just take it over and destroy it from top to bottom as well? (Not that it's not skin and bones now, mind you). I bet the OCR people are extremely agitated at the thought of Lean Dean and his gang of reapers (mines the e) coming over to the OC and taking a large chunk of their pay and vacations away and handing out furloughs like candy in Halloween.
for above post mines = minus
There would have to be some kind of deal because although Alden has a majority of the stock in Media News and either a majority or plurality in Freedom (Register), there are others involved - other vulture funds - who want their money. So it's not just a snap of the fingers. But it will get done. Nice paydays for the vultures, paid for by raping - no e needed hear - the staff and readership.
"needed here..."
lots of self-serving comments from anonymous execs in that article. my favorite -- oc freedom exec says there is no room for further downsizing in the newsroom. want to bet which area that exec is from?
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