MediaNews and Freedom are thinking merger

The shakeup in the MediaNews Group boardroom, led by news that Dean Singleton is stepping down as CEO, isn't just a case of musical chairs. As the Wall Street Journal reports, two of the three new board members named today work for a company that is part owner of Freedom Communications, publisher of the Orange County Register. An insider told WSJ that the company, Alden Global Capital, is thinking merger.

MediaNews owns nine newspapers in Southern California, some of which already have a working relationship with the Register.

But the consolidation plans could go much further. From the WSJ:

MediaNews Group Inc., publisher of more than 50 daily U.S. newspapers including the Denver Post, is eyeing a merger with Freedom Communications Inc. and possibly several other newspaper companies, according to a person familiar with the matter. 

-snip-

The person ... said Alden wants to roll at least some of its various newspaper holdings into a single company. Alden was part of a group of financial firms that emerged last year as the winner of the auction of the Philadelphia Inquirer and the Philadelphia Daily News. Alden also owns a stake in Journal Register Co., which publishes the New Haven Register among a group of other papers.

Weekend bankruptcy report*

The company that owns the Philadelphia Inquirer and Philadelphia Daily News filed for bankruptcy on Sunday. The Journal Register Co., which owns 20 daily newspapers and a passel of weeklies, filed for bankruptcy on Saturday.

In related news, the CEO of the company that owns the Inquirer and Daily News got a 38-percent pay increase two months ago. Meantime, 31 "key" executives at the Journal Register are slated to receive $1.7 million in bonuses.

*Updated Feb. 24, 12:37 p.m.: The Philly execs will roll back their raises.

(All stories via Romenesko)