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NEWS OF THE INDUSTRY McClatchy declares second quarter dividend The McClatchy Company (NYSE: MNI - News) today declared a regular quarterly cash dividend of $.18 cents per share. The second quarter dividend is payable July 1, 2008 to stockholders of record at the close of business on June 11, 2008.
McClatchy is open to selling its share of Seattle Times The McClatchy Co.'s chairman and chief executive tried to reassure shareholders Tuesday that the Sacramento publisher is on the right track despite falling profits, revenue and stock price.
On last day on NYSE, Sun-Times stock hits record low in huge sell-off On its last day of trading on the New York Stock Exchange Tuesday, Sun-Times Media Group stock plummeted 26% to reach an all-time low of 34 cents a share in a massive sell-off.
Bids due on Star Tribune's land Bids on the Star Tribune's five-block plot of land in downtown Minneapolis are due today, according to an offering memo obtained by the Pioneer Press.
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New short contract ends Blethen Maine labor battle One potential obstacle in Frank Blethen's effort to sell his Blethen Maine Newspaper group may have been lifted as the tiny Morning Sentinel in Waterville reached agreement with its local Newspaper Guild on a new contract. |
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MORE NEWS OF THE INDUSTRY Tribune's Newsday deal is one step in easing debt Tribune Co.'s $650 million sale of Newsday is an important step toward alleviating its debt burden — for this year.
Cablevision strikes deal to buy Newsday Cablevision Systems and the Tribune Company announced a $650 million deal on Monday that will give Cablevision a 97 percent stake in Newsday.
Cablevision's Newsday bid the favorite after Murdoch exits Tribune Co. and Cablevision Systems Corp. Saturday appeared poised to strike a $650-million deal for Newsday after presumptive front-runner Rupert Murdoch exited the stage, according to people familiar with the negotiations.
Revenue problems force Seattle Times to cut staff by 125 Following up on vows to bring spending in line with its shrinking revenues, The Seattle Times Co. sliced the staff at its flagship newspaper by 125 employees this week.
News Corporation withdraws its bid for Newsday People involved in the negotiations, who asked not to be named because the talks were confidential, said this month that Newsday’s owner, the Tribune Company, seemed headed toward accepting Cablevision’s bid, which at $650 million was the highest. Mr. Murdoch, however, told investors and analysts in a conference call on Wednesday that he remained confident, counseling, “Just be patient for a couple of days.”
McClatchy slashes value of Seattle Times The McClatchy Co. continues to slash its estimated value of its investment in The Seattle Times Co., as both the local daily and the newspaper industry as a whole continue to reel from lost revenue.
Journal Register warns it could default by July Troubled Journal Register Co. warned late Friday in a regulatory filing that it probably will be in default of its loan covenant before the end of July.
Gannett offers 160 buyouts in NJ Gannett Co. Inc. on Friday said it was offering buyouts to a total of 160 workers at five of its six New Jersey newspapers, as advertising revenues decline.
King of the city journalism is all the rage Consider the new Big City American journalism and the emerging cast of characters owning it. It's a page right out of the history books when a few well-heeled titans controlled the press, and its new incarnation could have all kinds of implications for the Yahoo Newspaper Consortium, for AP and for the journalism start-ups near and far.
Tribune Publishing results skid in Q1 -- off 11% The Tribune Co. reported that Q1 earnings from continuing operations soared to $1.82 billion compared with $11 million from the same period a year ago. The favorable upswing was due to the change of the company's tax status at the beginning of the year to a subchapter S corporation.
Union claims New York Times' layoffs methodology is 'flawed' The Guild says it "has been carefully analyzing the [New York Times] layoffs to make sure that management has followed the contract's job security provisions. At this point, it appears to the Guild that the company has not done so. In fact, the Guild has already filed a grievance regarding the methodology used by The Times to decide who would be laid-off."
Layoffs and buyouts announced at three more dailies Layoffs and buyouts have hit three more daily papers, with announcements of cutbacks in Colorado, Kentucky, and South Carolina.
Herald-Leader Seeks Buyout from 4 Percent of Staff The Lexington Herald-Leader is looking to trim its staff of 385 full-time employees by 4 percent through a voluntary buyout program.
Star Tribune's owner forced to write off much of its investment The owner of the Star Tribune has informed investors that it has written down the value of its $100 million investment in the newspaper by 75 percent to reflect deteriorating conditions since the purchase in March 2007.
MediaNews customer service operations move to the Philippines Bay Area workers seeking to form Guild unit Newspaper chain MediaNews Group Inc. is outsourcing customer service operations for some of its California dailies -- including the San Jose Mercury News, one of the company's largest papers -- to the Philippines. Meanwhile, newsroom employees at the Oakland Tribune, Contra Costa Times and other newspapers in MediaNews Group's "Bay Area News Group-East Bay" unit are trying to form a union.
Tribune evaluating offers for Newsday As talks continued yesterday for the sale of Newsday, owner Tribune Co. assessed three similarly structured offers to determine which best fit its own strategic plan and need for debt-bound cash, a source close to the negotiations said.
Reporters examining the Star Tribune's finances can be compared to a group of blind men reporting on an elephant. No one source, not even the paper's higher-ups themselves, seems to have all the answers.
Santa Barbara News-Press, Indy settle lawsuit Owners of the Santa Barbara News-Press and Santa Barbara Independent agreed to put away their legal swords this week, finally concluding a settlement to the News-Press’s complaint that the Independent had infringed upon its federal copyright protections. |
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