This blog is mainly about the spectacular train wreck at The Sacramento Bee and its parent company, the McClatchy Company. But I also post about current events, the Iraq and Afghanistan wars, politics, anything else that grabs my attention. Take a look around this blog, hope you enjoy it.
Friday, September 26, 2008
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10 comments:
Anonymous
said...
Well I guess the "fat lady is about to sing". The last days of printing at the Modesto Bee is coming to a end. I wish the best to all my co-workers who I will miss very much. Who's your Daddy? Bubba loves ya!!!
Look for Mark Vasche's Sunday drivel part 4. He waxes about the old times...can't let go of the past. Hey Mark...Move ahead or retire! You may be next!!!
This has been posted but this gives more detail. AP story from http://ca.us.biz.yahoo.com/ap/080926/mcclatchy_credit_agreement.html?.v=3McClatchy renegotiates debt, gets flexibility to weather advertising downturn
NEW YORK (AP) -- Newspaper publisher McClatchy Co. said Friday it has renegotiated its agreement with lenders to gain flexibility, winning concessions that help the company avoid a potential default as advertising revenue continued falling.
McClatchy said the amendment to a $1.175 billion debt agreement will change its terms to account for the company's reduced cash flow. In return, McClatchy agreed to put up more collateral and pay higher interest rates.
"It's important for the company to get additional flexibility," said Mike Simonton, media analyst at Fitch Ratings, which analyzes corporate debt. "The company had exhausted much of the room it had under its prior covenant package."
Simonton said McClatchy might have come close to hitting a technical default if it hadn't renegotiated the terms by Sept. 30. Such a default ultimately could have forced the company to sell assets or declare bankruptcy.
The have been trying to sell off some assets but the bidders on the Modesto press all backed out of the deal. The have been selling off spare parts though.
The article gives more facts and figures.
WOW declare bankruptcy...give me my severance check NOW!
Doonsbury...Is Gary Trudeau writing about McClatchy? It starts Sept 15 with Rick getting laid off from "the Post". http://www.doonesbury.com/strip/dailydose/index.html?uc_full_date=20080915 Sounds like it!
The Star-Telegram sports section has three "corresponents" who are working for $22K a year freelance without benefits. All three have journalism degrees from good J schools, graduated within the past two years and are carrying at least two beats. Is this normal? Should more papers be doing this as an effective cost-cutting measure? Are these kids being exploited?
This week starts part 2 of the Doonsebury series of Rick getting laid off at the Washington Post. Looks like he's holding up a mirror to the McClatchy company.
10 comments:
Well I guess the "fat lady is about to sing". The last days of printing at the Modesto Bee is coming to a end. I wish the best to all my co-workers who I will miss very much. Who's your Daddy? Bubba loves ya!!!
Best wishes to the pressmen at Modesto.
The Olympian is expected to announce its voluntary buyouts today. And involuntary buyouts, if necessary.
To Bubba, Mr. Flexo, Homer, The big lunch box and all the rest...It has been a good run, I'll miss (most LOL) you. Signed 'Cmon Jaaaack
Look for Mark Vasche's Sunday drivel part 4. He waxes about the old times...can't let go of the past. Hey Mark...Move ahead or retire! You may be next!!!
I almost forgot to give my appreciation to our press room manager in Modesto..."The Man in the Window"...Give me a call some time...JWD.
This has been posted but this gives more detail.
AP story from http://ca.us.biz.yahoo.com/ap/080926/mcclatchy_credit_agreement.html?.v=3McClatchy renegotiates debt, gets flexibility to weather advertising downturn
NEW YORK (AP) -- Newspaper publisher McClatchy Co. said Friday it has renegotiated its agreement with lenders to gain flexibility, winning concessions that help the company avoid a potential default as advertising revenue continued falling.
McClatchy said the amendment to a $1.175 billion debt agreement will change its terms to account for the company's reduced cash flow. In return, McClatchy agreed to put up more collateral and pay higher interest rates.
"It's important for the company to get additional flexibility," said Mike Simonton, media analyst at Fitch Ratings, which analyzes corporate debt. "The company had exhausted much of the room it had under its prior covenant package."
Simonton said McClatchy might have come close to hitting a technical default if it hadn't renegotiated the terms by Sept. 30. Such a default ultimately could have forced the company to sell assets or declare bankruptcy.
The have been trying to sell off some assets but the bidders on the Modesto press all backed out of the deal. The have been selling off spare parts though.
The article gives more facts and figures.
WOW declare bankruptcy...give me my severance check NOW!
Doonsbury...Is Gary Trudeau writing about McClatchy? It starts Sept 15 with Rick getting laid off from "the Post". http://www.doonesbury.com/strip/dailydose/index.html?uc_full_date=20080915
Sounds like it!
The Star-Telegram sports section has three "corresponents" who are working for $22K a year freelance without benefits. All three have journalism degrees from good J schools, graduated within the past two years and are carrying at least two beats. Is this normal? Should more papers be doing this as an effective cost-cutting measure? Are these kids being exploited?
This week starts part 2 of the Doonsebury series of Rick getting laid off at the Washington Post. Looks like he's holding up a mirror to the McClatchy company.
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