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.
Tuesday, February 17, 2009
McClatchy stock hits an all-time low
McClatchy (MNI) shares hit an all-time low of 54 cents a share on Tuesday. . .
15 comments:
Anonymous
said...
I don't work for them but has anybody heard anything about the Miami paper? I understand that each day they lose money big-time.
FL & CA are the big losers! The Miami Herald has been dead for a long time, and MNI just can't unload it. They can't even sell the parking lot, let alone the big glass mausoleum.
Remember the deal where some businessman[?] has offered to pay MNI millions more that the Miami Herald parking lot property is worth? I don’t believe that. I think it is a ‘Hope’ thingy. Of course, watching how the bogus home loans are working out, maybe the loon would get a bailout.
In response to 2/17 1:47, that land deal was supposed to net $115mil to go towards paying down the debt. As was said, the deal did not close. The prospective buyer lost the $10mil deposit to MNI. If you subtract $10mil from $115mil you end up with $105mil which is right in the middle of the $100-110mil that was mentioned in the e-mails etc when the upcoming cuts were announced. If they can't get it honorably, they WILL get it dishonorably. The bottom line is that they WILL get their money no matter who loses their job. Maybe, just maybe they will leave the "little people" alone this time. Oh well, just wishful thinking.
For the sake of accuracy, the land deal is actually for 190 million and the prospective buyer did not forfeit the 10 million in deposit. The buyer was given an extension until June 9th and McClatchy agreed to throw in the Building.
This deal was actually started back in 2005 under Knight Ridder where the land was going to be flipped for 230 million.
If anyone thinks that there is going to be financing for 50 million dollars worth of property that couldn't even be sold at that price during the height of the Real Estate bubble, needs to have their head examined.
News about the future of the Fort Worth Star-Telegram is trickling out of managers' meetings and it isn't pretty. Much is still up in the air, but here are some basics:
The newspaper will be reduced to three sections per day, except Sundays, when it will look as it does now. The section breakdown is National-Foreign and Business, Metro and Features, Sports and Classified. Op-ed will be in the first section, slightly reduced and paired with the weather map. Plans are to go live with this format in early March.
There will be buyouts. There will be layoffs. There is no word on the compensation package or the number of employees to be slashed. One person in the know said several dozen to 100, which is too broad for my taste. Since buyouts are involved, the timetable for layoffs is unknown.
Furloughs and pay cuts are not being considered at this time.
I really expected the layoffs/buyouts to be bigger and wage cuts also. The number 100 sounds like what they did back in June at the KC Star. I think it was June I' m losing track. I think they did about 10 pct around 100 positions. I wonder how they determine the diff between buyouts and layoffs? Must be some part-timers in the number.
I wonder how many real reporters could be saved if they canned the likes of Jason Whitlock, Mike Hendricks, Mary Sanchez and Lewis Duiguid? We know that Fatback alone costs at least 12 entry level reporters, so if you canned the other racists and the beady eyed moonbat that would save at least another 15 or 20 at the very least. Hell, the VP in charge of racial hostility is probably good for that many alone.
15 comments:
I don't work for them but has anybody heard anything about the Miami paper? I understand that each day they lose money big-time.
Market Cap Opened @ 47.89M
Market Cap Closed @ 44.59M
7 Days Ago Closed @ 58.62M
The low was .53 but what is 2% between friends?
Les, you still holding on to that stock?
Yikes! That 50¢ firewall is in danger of being breached.
FL & CA are the big losers! The Miami Herald has been dead for a long time, and MNI just can't unload it. They can't even sell the parking lot, let alone the big glass mausoleum.
Remember the deal where some businessman[?] has offered to pay MNI millions more that the Miami Herald parking lot property is worth? I don’t believe that. I think it is a ‘Hope’ thingy. Of course, watching how the bogus home loans are working out, maybe the loon would get a bailout.
...The stock is still overpriced by at least a buck.
In response to 2/17 1:47, that land deal was supposed to net $115mil to go towards paying down the debt. As was said, the deal did not close. The prospective buyer lost the $10mil deposit to MNI. If you subtract $10mil from $115mil you end up with $105mil which is right in the middle of the $100-110mil that was mentioned in the e-mails etc when the upcoming cuts were announced. If they can't get it honorably, they WILL get it dishonorably. The bottom line is that they WILL get their money no matter who loses their job. Maybe, just maybe they will leave the "little people" alone this time. Oh well, just wishful thinking.
For the sake of accuracy, the land deal is actually for 190 million and the prospective buyer did not forfeit the 10 million in deposit. The buyer was given an extension until June 9th and McClatchy agreed to throw in the Building.
This deal was actually started back in 2005 under Knight Ridder where the land was going to be flipped for 230 million.
If anyone thinks that there is going to be financing for 50 million dollars worth of property that couldn't even be sold at that price during the height of the Real Estate bubble, needs to have their head examined.
hi everyone....anyone looking for a part time job?
any kansas city star info??
News about the future of the Fort Worth Star-Telegram is trickling out of managers' meetings and it isn't pretty. Much is still up in the air, but here are some basics:
The newspaper will be reduced to three sections per day, except Sundays, when it will look as it does now. The section breakdown is National-Foreign and Business, Metro and Features, Sports and Classified. Op-ed will be in the first section, slightly reduced and paired with the weather map. Plans are to go live with this format in early March.
There will be buyouts. There will be layoffs. There is no word on the compensation package or the number of employees to be slashed. One person in the know said several dozen to 100, which is too broad for my taste. Since buyouts are involved, the timetable for layoffs is unknown.
Furloughs and pay cuts are not being considered at this time.
I really expected the layoffs/buyouts to be bigger and wage cuts also. The number 100 sounds like what they did back in June at the KC Star. I think it was June I' m losing track. I think they did about 10 pct around 100 positions. I wonder how they determine the diff between buyouts and layoffs? Must be some part-timers in the number.
I wonder how many real reporters could be saved if they canned the likes of Jason Whitlock, Mike Hendricks, Mary Sanchez and Lewis Duiguid? We know that Fatback alone costs at least 12 entry level reporters, so if you canned the other racists and the beady eyed moonbat that would save at least another 15 or 20 at the very least. Hell, the VP in charge of racial hostility is probably good for that many alone.
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