Saturday, February 21, 2009

Shrinkage update

From comments, here is McClatchy's market cap shrinkage as of close of business Friday:

Market Cap Opened Today @41.28M
Market Cap Closed Today @42.11M

10 Days Ago Closed @58.62M



Anonymous said...

Having sucked the MNI teat dry, starving MNI Marxists locate, and suckle from fresh unending supply of milk.

Joseph Goebbels smiles from grave.

Many 'Star-Ledger' Reporters Turn to the 'Other Side' After Buyouts

NEW YORK At least 16 reporters and newsroom staffers at The Star-Ledger of Newark, N.J., most of whom left the paper in the past year's massive buyout, are now working for public officials or state agencies the paper covers.

In several cases, writers who covered a specific beat are now working for individuals or agencies upon which they once reported.

Anonymous said...

Journal Register files for bankruptcy

The Journal Register Co., owner of 20 daily newspapers, filed today for bankruptcy protection from its creditors. The Yardley-based company blamed a slump in advertising.

The company operates primarily in the Philadelphia and Cleveland areas, as well as throughout Michigan. Its newspapers include the Delaware County Times and the Trentonian near Philadelphia.

The company would cancel its stock and become a closely held company, owned by its lenders under a proposed reorganization plan filed in U.S. Bankruptcy Court in New York.

It listed debt of as much as $1 billion and assets of between $100 million and $500 million in Chapter 11 documents.

"With the increased competition from other forms of media and slumping advertising revenues, the downward pressure on newspaper earnings will likely remain intense in the near term," company chief executive officer James Hall said in court papers.

Since 2006, the company's revenue has dropped by more than 20 percent, Hall said.

In the fall of 2007, the company started cutting costs by selling its corporate jet, eliminating management bonuses and country club memberships, closing 34 publications and cutting at least 112 workers.

Under a proposal filed as part of the bankruptcy case, the company has asked for permission to pay as much as $1.7 million in bonuses to 30 top officers and key employees, should the Journal Register meet certain reorganization goals, including closing more papers and eliminating more employees.

Those officers have already been paid $450,000 for a previous round of cuts, according to court papers.

The Journal Register employs about 3,500 people and also owns 159 non-daily newspapers.