Tuesday, March 3, 2009

McClatchy says it might not recover $5.3 million owed by 3 bankrupt newspapers

McClatchy might get stiffed out of $5.3 million owed by 3 newspapers that recently filed for bankruptcy.
Newspaper publisher McClatchy Co. said it may not be able to recover $5.3 million owed by newspapers it had sold to companies that have recently filed for Chapter 11 bankruptcy protection.

The write-off pushes McClatchy
's fourth-quarter net loss to $27 million, or 33 cents per share, up from the $21.7 million loss the company reported in February, according to a regulatory filing late Monday.

The company declined to say which papers still owed it money, but three former McClatchy properties filed for bankruptcy protection this year: The Philadelphia Inquirer and the Philadelphia Daily News, owned by Brian Tierney's Philadelphia Media Holdings LLC, and the Star Tribune of Minneapolis, controlled by the private-equity firm
Avista Capital Partners.

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3 comments:

Archer05 said...

-Layoffs at McClatchy Myrtle: 20 Jobs Cut-
March 3rd, 2009
The Main Deck
by Jeff A. Taylor

"That’s about 9 percent of the workforce, plus pay cuts for salaried employers, and a 37.5 hour work-week.
Meanwhile, rumors out of Raleigh that similar steps may be taken there. Plus continued scuttle-butt on even more combined ops for Rock Hill, CLT, and the Triangle.

Honestly don’t know how much more combined they could get without losing stand-alone editors and publishers. And man, think of the inter-office politics that would accompany any such move."
http://charlotte.johnlocke.org/blog/?p=3360

Anonymous said...

Here's a question. If we can combine sports, features, photo and news resources why does each paper need a publisher who makes god knows how much money and the perks (country clubs, cars and the like). Hell get rid of two publishers, make one guy in charge of the four Carolina properties...I mean come on...what the fuck does a publisher do anyway? Attend benefits, get free shit and oh yeah, fire people who are just trying to do their job. Think of how many real working people throught the papers could be saved if they whacked these worthless figureheads....and that goes for the community papers also. Deadwood in charge there.

Anonymous said...

9:57....I vote for you to take the place of Blewitt. At least your plan makses good business sense, which is more than he can claim. Could do the same in Cali, by the way.