Has desperation set in at the Macon Telegraph?
A tipster informs me publisher George McCanless is offering to sell the Telegraph property on Broadway for a fraction of its appraised value.
The Telegraph's 170,000-square-foot building has plenty of empty space, thanks to printing operations being moved to Columbus and several rounds of staff layoffs over the past year and a half. As a result, the publisher wants to move the newspaper to a smaller location.
The publisher initially approached county commissioners to see if they were interested in buying the property to use as a courthouse. When that option didn't materialize, McCanless dropped the price -- to one third of its appraised value, according to the tipster.
Looks like the newspaper has a major cash flow problem.
Below is a Google Earth image of the Macon Telegraph building.
View Larger Map
.
.
4 comments:
"We are positioning McClatchy for a long and prosperous future."
Well, I side with mr p. He's been so on the money thus far.
He must simply share all modern lib president's mantra's of taxing anything into prosperity, or failing that, being bailed out by the gubmint.
Business Week sale may fetch only $1(FT)
McGraw-Hill could reap just $1 from a sale of Business Week, according to people familiar with the 80-year-old financial magazine’s losses.
The publisher has appointed Evercore, the boutique investment bank, to sell the business after concluding it was non-core, two people familiar with the decision said.
McGraw-Hill, which owns the Standard & Poor’s rating agency and a large educational publisher, would only say it was “exploring strategic options” for Business Week. Evercore did not return calls.
Auctioning a predominantly print business exposed to financial advertisers during a media recession will be challenging.
"We are positioning McClatchy for a long and prosperous future."
"We are positioning McClatchy for a long and prosperous future."
"We are positioning McClatchy for a long and prosperous future."
Minority Broadcasters Seek Federal Aid(WSJ online)
WASHINGTON --A group of minority broadcasters asked Treasury Secretary Timothy Geithner Monday for financial assistance akin to the aid that has been extended to the financial and auto industries.
"Minority-owned broadcasters are close to becoming an extinct species," the letter said. "Even in better economic times, minority broadcasters have historically had difficulties accessing the capital markets."
The broadcasters told Mr. Geithner they can bounce back if they are given some temporary assistance while the credit markets are slow. "Unlike the auto business, broadcasting has been healthy for many years," their letter said.
They're all going to be selling buildings and parking lots because they'll all be all-online very soon and won't need the expense of maintaining these behemoths. Miami and Sac could publish online in a 3,000 square foot home.
Post a Comment