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.
Did either of the Bush Administrations broker this deal? I mean, in this country we send Bill Clinton to get our citizens. I presume an oil-producing country would send a person who has their interest at heart to do this bidding. Sounds like a job for the dirtiest administration we've seen since Nixon.
Paper Owner Freedom (OC Register) Plans to File For Chapter 11 (WSJ)
Freedom Communications Inc., the owner of the Orange County Register, is expected to declare bankruptcy this week, according to people familiar with the situation, the latest in a string of Chapter 11 filings in the battered newspaper business.
The company, majority owned for more than 70 years by the Hoiles family, has reached agreements with its lenders to restructure its debts, according to these people.
With annual revenue of about $700 million, Freedom owns the Register and more than 30 other daily papers and eight TV stations. Earnings before interest, taxes, depreciation and amortization -- a popular measurement for leveraged companies -- have declined about 75% over the past five years to about $50 million.
Freedom was founded in the 1930s by R. C. Hoiles, a former printer's apprentice who used his publications in part to spread his libertarian views. The Orange County Register continues the libertarian approach but, like other newspapers across the country, has had to confront the question of its survival.
"We are continuing to work with our lenders to address our balance sheet," said a Freedom spokesman.
Freedom's lenders, which hold roughly $770 million in debt, are expected to take control of the company as it operates under bankruptcy protection. They include J.P. Morgan Chase & Co., SunTrust Banks and Union Bank of California.
The filing is a blow to private-equity firms Blackstone Group and Providence Equity Partners, which acquired a 40% equity stake in the company in 2004 for about $460 million. The deal, which used a relatively small amount of debt compared to later deals in the buyout boom, already has been written down to zero by both firms.
The Hoiles family has been divided for years about what to do with the Irvine, Calif., company.
...“I will stand with the Muslims should the political winds shift in an ugly direction.” That told you stupid leftists all you really needed to know. You're traitors all...
3:59, as Sarah Palin said: Stop makin' stuff up. Here's the actual quote: "In the wake of 9/11, my meetings with Arab and Pakistani Americans, for example, have a more urgent quality, for the stories of detentions and FBI questioning and hard stares from neighbors have shaken their sense of security and belonging. They have been reminded that the history of immigration in this country has a dark underbelly; they need specific reassurances that their citizenship really means something, that America has learned the right lessons from the Japanese internments during World War II, and that I will stand with them should the political winds shift in an ugly direction."
Check it yourself: Page 261, "The Audacity of Hope." And next time, do your research BEFORE you post fake quotes.
FYI: Freedom Newspapers has been considered one of the most conservative newspaper chains. So celebrating its demise goes against your belief that newspapers are dying because they're too liberal.
8 comments:
Does anyone really believe that the release happened without team Obama knowing about it beforehand?
But it has always been the case with the loony left that oil is evil and Muslim terrorists are good.
“I will stand with the Muslims should the political winds shift in an ugly direction.”
That told you stupid leftists all you really needed to know. You're traitors all.
Did either of the Bush Administrations broker this deal? I mean, in this country we send Bill Clinton to get our citizens. I presume an oil-producing country would send a person who has their interest at heart to do this bidding. Sounds like a job for the dirtiest administration we've seen since Nixon.
HOW ABOUT ANOTHER NEWSPAPERS COLLAPSE?
Paper Owner Freedom (OC Register) Plans to File For Chapter 11 (WSJ)
Freedom Communications Inc., the owner of the Orange County Register, is expected to declare bankruptcy this week, according to people familiar with the situation, the latest in a string of Chapter 11 filings in the battered newspaper business.
The company, majority owned for more than 70 years by the Hoiles family, has reached agreements with its lenders to restructure its debts, according to these people.
With annual revenue of about $700 million, Freedom owns the Register and more than 30 other daily papers and eight TV stations. Earnings before interest, taxes, depreciation and amortization -- a popular measurement for leveraged companies -- have declined about 75% over the past five years to about $50 million.
Freedom was founded in the 1930s by R. C. Hoiles, a former printer's apprentice who used his publications in part to spread his libertarian views. The Orange County Register continues the libertarian approach but, like other newspapers across the country, has had to confront the question of its survival.
"We are continuing to work with our lenders to address our balance sheet," said a Freedom spokesman.
Freedom's lenders, which hold roughly $770 million in debt, are expected to take control of the company as it operates under bankruptcy protection. They include J.P. Morgan Chase & Co., SunTrust Banks and Union Bank of California.
The filing is a blow to private-equity firms Blackstone Group and Providence Equity Partners, which acquired a 40% equity stake in the company in 2004 for about $460 million. The deal, which used a relatively small amount of debt compared to later deals in the buyout boom, already has been written down to zero by both firms.
The Hoiles family has been divided for years about what to do with the Irvine, Calif., company.
...“I will stand with the Muslims should the political winds shift in an ugly direction.” That told you stupid leftists all you really needed to know. You're traitors all...
3:59, as Sarah Palin said: Stop makin' stuff up. Here's the actual quote: "In the wake of 9/11, my meetings with Arab and Pakistani Americans, for example, have a more urgent quality, for the stories of detentions and FBI questioning and hard stares from neighbors have shaken their sense of security and belonging. They have been reminded that the history of immigration in this country has a dark underbelly; they need specific reassurances that their citizenship really means something, that America has learned the right lessons from the Japanese internments during World
War II, and that I will stand with them should the political winds shift in an ugly direction."
Check it yourself: Page 261, "The Audacity of Hope." And next time, do your research BEFORE you post fake quotes.
FYI: Freedom Newspapers has been considered one of the most conservative newspaper chains. So celebrating its demise goes against your belief that newspapers are dying because they're too liberal.
6:38 PM
Conservative my backside. It's another leftist rag taken over by your kind years ago.
You Mother F(*ing socialists are so full of crap it is coming out your ears.
...Conservative my backside. It's another leftist rag taken over by your kind years ago...
So just exactly what newspaper, Web site, or other news-gathering organization do you consider fair and balanced?
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