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In late breaking news, E.W. Scripps announced that they are selling the Rocky Mountain News. Despite joining forces with the Denver Post in a joint operating agreement in 2001, Scripps expects to lose $15 million this year in their share of the JOA.
If no buyer can be found by early 2009, Scripps will consider shutting down the newspaper.
Recently, Copley Newspapers placed its flagship, the San Diego Union up for sale.
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Rocky Mountain News for sale
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The Rocky Mountain News, Colorado's oldest newspaper, has been put up for sale by its parent company.
Citing worsening financial conditions, the E.W. Scripps Co. said it
will weigh any offers through mid-January. If no buyer emerges, it will
consider shutting down the newspaper.
Scripps CEO Rich Boehne, who took the helm of the company in July,
made the announcement to the newsroom this morning. He told the
editoral staff the decision "would have been unthinkable just a few
months ago."
Like newspapers through the nation, the Rocky has suffered
from a weak advertising market and as readers increasingly turn to the
Internet to get their news. Scripps last month told Wall Street that it
had eliminated 400 jobs across its newspaper division and suspended its
dividend in the face of advertising weakness.
The company expects the Rocky to lose roughly $15 million this year.
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