Greetings!
With so much bad news about the economy and so many newspapers heading into bankruptcy court for protection, one is left wondering if their paper will be next.
Yes, it is definitely a bad market and it's not going to turn around soon. However, there are opportunities for those who look for them. One story following is about a newspaper that got public funding to retrain their staff. You should check your with state economic development department to see if you qualify for job retraining.
Every time a newspaper (paid or free) shuts down or goes into bankruptcy, their entire customer base is left wondering if they are going to be without an advertising channel. And, their employees are left wondering if they are going to be without a job.
That's the best opportunity to expand your market share and pick up some very excellent team members.
Keep your head up, your employees working diligently for the benefit of your customers and we will weather this storm together.
See you in Myrtle Beach.
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Philadelphia newspapers' owner files for bankruptcy
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By Harold Brubaker
INQUIRER STAFF WRITER
Philadelphia
Newspapers L.L.C., which owns The Inquirer, the Philadelphia Daily
News, and Philly.com, filed for bankruptcy protection yesterday in a
bid to restructure its $390 million in debt load.
The company, bought by a group of Philadelphia-area investors for
$562 million in 2006, said the voluntary Chapter 11 filing would not
interrupt its daily operations.
"This restructuring is focused solely on our debt, not our
operations," chief executive officer Brian P. Tierney, who led the
group that provided about $150 million of the purchase price three
years ago, said in a news release. "Our operations are sound and profitable," said Tierney, referring to operating profits before interest and certain other costs.
The financial burden from an advertising downturn, rising costs for
newsprint, and the migration of readers to the Internet caused
Philadelphia Newspapers to fall out of compliance with its loan
agreements last year. The same conditions have devastated the broadcast
industry.
The company said it decided to turn to Bankruptcy Court after
negotiating with its lenders for the last 11 months. During that time,
the company was billed $13.4 million in penalty interest and fees.
Read more...
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Minn. newspapers to share $238K in grant money to retrain staffs for Internet age
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DULUTH, Minn. (AP) -- Two Minnesota newspapers will receive a share of
state grants normally given to retrain workers in manufacturing and
other industries in transition.The Duluth News Tribune and the St.
Paul Pioneer Press will work with the University of Minnesota's School
of Journalism and Mass Communication to help staff adapt to an
increasingly Internet-based industry.
Minnesota
Job Skills Partnership is awarding $238,000 in state funds, while the
newspapers and the university will contribute about $469,000 combined,
mostly by devoting staff time to training.
Paul Moe, the state
program's director, said newspapers around the country are looking
closely at the project as a potential model.
Kathleen Hansen,
director of the university's Minnesota Journalism Center, said the
grant idea came from the Pioneer Press. She said the application was
unusual for a state agency more accustomed to businesses that deal in
plastics or crop machinery.
"This is a very different kind of workforce group," she said.
Read more...
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Journal Register files for bankruptcy, cites slumping ad revenue, falling circulation |
PHILADELPHIA (AP) -- The Journal Register Co. filed Saturday for
bankruptcy protection from its creditors and said slumping advertising
revenue and circulation are to blame.In the Chapter 11 filing in
U.S. Bankruptcy Court in Manhattan, Journal Register proposed a
restructuring plan in which it would cancel its stock and become a
closely held company controlled by its lenders.
The
Yardley, Pa.-based newspaper publisher reported $596 million in assets
as of Nov. 30 and $692 million in debt, including unpaid interest.
Revenue has fallen more than 20 percent since 2006, the company said in
the court filing.
In the documents, company Chairman and Chief
Executive James W. Hall said the recession had placed an even greater
burden on an already distressed industry.
On Thursday, JP Morgan
Chase & Co. and 26 of the company's 37 lenders agreed to the
reorganization, according to a statement posted Saturday on the Journal Register's corporate Web site.
Read more...
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Cheers,
Craig McMullin
AFCP
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