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February 24th, 2009
 | 12:33 pm - FYI Bankruptcies reported:
Let's start with the ones nearest my heart -- newspapers. Philadelphia Inquirer. Minneapolis Star-Tribune. The Journal Register Company, publisher of the New Haven (CT) Register, 19 other daily papers and 159 "other" (probably weekly) newspapers. More info on their Michigan papers And more here on their New York papers.
An overview here on what's left of the newspaper industry.
In some ways, the situation in Philadelphia mirrors that of Denver and Seattle, where two newspapers have operated for years under joint-operating agreements set up after the federal government waived antitrust requirements in an effort to allow the survival of multiple daily newspapers in various urban markets.
In Denver, E.W. Scripps Co. (SSP) recently put the Rocky Mountain News, which is part of a joint-operating agreement with the Denver Post, up for sale. No buyers have been forthcoming, and observers say the operation is likely to be shuttered.
"If we're not able to find a qualified buyer that's able to buy the paper, we'll explore other options," said Tim King, spokesman for E.W. Scripps. "One of those options is shutting down the newspaper."
MediaNews Group, owner of the Denver Post, recently announced that its joint operating agreement with Gannett Co. (GCI) in Detroit will limit weekday home delivery for the Detroit News and the Detroit Free Press to Thursday and Friday only.
In Seattle, Hearst Corp. recently put the Seattle Post-Intelligencer, which is part of a joint operating agreement with the Seattle Times, up for sale. The company said Jan. 9 that if the paper was not sold within 60 days, it will either be turned into an Internet-only publication with a drastically reduced staff or it will be closed.
"There is essentially no market to sell any of these properties at this point, " Doctor said. "This also makes it harder for their counterparts in these joint- operating agreements because they lose the cost-savings they enjoyed from these arrangements."
SFCG Co., a Japanese lender whose creditors include Citigroup Inc.
The German state of Schleswig-Holstein faces bankruptcy because of the public bank HSH Nordbank AG.
Delphi Corp., in Michigan, wants to stop paying salaried retirees' health and life insurance benefits.
Dynogen Pharma will liquidate. It was owned by a group of venture capital firms.
More info on Ritz Camera's filing.
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Comments:
| From: | (Anonymous) |
| Date: | February 25th, 2009 05:41 am (UTC) |
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Goodbye to the San Francisco Chronicle, too, from what I understand.
The tiny Ritz Camera in our nearby shopping center was such a pleasant place to go on a summer evening. They closed down weeks ago.
M.N.
The Chronicle's a Hearst paper, isn't it? Hearst has been selling off or shutting down a few papers while trying to keep others going. I'm a little surprised that the Chronicle would be chosen; it was William Randolph Hearst's favorite paper, as I recall hearing. But sentiment does not rule over a century. |
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InsaneJournal |