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LOCAL NEWS BANG-EB: THE GUILD UPDATE News of the MediaNews bankruptcy The MediaNews bankruptcy marches ahead. So far, proceedings in Delaware bankruptcy court seem to agree with the idea that Chapter 11 proceedings will be limited to MNG's holding company, Affiliated Media Inc., and will not affect employees or union contracts. David R. Hock of Cohen, Weiss and Simon represented The Newspaper Guild/Communications Workers of America locals at the first day hearing on Jan. 26. It appears the pre-packaged bankruptcy will come to a swift conclusion, heading for confirmation without objection on March 4.
MediaNews Group reportedly worried its phones will be shut off In its reporting about the impending bankruptcy filing by Affiliated Media, the holding company of MediaNews Group, its owner, the Denver Post left the B-word out of the headline -- and its published version of an Associated Press story about the filing left out intriguing info included by other papers, including details of MediaNews boss Dean Singleton's salary. |
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NEWS OF THE INDUSTRY Media General also paying high price to spread out debt Tampa Tribune parent Media General Inc. (MEG) announced the pricing of its offering of $300 million of senior secured notes that will help spread out the maturities of its approximately $730 million in debt. The notes will carry an interest rate of 11.75%. With its price set at a discount to face value, the notes yield maturity is 12.25%. The price of debt: McClatchy stock tumbles on steep bond interest rate McClatchy Co. shares tumbled Friday along with the broader market after the newspaper publisher agreed to pay steep interest rates to push back its deadline for repaying debt. Report: N.Y. Times execs met quietly with Steve Jobs about iPad Some 50 top executives of The New York Times, including Publisher and Times Co. Chairman Arthur Sulzberger Jr. met earlier this week in a New York restaurant with Apple CEO Steve Jobs, who demonstrated the iPad and talked it up as "the future of media," according to a report by Daniel Maurer on New York magazine's Web site. |
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MORE NEWS OF THE INDUSTRY Arbitrator sides with former News-Press editor An arbitrator has rejected the Santa Barbara News-Press' $25 million claim against its former editor and ordered the newspaper's owner to pay more than $900,000 in fees stemming from their dispute.
Seattle Times Co. renegotiates debt The Seattle Times Co. has renegotiated its debt, giving the publisher increased ability to continue publishing "high quality, independent journalism," as the company indicated in a letter updating its readers on its financial status.
Journos aren't helpless against market forces Without question, there never has been a bigger response to this blog than the one that greeted the piece the other day encouraging journalists to demand to be paid decently for their work.
Google News to publishers: Let's make love not war In the view of some traditional media execs, Google is a digital vampire or a parasite or tech tapeworm using someone else's content to profit. As that rhetoric heated up in the past year, Google has responded not with equal amounts of invective but with entreaties to help publishers.
Monster's HotJobs deal shuts 200 papers out of Yahoo newspaper consortium Monster Worldwide's agreed acquisition of Yahoo's recruitment platform HotJobs means as many as 200 papers will be shut out of of the Yahoo newspaper consortium (NPC).
As if the New York Times' Arthur Sulzberger and Janet Robinson didn't have enough headaches, trying to figure out how to fend off that other daily beast known as the Wall Street Journal. Until December, 2007, when Rupert Murdoch pulled off the coup of his lifetime, cajoling, wheedling and finally hard-lining just enough of the Bancroft family into selling the prize Journal to him, the Journal had been a national business daily -- not the Times' direct competition.
Newspaper Web site traffic slipped in Q4 Newspaper Web site traffic is falling month-over-month, according to new figures provided by the Newspaper Association of America. The association today published the latest Q4 data for newspaper Web sites provided by Nielsen Online. The number of unique users declined when comparing October (73.2 million uniques) to November (72.3 million uniques) to December (70.3 million uniques).
13 years later, Herb Caen's voice is missed Tomorrow is the first of February, an important day in the history of San Francisco. It will be 13 years exactly since Herb Caen died. Old San Franciscans revere Caen. A lot of new San Franciscans never heard of him. For the record, he was a newspaper columnist in this town for 58 years, longer than anybody. He was the uncrowned prince of San Francisco, a magic city of his own invention.
Gannett's 4Q improves as cost cuts offset ad woes Gannett Co. posted its largest profit of the year in the fourth quarter as cost-cutting efforts were aided by a lessening decline in advertising sales. But shares of the biggest U.S. newspaper publisher tumbled after company executives didn't offer any hope for an upturn in newspaper advertising this year.
Associated Press strikes deal with Yahoo The Associated Press has signed a licensing deal with Yahoo Inc. that gives the news cooperative a steady stream of revenue at a time less money is flowing in from newspapers and broadcasters.
Media General refinancing debt Moody's Investors Service late Thursday assigned a relatively high, but still speculative-grade or "junk" credit rating, to Media General Inc.'s offering of $350 million in senior secured notes that will be used to pay down debt.
New York Times adds 1,100 Bay Area subscribers The New York Times has nabbed an extra 1,100 Bay Area subscribers after launching its San Francisco Bay Area section last fall, according to Jim Schachter, a senior Times executive.
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