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(Huffington Post)   Tribune Company looks to sell its newspapers as it comes out of bankruptcy. Which is actually a good idea since owning a bunch of newspapers is what originally put them into bankruptcy   (huffingtonpost.com) divider line 8
    More: Followup, Tribune Company, Chicago Tribune, Honolulu Star-Advertiser, newspapers, Star Tribune, Orange County  
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336 clicks; posted to Business » on 13 Dec 2012 at 8:33 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-12-13 09:48:57 AM
Actually, a venture capitalist sticking it with a bunch of debt had a lot to do with the bankruptcy.

Link

Most of that debt was taken on when Mr. Zell acquired the company - a deal he struck using mostly borrowed money. All of the now privately held company's equity is owned by an employee stock-ownership plan, which is likely to get wiped out. (Because the ESOP is relatively new, its losses are likely to be small. When United Airlines filed for bankruptcy in 2002, its employee plan, created in the mid-1990s, suffered much bigger losses.) Employees get screwed again.
 
2012-12-13 10:56:24 AM

bgilmore5: Employees get screwed again.


That's pretty much what happens any time venture capitals goes anywhere near a business.
 
2012-12-13 10:57:07 AM

Sergeant Grumbles: capitalists


FTFM
 
2012-12-13 12:03:45 PM

Sergeant Grumbles: bgilmore5: Employees get screwed again.

That's pretty much what happens any time venture capitals goes anywhere near a business.


Like a choose your own capitalist adventure book, all of the endings end in debt.
 
2012-12-13 03:53:39 PM
I'm sure McClatchy will make another bad decision to buy some of those newspa....Oh, wait. Gary Pruitt isn't CEO anymore.
 
2012-12-13 04:45:26 PM
I have had the Chicago Tribune delivered to my home, 7 days a week, for decades.

I am canceling my subscription. Their paper is just a pale shadow of its former glories, their delivery is a goddamn joke, and their customer service is non-existent.

Old habits die very hard... and reading the morning paper over coffee is nearly the oldest habit I have. But enough is enough.

Fark those guys.
 
2012-12-13 06:27:39 PM
Sell the newspapers, TV and radio properties, and what's left - Carerbuilder.com and what other Web sites?
 
2012-12-13 11:55:19 PM

Mr_Fabulous: I have had the Chicago Tribune delivered to my home, 7 days a week, for decades.

I am canceling my subscription. Their paper is just a pale shadow of its former glories, their delivery is a goddamn joke, and their customer service is non-existent.

Old habits die very hard... and reading the morning paper over coffee is nearly the oldest habit I have. But enough is enough.

Fark those guys.


Worst thing is that when the newspapers were bought up after media ownership relaxation rules, they were still very profitable. They industry had a higher than average return on investment, but vulture capitalists decided they needed more, so they gutted newsrooms, outsourced printing and cut customer service, only to see their crappy new product fall before the internet.
 
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