Warren Buffett Eyeing Allentown Morning Call?

President Barack Obama and Warren Buffett in the Oval Office, July 14, 2010. (Photo credit: Wikipedia)

Tribune Co.’s imminent emergence from an epic bankruptcy has fueled a flurry of speculation about the future of one of the country’s largest diversified news media empires.

Weighing in on the matter Thursday was one of the world’s richest men, Warren Buffett.  The Oracle of Omaha, as he is known for his legendary financial prowess, expressed interest in one of Tribune”s newspapers.  Which one?

You are reading it.

Asked if his company, Berkshire Hathaway of Omaha, Neb., might buy The Morning Call, Buffett responded: “Allentown is our kind of place.”

Read more:  http://www.mcall.com/news/local/mc-warren-buffett-allentown-morning-call-20121213,0,1492402,full.story

Lancaster Newspapers Charting New Direction

Lancaster Newspapers announced a series of changes Monday to strengthen its focus on delivering local news and information to Lancaster County residents.

In the first step of this effort, the company named Ernest Schreiber as executive editor, overseeing its news-gathering operation seven days a week.

Schreiber, who came out of retirement to take the newly created position, will lead a combination of the Intelligencer Journal/Lancaster New Era and Sunday News staffs.

Effective immediately, the 75 reporters, editors and photographers will operate as a single newsroom, not two.

Read more: http://lancasteronline.com/article/local/737838_Lancaster-Newspapers-charting-new-direction.html#ixzz26r7qhNpj

Journal Register Co., Parent Company Of The Mercury, Files For Chapter 11 Bankruptcy

NEW YORK, N.Y. – Digital First Media, which operates MediaNews Group, Journal Register Co. and Digital First Ventures, on Wednesday announced that JRC filed voluntary petitions for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of New York and will seek to implement a prompt sale.

“We expect the auction and sale process to take about 90 days, and we are pleased to announce the company has a signed stalking horse bid for Journal Register Company from 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital LLC,” said John Paton, CEO of Digital First Media.

The filing enables JRC to continue normal business operations during the sale process.

Read more: http://business-news.thestreet.com/the-mercury/story/journal-register-co-parent-company-the-mercury-files-ch-11/1

Harrisburg Newspaper To Publish 3 Days A Week

Editor’s note:  According to Wikipedia, in 2011 The Patriot-News averaged over 492,000 readers per week between their print edition and Pennlive.com.  The newspaper was ranked in the top 100 in daily/Sunday circulation (United States) in 2005.

HARRISBURG, PA — The daily newspaper in Pennsylvania’s capital city is switching to a three-days-a-week publication schedule in January, in what it calls an adaptation to the changing world.

John Kirkpatrick, publisher of The Patriot-News of Harrisburg, announced the changes Tuesday in an email to friends of the newspaper.

The email didn’t say which days the paper will be published. It says the change will be accompanied by an expansion of the paper’s around-the-clock news coverage online.

“We are not making this move lightly,” said Kirkpatrick. “We understand how important the daily paper is to a large number of people in our region. However, this is a major step to make sure we are leading, not trailing, in the world of innovation and solutions.”

Read more: http://www.mcall.com/business/mc-patriot-news-20120828,0,7285933.story

Easton Newspaper’s Owner Losing Faith In Print?

English: The Express-Times building in Easton, Pennsylvania. (Photo credit: Wikipedia)

The New Orleans Times-Picayune‘s planned move to a three-day-a-week newspaper could signal that its sister papers in the Lehigh Valley and region — the Easton Express-Times, Harrisburg Patriot-News and Newark Star-Ledger — will eventually do the same, industry analysts say.

Advance Publications, which owns the Times-Picayune, has not announced plans to scale back at its three publications in this region, but one expert said conversations about taking that step already are happening at a time when newspapers across the country continue to grapple with declining advertising revenue and print sales.

“I think it will happen,” said former Knight Ridder executive Ken Doctor, who writes the Newsonomics blog. “The question is time. I know there are discussions within [Advance Publications] about how quickly to proceed with its other newspapers. I don’t know if a timeline is set, but there have been discussions on how and when to do this.”

Read more: http://www.mcall.com/business/mc-advance-publications-cuts-20120525,0,338158.story

New Orleans Newspaper Cuts Print Edition To Three Days A Week

A true-color satellite image of New Orleans taken on NASA’s Landsat 7 (Photo credit: Wikipedia)

NEW ORLEANS, La.  (Reuters) – The 175-year-old Pulitzer Prize-winning New Orleans Times-Picayune newspaper will reduce the number of days it publishes a print edition to three a week, making the Louisiana city the largest in the United States without a daily newspaper.

Advance Publications, which owns the Times-Picayune, said on Thursday it made the change because of the upheaval in the newspaper industry and the necessity to focus on its digital publications.

The company said three of its newspapers in Alabama – the Huntsville Times, Mobile Press-Register and Birmingham News – would also cut back their print editions to three days a week.

Read more: http://www.mcall.com/business/sns-rt-us-media-neworleans-newspaperbre84o03e-20120524,0,1798086.story

Gannett Posts 25% Decline In Earnings

McLEAN, Va. (AP) — The Gannett Company reported a 25 percent decline in first-quarter profit on Monday, as advertising in its newspapers continued to decline.

The company, which owns 82 newspapers in the United States, including USA Today; 23 broadcast television stations; and several digital media properties, said it earned $68.2 million, or 28 cents a share, in the quarter, down from $90.5 million, or 37 cents a share, a year earlier.

Revenue in the period, which ended March 25, fell 2.6 percent to $1.22 billion from $1.25 billion last year.

Results were helped by strong TV advertising and growth in digital products like the CareerBuilder Web site. Even so, overall revenue came in below analysts’ expectations. Analysts had expected $1.24 billion in revenue, according to a poll by FactSet.

Read more: http://www.nytimes.com/2012/04/17/business/media/gannett-profit-falls-25-on-newspaper-ad-decline.html?_r=1&ref=todayspaper

Newspaper Barons Resurface

The Philadelphia Inquirer-Daily News Building in Philadelphia, PA. Taken from North Broad and Callowhill Streets. (Photo credit: Wikipedia)

Editor’s note: If you have followed the sale of the Philadelphia newspapers, this article gives some perspective on what that might mean for Philadelphia from an out-of-town perspective.

Is there anything more forlorn than the American metropolitan newspaper? First readers began deserting in droves, then the advertisers followed. Family owners headed for the exits and then hedge funds and other financial players scooped up newspapers thinking they were buying at the bottom of the market. Greater fools came and went, each saying they could cut their way to former glory and renewed profitability. They got a haircut instead.

Many smaller community newspapers remain stable and newspapers with a large national footprint have generally done better. But quite a few of the midsize regional and metropolitan dailies that form the core of the industry have gone off a cliff: over all, the newspaper industry is half as big as it was seven years ago.

So if most newspapers are an uneconomical proposition incapable of sustaining profits, let alone pay off the debt so many buyers have larded on them, who is left to own them?

Rich guys.

Read more: http://www.nytimes.com/2012/04/09/business/media/the-return-of-the-newspaper-barons.html?pagewanted=1&_r=1&src=dayp

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Local Investors Buy Philly Newspapers For $55 Million

The Philadelphia Inquirer-Daily News Building in Philadelphia, PA. Taken from North Broad and Callowhill Streets. (Photo credit: Wikipedia)

PHILADELPHIA, PA —  A group of powerful local business leaders announced Monday that they have purchased Philadelphia‘s two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.

It is the fifth time in six years the newspapers are being sold.

The buyers, who include influential New Jersey Democrat George Norcross III, former New Jersey Nets owner Lewis Katz and cable TV mogul H.F. “Gerry” Lenfest, said they plan to keep the newspapers’ tradition of strong journalism alive in the digital age.

Read more: http://www.mcall.com/business/mc-philadelphia-newspapers-sold-20120402,0,5831712.story

Wilkes-Barre Times Leader Newspaper Sold

Impressions Media, owner of The Times Leader newspaper in Wilkes-Barre, has been acquired by a Philadelphia private equity firm, The Times Leader announced on its website.

Read more: http://www.mcall.com/business/mc-times-leader-sold-20120306,0,6696191.story

 

Fast Eddie Part Of Group Looking To Buy Philadelphia Inquirer

Image via Wikipedia

Looks like Fast Eddie’s back in the saddle again!

PHILADELPHIA (AP) — Former Gov. Ed Rendell and Philadelphia Flyers owner Ed Snider are leading a “civic-minded” effort to buy Philadelphia’s two largest newspapers, Rendell said Friday.

The six-person group submitted a non-binding “letter of interest” Thursday in Philadelphia Media Network, which operates The Philadelphia Inquirer and Philadelphia Daily News.

News reports surfaced this week that two hedge funds with major stakes in the company want to sell. The firms, Alden Global Capital and Angelo Gordon, had led the creditors’ $139 million takeover of the company at a September 2010 bankruptcy auction.

Rendell could not confirm their intentions, but said a third party has been reaching out to potential investors in recent weeks. The media company would be bought outright, he said.

Read more: http://www.dailylocal.com/articles/2012/02/04/news/doc4f2d48b30ba13550941899.txt

Another Print Media Casualty

Hot off the press!  The New York Times is laying off 100 newsroom jobs.