Posted on 04/03/2006 12:04:30 PM PDT by abb
William Dean Singleton likes to buy big papers that face tough competition.
In 1987, William Dean Singleton's MediaNews Group Inc. bought the troubled Denver Post from Times Mirror Co. for $25 million, plus a promise to pay $70 million later.
Five years later, Times Mirror wrote off $65 million that MediaNews had not paid. But Singleton kept the Post, waging a bruising battle with the rival Rocky Mountain News. He won: In 2000, the Rocky's owner, E.W. Scripps Co., closed its Sunday newspaper and paid MediaNews $60 million to combine operations with the Post, which had become a far more profitable newspaper thanks in part to a wage freeze.
Singleton takes risks others won't. Among the risks he has been contemplating: the purchase of The Inquirer, the Philadelphia Daily News, and several other newspapers among the 12 that the McClatchy Co. aims to sell after it buys the 32-newspaper Knight Ridder Inc. chain.
A bid for the Philadelphia newspapers would fit Singleton's track record of buying large metropolitan newspapers that face competitive challenges. His company has also said that it is interested in the San Jose Mercury News and the Contra Costa Times, properties that would complement his other holdings in California.
Singleton, MediaNews president Joseph "Jody" Lodovic, and other MediaNews officials will not say what their plans are. McClatchy says it will announce buyers once sales agreements are in place.
MediaNews has a mixed reputation as an owner. The company won respect for winning the Denver newspaper war, but scorn for squeezing its newspapers in smaller markets. As the company grows, the success of its advertising and its journalism, and Singleton's ability to deliver in print and online, are coming under greater scrutiny.
(Excerpt) Read more at philly.com ...
Not to mention BOTH newspapers now STINK.
One thing I don't understand. If Republicans and / or conservatives have so much money (I don't) why don't some buy failing liberal newspapers and try making them lessed liberally biased? Seems like circulation would soar if that happened.
they would need a national news outlet besides AP and UPI. My local papers are okay if you throw away the first section with the national news.
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