Posted on 05/16/2006 9:16:45 AM PDT by abb
NEW YORK MediaNews Group reported a net loss of $3.6 million for the quarter. According to The Denver Business Journal, the company recorded $208.4 million in revenue compared to $184.7 million for the same quarter last year.
MediaNews' earnings from the Denver Newspaper Agency, a joint operating agreement between MediaNews and E.W. Scripps, declined 85% to $1.17 million. For the same quarter last year, MediaNews reported earnings of $7.6 million.
The decline is attributed to weak advertising revenue, higher newsprint prices, increased circulation, and higher benefits costs.
Denver Post parent posts loss
The Denver Business Journal - 5:28 PM MDT Monday
by Amy Bryer
MediaNews Group Inc. reported a net loss of $3.6 million for the quarter ending March 31 -- down from a net income of $2.3 million for the same time last year.
The Denver-based media company reported $208.4 million in revenue for the quarter compared to $184.7 million for the same quarter last year.
MediaNews, which is headed by William Dean Singleton, is privately held and owns the Denver Post, where Singleton is publisher.
Media News is a partner with E.W. Scripps Co. in the Denver joint operating agreement for The Denver Post and The Rocky Mountain News.
Business and production operations for both newspapers are managed by the Denver Newspaper Agency which was formed in January 2001 by a federally approved joint operating agreement. Both papers maintain separate editorial departments.
MediaNews reported earnings of $1.17 million for its half of the Denver JOA for the quarter ended March 31. That's a decline from $7.6 million for the same period last year.
Last month, the Post announced plans to reduce headcount in its newsroom by about 25 positions through early retirements and buyouts.
"The results of the Denver JOA were negatively impacted by a soft advertising market combined with higher newsprint prices, increased circulation, promotion and delivery costs, increased costs related to the growth in its Internet operations, and increased employee benefit costs," according to a Securities and Exchange Commission filing.
"While the Salt Lake City JOA experienced many of the same operating expense increases that the Denver JOA did, its advertising revenue gains kept pace with these expense increases," the filing said.
MediaNews owns the Salt Lake Tribune -- a partner in the Salt Lake City JOA with the Deseret Morning News, owned by The Church of Jesus Christ of Latter-day Saints, or the Mormon church.
MediaNews and its partners recently entered an agreement to buy four daily newspapers from McClatchy Co. for $1 billion. The papers are San Jose Mercury News, the Contra Costa Times and Monterey Herald in California and the St. Paul Pioneer Press in Minnesota.
Ping for good news!!!!
Uh, that might not be so good. I heard that the company is owned by a conservative.
http://www.medianewsgroup.com/
http://www.opensecrets.org/indivs/search.asp?NumOfThou=0&txtName=singleton%2C+wil&txtState=CA&txtZip=&txtEmploy=&txtCand=&txt2006=Y&txt2004=Y&txt2002=Y&Order=N
The Singleton Group is the parent company of MediaNewsGroup.
At least Air America is losing stations.
Quietly they fall...when they get to the bottom will anyone even notice? Or care?
Singleton may contribute to Republicans, but the newspapers that he owns are screaming liberal...
Increasing operating losses are not always a bad thing.
I also like who MediaNews Group counts among it's critics:
MediaNews Group is known as a cost-cutter in the newspaper publishing industry. The company has a reputation for buying smaller daily newspapers in a single area (examples include Los Angeles and San Francisco Bay Area) and consolidating its operations, including sharing staff writers and printing facilities. As a result of the cost-cutting, according to an article in the LA Times , some former employees say that the newspapers are focused on making a profit to the detriment of good journalism.
http://en.wikipedia.org/wiki/MediaNews_Group
The newsie unions and Singleton are mortal enemies.
http://www.freerepublic.com/focus/f-news/1622561/posts
NEW YORK While Wednesday's announcement that MediaNews Group plans to snap up four Knight Ridder papers puts to rest several months of uncertainty, Newspaper Guild leaders are calling the convoluted deal "bad news for newspaper workers, readers, advertisers, and for our communities."
MSM often preaches that bad news sells. It this case bad news for the usual suspects means good news for conservatives. A win-win for everybody, so to speak. :)) Presumably MediaNews Group now functions as a way station for media on a journey to fade into oblivion.
See these articles about Singleton http://blogs.citypages.com/blotter/2006/04/lean_dean_final.asp http://www.cjr.org/issues/2003/2/dean-sherman.asp
http://blogs.citypages.com/blotter/2006/04/lean_dean_final.asp
http://www.cjr.org/issues/2003/2/dean-sherman.asp
In that case Singleton's reporters ought to count their blessings because they make more money than their peers in the pizza delivery business. LOL.
And you would think they would work for free, since their's is a "calling" and not a regular job...
Great news! Propagandists are dying. Thanks for the ping.
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