Posted on 08/28/2007 12:31:01 PM PDT by abb
E.W. Scripps Looking for Buyer for Albuquerque Tribune
CINCINNATI (AP) -- Newspaper publisher E.W. Scripps Co. said Tuesday it is seeking a buyer for The Albuquerque Tribune, an afternoon newspaper based in Albuquerque, N.M. that publishes Monday through Saturday. E.W. Scripps will shut down the newspaper if it cannot find a "qualified" buyer, but did not indicate how long it will search for a new investor or what price it was seeking for the newspaper.
The Albuquerque Tribune currently has a joint operating agreement with the Albuquerque Journal, the daily morning newspaper in the city. That deal, which is scheduled to run through 2022, is expected to be terminated. The agreement requires the Journal's parent company, Journal Publishing Co., to run the business operations of the Journal in exchange for a share of profits from the newspaper.
E.W. Scripps has retained investment banking firm Broadwater & Associates to assist in the search for a buyer.
Shares of E.W. Scripps rose 14 cents to $40.14 in morning trading.
ping
Topic: Memos Sent to Romenesko
Date/Time: 8/28/2007 11:16:21 AM
Title: Scripps CEO’s memo re Albuquerque Tribune
Posted By: Jim Romenesko
From: Lowe, Ken.
Sent: Tuesday, August 28, 2007 8:39 AM
Subject: Albuquerque Tribune
Dear Colleagues,
I wanted to bring your attention to a press release (attached to this note) that the company has issued regarding its newspaper in Albuquerque.
The company announced today that it has retained the services of the investment banking firm, Broadwater & Associates, to seek a buyer for The Albuquerque Tribune. Further, in meetings with The Tribune’s 45 employees, Scripps announced its intentions to close the newspaper if a qualified buyer is not found within a reasonable period of time.
Naturally, we would prefer not to sell or close a newspaper, especially one with such a rich tradition of journalistic excellence and community service as The Tribune. That said, however, it has become evident that it would be wiser for the company to concentrate its resources on its newspapers that are in stronger competitive positions.
As great as The Tribune is, consumer demand for the afternoon newspaper in the Albuquerque market has dwindled to a level that makes it difficult for the company to justify its continued financial support.
As the junior partner in a 74-year-old joint operating agreement, The Tribune’s paid circulation has dipped below 11,000 copies this year. Like many afternoon newspapers before it, and despite the best efforts of its award-winning and dedicated editorial staff, The Tribune has become a victim of the changing habits of media consumers.
Please join me in keeping our friends and colleagues at The Tribune in your thoughts and prayers as we work with them through this period of uncertainty and transition in their lives.
Sincerely,
Ken
The Trib only has a circulation of 62.
“a victim of the changing habits of media consumers”
Sheesh - that’s an artful way of putting it.
“a victim of the changing habits of media consumers”
Sheesh - that’s an artful way of putting it.
Read Liberal buyer, the ABQ Trib is worse than the Albuquerque Journal and competes to be the State Democrat Party newsletter. You can bet if an organization like the Washington Times wanted to buy the Trib they would be declared an unqualified buyer.
“Joint operating agreement,” usually means they’ve shut down the Tribune’s printing plant. Wonder what the masthead will bring at sale ?
Slightly less than the vending boxes at the scrap metal dealer. I've been in NM near Albuquerque for 15 years and have read the Trib once.
Pass the tortillas, we can't wait to make tacos with those soaked in Tequilla pink meat Tribunerals. Our demand for pink meat mediots is great!
The Alibi has more readers than the Trib.
Truth or Consequences.
Well that is not hard, if they really wanted to be competitive they would make it a fair and balanced paper like the national FOX News Channel and then it would be the Journal that would be going out of business.
a “qualified” buyer,...
Anyone who will assume the bank loans ?
Fess up, Yrrisari it’s gone.
Naaah, I'm good.
Carlsbad.
I know it is not competitive in todays newspaper market but I always preferred to come home and read the paper after dinner. Don’t have time in the morning to read it.
What’s a newspaper?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.