Gazette printing operation to close (Dinosaur Media DeathWatch™)

dailypress.com ^ | December 20 2007 | Chris Flores

[Milhous]

The Virginia Gazette commercial printing operation will close at the end of January, resulting in the loss of up to 10 jobs at the Williamsburg newspaper. The Virginia Gazette and Daily Press are both owned by Tribune Company ...

The Daily Press and Gazette have had a number of small-scale layoffs over the last few years as the newspaper industry struggles with declining circulation and free Internet content.

[Milhous]

Tribune CEO heads for the door

By Paul Bond

Dec 20, 2007

Tribune Co. confirmed Wednesday that chairman and CEO Dennis FitzSimons, a 25-year veteran of the newspaper and television station company, will step down once its planned sale is complete.

The sale of Tribune to real estate mogul Sam Zell could close as early as today, though a report surfaced Wednesday in the firm's flagship newspaper, the Chicago Tribune, that some of the financiers were having second thoughts.

Investors, once skeptical -- even after government regulators and company shareholders signed off on the plan -- have gained confidence that the $8.2 billion deal will happen. Shares in the past month have drifted steadily higher, closing Wednesday at $33.07, not far from the $34 sale price.

On Tuesday, though, Deutsche Bank Securities analyst Paul Ginocchio downgraded Tribune stock to "hold" and said that, on the remote chance the deal does not get done, shares could drop to as little as $15.

Assuming the transaction happens, FitzSimons will leave the company within the next two weeks and Zell will become chairman. Some speculate Zell also will assume the CEO post.

Tribune owns 23 TV stations, the Chicago Cubs baseball team and several newspapers including the Los Angeles Times, which reported Wednesday that the planned resignation of FitzSimons should not have been a surprise.

"Under FitzSimons, Tribune has had a highly centralized management structure; Zell is known for an entrepreneurial approach," the Times reported.

Some observers also assume that layoffs will come when Zell takes over. But in announcing his intention to resign, FitzSimons said Wednesday that "the company's greatest strength has always been the talent and dedication of its 20,000 employees."

[Milhous]

ping

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[ken5050]

I still maintain that it won’t close, and note the prediction of “$15 per share”..which is about what I wrote here a few days ago..No way on God’s green earth investment bankers are going to spend $33 for something $15 or less..

[Grampa Dave]

“I still maintain that it won’t close, and note the prediction of “$15 per share”..which is about what I wrote here a few days ago..No way on God’s green earth investment bankers are going to spend $33 for something $15 or less..”

Unless, the Clinton’s Sugar Daddy, Ron Burkel, funds the buyout with pension funds controlled by one of his fronts.

Burkel is apparently trying to buy out the National Enquirer, which leaked on the front page, the story about the Breck Girl’s love child.

[Milhous]

note the prediction of “$15 per share”

Most certainly noted! A $15 target makes it a short opportunity either way even in the unlikely event that the bankers get stuck on stupid and Zell's deal goes through.

[theFIRMbss]

>Gazette printing operation to close

It's the only way
that Gail Wynand could get rid
of Ellsworth Toohey . . .

[Milhous]

IMHO a $15 target makes it a short opportunity even if Burkel "bellies up to the bar" with other people's money. However an unknown pops up taking the form of our plunge protection team running around like a crazy uncle buying everything in sight - sight unseen. LOL.

[live+let_live]

I can’t comment on the financial health of the Newspaper Co. in question, but the article is about the commercial printing division closing.

Commercial Printing is letterhead, business cards, advertising flyers, envelopes, etc. It use to be common for newspapers to maintain a commercial printing division. Maybe it still is in smaller communities.

The printing industry as a whole has been devastated by the computer, copy machine and internet over the past 25 years.

This announcement is no surprise to me. (I’m a printer)

[Milhous]

It seems like good news for competing printers with more capabilities. :)

[TenthAmendmentChampion]

I remember in the 80s my husband and I used to look forward to, and tussle over, the Sunday newspaper. It seems like a lifetime ago...