Gannett to take charge of $4.5B-$5.2B in fourth quarter (Dinosaur Media DeathWatch™)

Marketwatch.com ^ | January 30, 2009 | David B. Wilkerson

[abb]

Gannett Co. (GCI) , the largest U.S. newspaper publisher, said Friday that it will take fourth-quarter non-cash charges of as much as $5.2 billion, after taxes, related to a reduction in the value of its assets as a result of the worldwide financial meltdown. On a preliminary basis, Gannett says its profit fell 36% to $158 million, or 69 cents a share, in the quarter ended Dec. 28, compared to year-earlier net income of $245.3 million, or $1.06 a share. Preliminary results in the latest three months include $24.4 million in severance and facility consolidation costs. Gannett expects to take after-tax non-cash charges of $4.5 billion to $5.2 billion once it completes a test to determine how much its assets have declined in value due to recessions in the U.S. and the U.K. Revenue slid 8.5% to $1.74 billion. Analysts polled by FactSet Research were expecting revenue of $1.8 billion. Gannett said publishing revenue fell 19% to $1.4 billion, reflecting among other factors a 37% plunge in classified advertising sales.

[AdvisorB]

Al Neuharth and the rest of his evil empire at Gannett destroyed my local paper, Florida Today, turning it into little less than mullet wrapper.

[abb]

Late developments...

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003936760
Some Lee Enterprises Papers, Including ‘Post-Dispatch,’ Ordering Furloughs

[abb]

http://biz.yahoo.com/ap/090130/apfn_newspapers_sector_snap.html?.v=2
Newspapers fall on deeper cost-cutting measures
Friday January 30, 6:47 pm ET
Newspaper stocks fall on Gannett write-down, Belo job cuts, Media General dividend suspension

[StAnDeliver]

Wowwwwww.

[SanFranDan]

In terms of a Freerepublic context, “I absolutely live for the Dinosaur Media Death Watch!”

I scan for it, and whenever it pops up, I am so there.

This thread (rubbing my hands together with an eyes glazed over smirk), is particularly delicious.

[SunkenCiv]

[s/b “Journalism Eats Away at Democracy”]

My Industry Is Hemorrhaging:
Journalism Layoffs Eat Away at the Watchdog of Democracy
by Olivia Loyd
Women’s International Perspective
January 30, 2009
http://thewip.net/contributors/2009/01/my_industry_is_hemorrhaging_jo.html

[abb]

If you like, I can put you on the ping list.

[Grampa Dave]

These losses might get serious one of these days.

[abb]

http://cancelthebee.blogspot.com/
Rumors of more McClatchy layoffs heating up

[Pappy Smear]

Credit where credit is due...This is not a letter to the editor either, it is from the editorial staff

I know it is easy to beat on the media, but wanted to pass this along from the Ames (Iowa) Trib. And as an aside, I think the Ames Trib is actually generally rather fair minded. Their endorsements in November crossed party lines, and were for the most part reasonable. Of course I skip most of the main section, because there is a lot of claptrap from the AP, which deserves the scorn of the Freepers. They are owned by the Omaha World-Herald, which from my experience, the Western Iowa edition may be the best “Iowa” paper out there. Anyway, how about this from their Cheers and Jeers section....

(picture of a thumbs down) To Tom Harkin. Our esteemed senator said Thursday the $825 billion stimulus bill that was passed by the US House may be too small. That’s right. Too small. We can’t imagine $825 billion isn’t able to stimulate something. The stimulus bill seems to include too much money earmarked for Democratic special interests, such as $4.19 billion for ACORN. Senator, can you explain just how is ACORN going to stimulate the economy? Maybe if Democrats would spread the money to all instead of just using to to pay off those who helped get President Obama elected, it would be better received.

[Grampa Dave]

I don’t know about the economic conditions for these fishwraps outside of California.

In Sacramento down to Fresno, ad $’s for the Bees have to be rarer than an honest rat politician in Sacramento or DC.

Does anyone have idea of the $ burn rate of McClatchy is versus any capital they have left.

A friend, who is a CPA and former CFO of some local corporations, told me that many California businesses are in the same cash burn rate problem as many of the dot.coms during the dot com bust last decade. He feels that most of our California Fishwraps are in mortal danger of going bankrupt this year.

[Grampa Dave]

The Slimes 5 Day Chart looks like a Black Diamond Ski Slope.

Any mutual fund manager/company which has bought NYT in the past 5 years should be sued, flogged and then tarred and feathered.

[tubebender]

Thanks to abb I didn't have to look this one up. They publish the local Times-Standard but I must give them a D for putting in a home boy editor who changed the cartoon content on the Editorial Page for the better... FELL THE PAIN

[SierraWasp]

As Sergeant Schultz on Hogan’s Heros always said... “Very interestink!”

[cookcounty]

I wish some rich guy would buy just one newspaper somewhere and fill it with conservative bias just to watch what would happen. Could be a ton of fun....but expensive.

[tubebender]

“Fell the Pain”

I think I had better sign up for a ‘English is a Second Language’ course..

[SierraWasp]

Well, if'n ya'd been an old tree feller instead of "Joe the plumber," then that l'il ol booboo would have been completely understandable!!! (grin)

TIMMMMMMMMMMMMMMMMMMMMMBERRRRRRRRRRRRRRRRRRRR!!!
(fond memories of yesteryear and pre-EnvironMental nut-jobs, ya know)(snarl)

[tubebender]

The bar and chain are still stuck in the first tree I tried to fall in 1972. That damn Homelite was a piece of crap...

[SierraWasp]

Well that simply was the second “immortal tree” in your neck of the woods!!!