Posted on 03/04/2009 2:37:54 PM PST by abb
Newspaper giant McClatchy, which owns 49.5 percent of the voting stock in the Seattle Times Co., is now valuing that position as worthless. In the latest 10K filing with the Securities and Exchange Commission, McClatchy says the Seattle Times Co. in 2008 "recorded a comprehensive loss related to its retirement plan liabilities."
As a result, says McClatchy, "the Company’s investment in STC at December 28, 2008 is zero, and no future income or losses from STC will be recorded until the Company’s carrying value is restored through future earnings by STC. Accordingly, no significant income or losses are expected to be recorded from this investment in 2009."
This, of course, doesn't mean the other, controlling 50.5 percent of the Seattle Times Co. is worth nothing. But it's a further indication of awfully bad health.
While Seattle Times joint operating agreement partner the Seattle Post-Intelligencer, owned by Hearst, is expected to cease inked publication within weeks, the privately held Seattle Times Co. itself is thought to be teetering on the brink of bankruptcy, and it has asked its unions for concessions to reduce employee costs by 12 percent. The Newspaper Guild will be allowed to examine the books sometime this month.
Relevant excerpts from the McClatchy 10K filing:
Other Operations ... The Company owns 49.5% of the voting stock and 70.6% of the nonvoting stock of The Seattle Times Company. The Seattle Times Company owns The Seattle Times newspaper, and weekly newspapers in Puget Sound and daily newspapers located in Walla Walla and Yakima, Washington and in Portland, Maine. ...
Recent Events and Trends Equity Investments
... At the end of 2008, The Seattle Times Company (STC) recorded a comprehensive loss related to its retirement plan liabilities. The Company recorded its share of the comprehensive loss in the Company’s comprehensive income (loss) in stockholders’ equity to the extent that it had a carrying value in its investment in STC. As result the Company’s investment in STC at December 28, 2008 is zero, and no future income or losses from STC will be recorded until the Company’s carrying value is restored through future earnings by STC. Accordingly, no significant income or losses are expected to be recorded from this investment in 2009. ...
NOTE 4. INVESTMENTS IN UNCONSOLIDATED COMPANIES AND LAND HELD FOR SALE
The following is the Company’s ownership interest and investment in unconsolidated companies and joint ventures as of December 28, 2008 and December 30, 2007 (dollars in thousands): ... % ownership interest Dec. 28, 2008 Dec. 30, 2007 Seattle Times Company (C-Corporation) 49.5 — $19,310
ping
Link to original story.
A stake through the heart of the McClatchys! WOO HOO!!
Pssst...Don’t tell anyone but it was always worthless, it’s just that the worthlessness has been documented and assigned a numeric value.
http://www.denverpost.com/news/ci_11830387
Littwin: Polis and his “new media” can’t gloat
http://blogs.westword.com/latestword/2009/03/wake-up_call_journalism_jared.php
Wake-Up Call: Journalism, Jared Polis-style
All lib publications are worthless!
Did it ask for a pony too?
lol.
so the best they can do in 2009 is hope to break even?
MNI stock price at 0.41 - YIKES!!
Wa Po has to go too. Carlos Slim will probably own NY Slimes soon with his loan that has 14% interest. Pinchy Sulzberger could have got a better rate from Gotti.
It is the TV liberal propaganda news that is killing us. GE may go bankrupt and take their NBC, MSNBC and CNBC down with them.
Woo Hoo, another one bites the dust.
http://blogs.westword.com/latestword/2009/03/qa_with_david_milstead_about_t.php
Q&A with David Milstead about the death of the Rocky Mountain News and the future of the Denver Post
http://www.theweek.com/article/index/93866/Is_writing_for_the_rich
Is writing for the rich?
http://www.contentbridges.com/2009/03/paid-content-you-cant-tell-the-players-without-a-scorecard.html
Paid Content: You Can’t Tell the Players Without a Scorecard
http://recoveringjournalist.typepad.com/recovering_journalist/2009/03/doing-the-math-on-online-newspaper-subscriptions.html
Doing the Math on Online Newspaper Subscriptions
GE will probably spin off the media division if it goes down.
LOL! Unions and liberal content kill more jobs.
So nice to see two liberal rags eating dirt.
Let’s hope the ADN drops next..Most worthless piece of crap newspaper ever to exist
Way down where it feels so good
Way down where I hoped it would
Way down where I never could
Way down, down, way, way on down
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