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Daily News SE gone after 3 weeks

Discussion in 'Journalism topics only' started by Evil ... Thy name is Orville Redenbacher!!, Dec 15, 2015.

  1. Last edited: Dec 15, 2015
  2. Deskgrunt50

    Deskgrunt50 Well-Known Member

    Not three weeks at the paper. He was there more than 15 years. In that role for a few months after major cutbacks in September.
  3. LanceyHoward

    LanceyHoward Active Member

    The 78 year old owner of the Daily News just tried to give the paper away and could not. Anyone working there needs to jump at the earliest opportunity.
  4. Deskgrunt50

    Deskgrunt50 Well-Known Member

    Well, that can be said for any newspaper, can't it?

    From what I understand, Mort didn't try to "give the paper away." Didn't get the offer he wanted.

    Things there seem bad, but don't believe everything you read in the Post.
  5. LanceyHoward

    LanceyHoward Active Member

    It can be probably be said of every paper to some extent. But I read that the NYDN has substantial pension liabilities. As far as I know NYDN as a privately held company does not publish financial information.

    But in Q3 the New York Times reported 671 million in pension debt. The NYDN is a smaller operation so the pension liability would be smaller but I bet it is there. And it is probably true that the NYDN operates at best on something close to negative cash.

    Given those financial problems and the general problems of the industry I think you could probably buy the News for a buck if you assumed the pension liabilities. If that sounds ludicrous remember that the market cap of the Tribune Company is about 550 million and their papers face much less competition than the NYDN.
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