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Daytona Beach officially sold

Discussion in 'Journalism topics only' started by deskslave, Aug 12, 2008.

  1. deskslave

    deskslave Active Member

    Not a big shock, but the process is under way.

    DATE: 12
    August 2008
    TO: NEWS-JOURNAL
    EMPLOYEES
    FROM:
    JIM HOPSON
    SUBJECT:
    The sale of the company is underway

    Folks:
    The sale of
    News-Journal Corporation is officially underway.
    I will use
    this note to describe the selling process and give you a projected
    timeline.
    The brokers handling the sale of the company are this week
    contacting prospective buyers, soliciting their interest in the company. And, just in case there might be a local
    buyer unknown to them, we will publish an article in tomorrow’s News-Journal
    alerting prospective local buyers that the sale is underway.
    Prospective buyers who express interest in News-Journal Corporation will be sent a book,
    prepared by the brokers, that describes in detail the company, the market, financial results, etc. Buyers who are still interested after
    studying the book will schedule visits to
    Daytona Beach . On these visits they will tour the
    market and the plant, and listen to a presentation by the brokers and
    News-Journal managers. These visits
    will occur in early-to-mid September.
    Buyers will submit their offers for the company in early
    October. The typical process
    is for buyers to compete, with the right to buy the company going to the high
    bidder. The brokers believe we’ll
    know who our buyer is by the middle of October, and the ownership should
    officially change hands by the end of November.
    The market for US newspapers is a little uncertain these days, with
    lots of papers for sale, but the brokers are optimistic that this company’s
    strong franchise, combined with its location in an excellent market, will
    attract enthusiastic buyers.
     
  2. Tarheel316

    Tarheel316 Well-Known Member

    Re: Daytona Beach officially for sale

    You guys cross your fingers that Paxton doesn't buy it. Good luck to all.
     
  3. Hank_Scorpio

    Hank_Scorpio Active Member

    Re: Daytona Beach officially for sale

    This is the future if Paxton buys you.

    [​IMG]
     
  4. joe

    joe Active Member

    Re: Daytona Beach officially for sale

    Or Singleton. Or ...
     
  5. Re: Daytona Beach officially for sale

    Some great people in that sports department. Dave Markowitz is one of the best sports editors you'd ever want to work for. Michael Lewis is a hell of a writer. Buddy Shacklette is holding down preps as well. I hope they keep their heads up. The entire newsroom is in my prayers.
     
  6. Mystery_Meat

    Mystery_Meat Guest

    Re: Daytona Beach officially for sale

    They're also buying a classified ad under "yard sales"
     
  7. Editude

    Editude Active Member

    Re: Daytona Beach officially for sale

    Is it on Craigslist?
     
  8. I Digress

    I Digress Guest

    Re: Daytona Beach officially for sale

    The whole beach, or just part of it? [blue font]
     
  9. Re: Daytona Beach officially for sale

    any chance one of the frances buy it? they have enough change lying around ...
     
  10. 2muchcoffeeman

    2muchcoffeeman Active Member

    Re: Daytona Beach officially for sale

    Nope.



    Sunday real estate section is toast. Sunday arts & entertainment section merges with the TV tab starting next Sunday. Daily TV grid shrinks and loses the movie channels (and, mercifully, the VCRPlus codes). Today's sports section was all of four pages and the op-ed space was cut from two pages to one; those last two may have been due to this being the day after Labor Day.

    EDIT: Or not. Same thing today.
     
  11. OTD

    OTD Active Member

    Re: Daytona Beach officially for sale

    I'm surprised the the trustees think it will go that quickly. Who's got enough cash these days?

    Anyway, best of luck to all my friends in Daytona. You deserved better than this.
     
  12. 2muchcoffeeman

    2muchcoffeeman Active Member

    Re: Daytona Beach officially for sale

    Front-page note to readers regarding the lowered page counts I mentioned above: not quite "we're very, very sorry and regret even thinking about doing that" but as close as they can get without actually using those words. Apparently they were trying to "bring The News-Journal's news and ad space balance closer to industry norms." I wonder how many readers complained and/or canceled in the week that they tried that? Must've been a lot: "Shortchanging readers is not one (cost-cutting option --- your friendly neighborhood 2muchcoffeeman) we will pursue further."
     
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