Daytona Beach officially sold

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.

 

Re: Daytona Beach officially for sale

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

 

Re: Daytona Beach officially for sale

This is the future if Paxton buys you.

 

Re: Daytona Beach officially for sale

Or Singleton. Or ...

 

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.

 

Re: Daytona Beach officially for sale

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

 

Re: Daytona Beach officially for sale

Is it on Craigslist?

 

Re: Daytona Beach officially for sale

The whole beach, or just part of it? [blue font]

 

Re: Daytona Beach officially for sale

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

 

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.

 

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.

 

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."