Daytona Beach officially sold

Re: Daytona Beach officially for sale

I'm stunned because this would be a great acquisition for Morris Communications.

 

Re: Daytona Beach officially for sale

Morris appears to not be in the hunt. Gannett execs, some Canadian group, private equity fund representatives and a group of local investors have all had the grand tour of Peyton Place. Supposedly there was another group expected go through at some point last week; don't know if it did.

FWIW, the Gannett blog is reporting that the company may be looking at another round of layoffs, possibly before Thanksgiving. (That should be another thread, I suppose.)

 

Re: Daytona Beach officially for sale

Morris and Paxton ... aren't those the two companies who discovered how to go on vacations and save money at the same time -- by laying off employees and leaving all spouses at home?

 

Re: Daytona Beach officially for sale

If Morris is not in the hunt, that must mean that the asking price is pretty steep. It would be a great logical move for Morris.

 

Re: Daytona Beach officially for sale

Or it could mean that Morris is hurting as badly as everybody else ... maybe worse.

http://www.fitzandjen.com/2008/10/morris-under-th.html

 

Re: Daytona Beach officially for sale

Hearing that the only company that's made an actual offer ...

... is the one that controls Heartland Publications. :-\

 

Re: Daytona Beach officially for sale

Geez ... Daytona's circulation is probably greater than all the Heartland papers combined ...

This happens, and I see a similar situation to when Lee bought the St. Louis Post-Dispatch ... and we all know where Lee's stock sits right now

 

Re: Daytona Beach officially for sale

Correct on the circulation, I think. What I was told could be wrong. I know reps of several other companies toured the building and reviewed the financials, but nobody made an acceptable offer.

I can't picture Heartland having enough money, but maybe the investment group that controls it (Wicks Group) can pony up further cash.

 

Re: Daytona Beach officially for sale

If Heartland gets anywhere near Daytona Beach, run. Fast. Now.

If one needs verification, see the slashing and burning this company did in North Carolina, particularly in Mount Airy.

 

Re: Daytona Beach officially for sale

Sam, did they slash and burn at the Robesonian?
Also, if Morris Communications hadn't spread itself so thin, this would've been a great acquisition.

 

Re: Daytona Beach officially for sale

True story: A friend of mine worked at "Heartless" and was let go almost immediately after it bought his small daily because his salary was "too high." Another friend, who worked at that small daily and left to become the editor at a weekly, was laid off from her weekly job (also owned by "Heartless") and told she "could apply for an entry-level position" at the daily, taking a drastic pay cut. Her previous job at the daily? Managing editor. And a damn good one, too.

Run as far as humanly possible from "Heartless."

 

Re: Daytona Beach officially for sale

Word is that nine N-J newsroom employees were laid off today. I don't know if any were in sports.