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Fun times at Gatehouse

Discussion in 'Journalism topics only' started by 2muchcoffeeman, Aug 2, 2008.

  1. 2muchcoffeeman

    2muchcoffeeman Active Member

    Moody's downgrades Gatehouse's credit rating due to the likelihood of default.


    Gatehouse shares closed at 44 cents apiece Friday.


    And on Thursday, the NYSE halted floor trading.

  2. Football_Bat

    Football_Bat Well-Known Member

    Next up on SJ Radio, here's that golden oldie from Lionel Richie, "Penny Lover" ....
  3. bob

    bob Member

    Very astute move by Gatehouse to snap up dozens of Mass. papers when they had a red balance sheet, and to go public with a stock offering. They started around $22 just over a year ago, I believe.
    The only hope for Gatehouse papers, especially the ones I know of in Mass., is for Gatehouse to liquidate or file for bankruptcy and sell off the papers separately. I know the Patriot Ledger people are negotiating a new contract and they're being stonewalled at every turn.
  4. How likely is that kind of situation? How many suitors would there be? JRC is cooked, Ottoway is getting out, and doubtful the Fuller family wants to rescue the Enterprise.
  5. 2muchcoffeeman

    2muchcoffeeman Active Member

    Ottaway is not getting out. News Corp. tried to dump the Ottaway group when it bought the Wall Street Journal but found no takers.
  6. ColbertNation

    ColbertNation Member

    Don't be surprised if that happens by year's end.
  7. bigblueman

    bigblueman Member

    Now there's a stock working journalists can afford.
  8. STLIrish

    STLIrish Active Member

    But they're not exactly likely buyers for Gatehouse, unless Rupert develops an affection for community papers. If he did, there's some decent opportunity to be had for him in the Ledger and Brockton. Could corner southern Mass., for what that's worth.
  9. BYH

    BYH Active Member

    [blue]Maybe the JRC will swoop in and save it.[/blue]
  10. Tom Petty

    Tom Petty Guest

    terrible news.

    the ship is going down faster than anyone anticipated.
  11. luckyducky

    luckyducky Guest

    I have a friend who works at a small Gatehouse paper where every time someone comes back from vacation, they get laid off.

    My buddy's on vacation right now and comes back tomorrow. Here's to hoping he still has a job.
  12. bigblueman

    bigblueman Member

    I used to work at a GateHouse paper, and I still have one of my 401Ks with them. Besides the obvious, I should keep all my 401 K's together, should those still working at GateHouse be worried, or are 401 K's now protected from bad corporate management?
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