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Lean Dean firesale starts: Small step for Connecticut, giant leap for mankind?

Discussion in 'Journalism topics only' started by Tucsondriver, Aug 9, 2008.

  1. Tucsondriver

    Tucsondriver Member

    That stomping sound emanating from the East Coast is the sound of Bridgeport newsroom staffers dancing on their desks. Cash-strapped Lean Dean had to sell the Connecticut Post and a handful of affiliated weeklies.

    http://www.newstimes.com/latestnews/ci_10138983
     
  2. DanOregon

    DanOregon Well-Known Member

    Re: Lean Dean firesale starts: Small step for Connecticut, giant leap for mankin

    To Hearst, no less. Did MN make any money off the deal or was it just to clear some debt off their books, judging by the "sell" price? Hearst may be sitting real pretty with their minority stake if they're called on to bail out MN again. It's pretty clear MN is in the vicinity of owing more on some properties than they are worth. Nice to see the owners joining in solidarity.
     
  3. beanpole

    beanpole Member

    MN paid about $200M for the Post in 2000. They sold it, plus the weeklies for $155M in this transaction.
     
  4. DanOregon

    DanOregon Well-Known Member

    So you get to write off the loss and pass the debt along to Hearst. Not a bad play.
     
  5. Baron Scicluna

    Baron Scicluna Well-Known Member

    The story says that Singleton told the newsroom about the deal. I'm sure it didn't happen, but too bad the newsroom didn't let out a huge cheer right in Lean Dean's face when he made the announcement.
     
  6. SportySpice

    SportySpice Member

    Or at least a couple of middle fingers extended.
     
  7. 2muchcoffeeman

    2muchcoffeeman Active Member

    Look ... up in the sky! It's a bird! It's a plane!! It's ... it's ...

    Aw, shit. It's just a D_B.

    http://www.sportsjournalists.com/forum/threads/59665/
     
  8. beanpole

    beanpole Member

    is it a D_B if nobody commented on the first one? :)
     
  9. 2muchcoffeeman

    2muchcoffeeman Active Member

    Yep.
     
  10. this is the third time in a couple years danbury's changed hands...first to cnhi, then media news, now hearst. they've had some cuts there...hope things stabilize a bit.
     
  11. 2muchcoffeeman

    2muchcoffeeman Active Member

    Danbury folks ought to be happy at the upgrades then.
     
  12. budcrew08

    budcrew08 Active Member

    Yeah! Sonsabitches.
     
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