Now Philly's bankrupt

All is not well in the City of Brotherly Love. I have never seen a company yet that says it is "sound and profitable" file for bankruptcy.
That Phillies beat job at the Inky? It will be interesting to see how that is handled.
The future of the Daily News? Not very good.
As if that wasn't bad enough, The Journal Register company also went Chapter 11 over the weekend. The company specializes in suburban newspapers in this region, including the Norristown Times Herald, Delaware County Daily Times, Trentonian, Pottstown Mercury, the West Chester Daily Local News, and the Lansdale Reporter.
Not a good time to be a journalist in the Delaware Valley.

 

Lee will beat MediaNews to the finish line, I think.

 

The NY Post or the NY Daily News. Take your pick. Both have been living on borrowed time.

 

I agree -- Lee "wins" this race going away.

Always have wondered how people like Mary Junck, Lee's CEO, keep their job. Can't the stockholders, in between getting shit-faced and calling the escort service while attending the annual meeting, vote her out? It's like, hmmm., someone decided to buy this economic lemon known as the Post-Dispatch, it's totally fucked up the entire company ... oh yeah, let's keep her as CEO. And here's your bonus, Mary!

Too many good people work at Lee papers to have a piece of Junck controlling their future in the business.

OK, rant over.

 

So far, Chapter 11 means very little to us worker bees in Philadelphia, at the Inquirer OR the Daily News.
The biggest question might be whether the current owners ultimately maintain control, and what happens if they don't. I have no idea, and I don't think anybody else on this thread does, either.

 

McClatchy?

 

So anyone want to take bets on how long it takes the DN to fold?

 

Really don't want to think about it. The DN has been a kick ass paper for many decades. It will be missed. I'm with beardpuller. The biggest question is whether the current owners will maintain control. These are business guys who don't know anything about journalism and I believe they're looking to get out with as little damage as possible to their wallets.

 

Don't think anyone posted this, via Romenesko:

Nice.

http://www.forbes.com/2009/02/23/pay-newspapers-philadelphia-personal-finance_tierney.html

 

This is the journalistic equivalent of Nero fiddling while Rome burned.

 

Don't hold your breath. BOTH are 'WAY down the list in terms of likely End Of Days scenarios, for their own unique,
individual reasons . . .