Star-Ledger putting building up for sale

EStreetJoe · Jul 6, 2013

Did a search and couldn't find this, hopefully it's not a d_b.

http://www.nj.com/business/index.ssf/2013/07/star-ledger_puts_its_building.html#incart_river_default

NEWARK — The Star-Ledger, which is threatening to shut down without major concessions from its unions, has put its headquarters in Newark up for sale.

Publisher Richard Vezza said yesterday the move was aimed at saving money, noting many newspapers across the country are shedding costly downtown buildings as they have been forced to downsize, in favor of smaller offices.

“We’re going to lease office space,” Vezza said.

Where that will be — assuming the newspaper continues to publish next year — he did not know. “We need parking and need to be close to public transportation,” he said.

The publisher said the sale had nothing to do with the newspaper’s ongoing negotiations with its production unions. The Star-Ledger says it lost $19.8 million last year and expects the same this year, and has threatened to shut down the paper by Dec. 31 unless the unions agree to $9 million in concessions — or allow the paper to outsource production to another company.
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An article about the threatened closing is here:
http://www.nj.com/news/index.ssf/2013/06/star-ledger_threatens_to_close_without_concessions_as_union_officials_reject_ultimatum.html

shockey · Jul 7, 2013

:'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'(

SixToe · Jul 7, 2013

Same as in Alabama and New Orleans.

silvercharm · Jul 8, 2013

Oregonian is putting its downtown building up for sale, too.

britwrit · Jul 8, 2013

SI Newhouse needs a new Renoir.

kkoczwara · Jul 11, 2013

Interesting read on Advance Digital Media's plans/strategy that might give some insight into what is going on with the Star-Ledger's struggles... http://newsonomics.com/the-newsonomics-of-advances-advancing-strategy-its-achilles-heel/

That’s the new Advance playbook, as the company — a top 10 newspaper company by revenue in the U.S. — proceeds with a revolutionary restructuring of the local news business. It’s a play that serves at this point as a contrarian example. Most publishers believe the Newhouse family, owners of the very private Advance, is downsizing its own business, and about to give away the local market dominance in readership and commerce monopoly regional dailies have long had in the United States.
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