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The wolf at Freedom's door?

Discussion in 'Journalism topics only' started by Moderator1, Jan 16, 2009.

  1. Moderator1

    Moderator1 Moderator Staff Member

    I think I have the expression right. Anyway, I'm told quite reliably that Freedom Communications owes a payment on a 900-mil loan - and can't make it. Layoffs coming chain wide on Monday. There's talk of cutting circulation areas. Trying to sell the OC Register.

    Also, the furlough idea was tossed around and rejected. Someone thought it was stupid.

    Anyone who knows more is welcome to post or PM me.
  2. pseudo

    pseudo Well-Known Member

    And yet, they have 45 job listings on their Web site (mostly either advertising or TV positions, though).

    The East Valley Tribune is on their list of newspapers. Weren't they the ones who were going to gut the sports department, getting rid of all the pro beat writers?

    Best wishes to all ...
  3. lesboulez

    lesboulez Member

    left freedom a year ago...lots of friends still there...

    best of luck to all of them...
  4. Screwball

    Screwball Member

    Freedom was family-owned until a family feud a few years back. In 2003, the family members that did not want to sell got two private equity companies to buy out the family members that did want to sell.

    Now the bills come due. That leaves us with these chilling words from Dean Singleton, whose bid to buy Freedom was rejected in 2003:

    "I'll be back in three years, buying the company from Blackstone, for a lot less."
  5. OTD

    OTD Active Member

    The only good thing about that is I don't think Dean could raise the cash to buy it now.
  6. Sam Mills 51

    Sam Mills 51 Active Member

    Yet. Watch him continue to slash and burn his SoCal properties, then watch the Rocky fold without a bid, followed by massive slash-and-burn at the Denver Post.

    Then who knows? Obviously, none of us want to see this. But no way Dean simply sits back and watches ... unfortunately.
  7. Michael_ Gee

    Michael_ Gee Well-Known Member

    Who's going to lend anyone the money to buy a newspaper? Bank of America? Citigroup? The private equity funds whose priority one is keeping the Feds away from their books?
    Who'd lend Singleton a quarter to buy a copy of a newspaper? That's about all his credit's good for now.
    My advice to those employed at U.S. newspapers is to look in the Federal Register for the name of the bankruptcy judges in your district. Because they are going to be the newspaper publishers of the next five years.
    Which may not be all bad.
  8. D-Backs Hack

    D-Backs Hack Guest

    This better not fucking affect my severance.
  9. pressboxer

    pressboxer Active Member

    Any news on this? I also have (had?) friends at a Freedom shop.
  10. thegrifter

    thegrifter Member

    Freedom was one of the more pleasurable journalism companies I worked for. Hope my friends are ok.
  11. sbordow

    sbordow New Member

    I'm at a Freedom shop here at the East Valley Tribune. Any more news about this?
  12. RecentAZgrad

    RecentAZgrad Active Member

    I'm also at a Freedom shop and haven't heard a word.
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