Moderator1
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http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003530405
Interesting article about Scripps - what is up?
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slappy4428
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Not surprised... when they closed the Birmingham Post-Herald and announced that the Cinci Post wouldn't continue its JOA past Dec. 31, 2007, it was the rumor floating around then...
The trust tie-in does make it interesting, tho...
The trust tie-in does make it interesting, tho...
Moderator1
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MEs in the chain got this e-mail from the Scripps VP for newspapers:
To: Publishers
From: Mark Contreras
Date: January 10, 2007
As you’re all aware, newspapers are going through some pretty tough times.
Just about everybody is doing a lot of soul searching as the industry does its level best to support newspaper values and determine their future. The same is true at Scripps.
Yesterday during an investor conference, Joe NeCastro, our chief financial officer, talked about possible strategic alternatives for the newspaper division. His comments were in response to a question from a stock analyst about the company’s thoughts on “de-consolidation.â€
If you haven’t done so already, I urge each of you to listen to the archived webcast of the Scripps presentation and listen carefully to Joe’s qualified and candid answer.
Although a little more detailed than usual, Joe’s response is consistent with the company’s long-term view of creating value and - wisely - its willingness to give all options a full hearing.
That said, I can assure you that there are no plans to sell the newspaper division. What’s more, there are no immediate plans to sell individual properties. We remain focused on our top priority of growing share in our local markets.
That’s not to say that we might not consider transactions involving specific newspapers from time to time. But, that’s nothing new. We’re always keeping an eye on the strategic value of our newspapers and the markets we compete in. Over the years, we’ve added newspapers and we’ve divested some. It’s all part of being in the newspaper business.
Joe’s comments and some comments by Ken to a follow-up question later in the round-table discussion were meant to convey to investors that the company is conscious of the current economic environment in which we operate. The questions that are being raised about newspaper valuations throughout the industry demands our attention and we believe it’s important for Wall Street to know that we don’t have our heads in the sand.
Rest assured that Scripps has long been committed to the newspaper business and continues to be so.
My phone lines are open if you want to discuss this further.
To: Publishers
From: Mark Contreras
Date: January 10, 2007
As you’re all aware, newspapers are going through some pretty tough times.
Just about everybody is doing a lot of soul searching as the industry does its level best to support newspaper values and determine their future. The same is true at Scripps.
Yesterday during an investor conference, Joe NeCastro, our chief financial officer, talked about possible strategic alternatives for the newspaper division. His comments were in response to a question from a stock analyst about the company’s thoughts on “de-consolidation.â€
If you haven’t done so already, I urge each of you to listen to the archived webcast of the Scripps presentation and listen carefully to Joe’s qualified and candid answer.
Although a little more detailed than usual, Joe’s response is consistent with the company’s long-term view of creating value and - wisely - its willingness to give all options a full hearing.
That said, I can assure you that there are no plans to sell the newspaper division. What’s more, there are no immediate plans to sell individual properties. We remain focused on our top priority of growing share in our local markets.
That’s not to say that we might not consider transactions involving specific newspapers from time to time. But, that’s nothing new. We’re always keeping an eye on the strategic value of our newspapers and the markets we compete in. Over the years, we’ve added newspapers and we’ve divested some. It’s all part of being in the newspaper business.
Joe’s comments and some comments by Ken to a follow-up question later in the round-table discussion were meant to convey to investors that the company is conscious of the current economic environment in which we operate. The questions that are being raised about newspaper valuations throughout the industry demands our attention and we believe it’s important for Wall Street to know that we don’t have our heads in the sand.
Rest assured that Scripps has long been committed to the newspaper business and continues to be so.
My phone lines are open if you want to discuss this further.
A
Angola!
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Are Moderators allowed to D_B?
http://www.sportsjournalists.com/forum/threads/36140/
http://www.sportsjournalists.com/forum/threads/36140/
Moderator1
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I guess we are - whoops.
Oh well. I'll merge eventually
Oh well. I'll merge eventually
A
Angola!
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What major papers are owned by Scripps? I guess I always thought Scripps was just a wire service. Oops.
E
Ellis Redding
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Angola! said:
Memphis Commercial-Appeal and Knoxville News Sentinel. I'm sure there are others. Some in Ohio, I believe.
A
Angola!
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Thanks Buck. An interesting mix of small and big papers. Wonder which they will decide to sell.
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wickedwritah
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Naples is what Mizzougrad would call a "****ing stud." Pretty good paper and exploding population center.
SoSueMe
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Does anyone see the conglomerates and corporations that own multiple papers finally hitting rock bottom, saying, "**** it," and selling to private investors/owners who will then accept an eight per cent profit margin rather than 10, 12, 20 per cent?
slappy4428
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If you are going to do it, do it right...JayFarrar said:
slappy4428
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But they won't. They'll see the 20 percent the paper companies made and try to make as much if not more...SoSueMe said:
W
wickedwritah
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slappy4428 said:
See Inquirer, Philadelphia.
"We don't need massive returns, we'll reinvest in the newspaper!"
Reinvest, my ass.
Furry Tractor
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slappy4428 said:
I like that. Reminds me of the photo of the McFly kids erasing itself as Michael J. looks on in horror.
Claws for Concern
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Rocky Mountain News is owned by Scripps and Singleton (he did the JOA with the Denver Post a few years back)
Singleton doesn't own the Rocky. Everything in the JOA is together through the Denver Newspaper Agency except for the newsrooms, which are separate and owned by Scripps (Rocky) and Singleton (Post). Profits are split 50-50 after expenses. JOA went into effect in 2001. Each has a stake in the DNA, but not in the paper itself.
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