… to a “substantial risk of default,” says Moody’s Investors Services. The company has a debt of close to $1 billion.
But the Times-Standard‘s parent corporation bristles at Editor & Publisher‘s musings to the effect that the massive American newspaper super-chain could be headed toward bankruptcy, following the Tribune Co.’s trailblazing path down that road earlier in the week.
On the plus side, MediaNews honcho Big Dean Singleton has apparently backed away from the idea of outsourcing some editorial operations to India.
This article appears in Glasnost.
Hank, this “news” isn’t shocking or surprising, especially considering the lengths at which MediaNews went to buy up as many properties as possible during the height of the Bush Administration. It was really only a matter of time before the money ran out, and something I could have told you about in 2001.
MediaNews has been forced to skim the fat off all of their newspaper properties by consolidation so the corporation (not good ol’ Dean of course because he’s already made his millions off the backs of people like myself) can try to pay off some of their enormous debt. Bankruptcy was really the only option they, and other media-based corporations, have left.
Rumors have circulated where I work about possible layoffs in ’09. I sometimes wonder, maybe even fantasize a little that one of these days I’ll walk into the office and be handed my pink slip. Only time will tell, but to be honest, I’d be rather thankful if it did happen.