More cutbacks coming at the Tampa Bay Times?

I can't imagine anyone paying for it.
Who needs to pay for an old columnist's insight when you can create opinion every day on social media?

 

I might read him if he puts on a clean shirt.

 

Gary was a class act.

 

It seems well. Here's the story I wrote on it two months ago for APSE: http://apsportseditors.org/newsletter/on-the-move-september/

 

Well, you knew this was coming:

"ST. PETERSBURG — Times Publishing Co., parent of the Tampa Bay Times, is placing its flagship office at 490 First Ave. S on the market for sale. ... The company plans to use money from the sale to pay off a loan it secured a year ago."

Tampa Bay Times building is for sale | Tampa Bay Times

My prediction: They'll end up moving to downtown Tampa -- where they have potential for more growth -- but keep a large (probably rented) bureau with signage in St. Petersburg.

 

Does it matter anymore where the newspaper offices are? I don't think most readers know where the offices of the newspaper are.

 

In this bifurcated market, it would make a difference. It will be seen by loyal readers as abandonment of its hometown. Pinellas County readers were highly offended when the paper changed its name from St. Petersburg Times to the Tampa Bay Times two years ago. Such a move would add fuel to the fire and could very well alienate a significant chunk of readership ... although crossing the bay is where the growth potential lies for the Times.

But we are putting the cart waaaaaay before the horse. There's a pretty fair chance they'll stay and rent the space from the new owners.

 

Apparently not a big deal in the grand scheme of things, but in the interest of passing along news ...

Pension agency places liens on Times Publishing properties
The federal Pension Benefit Guaranty Corp. has placed liens on all property owned by Times Publishing Co. and its parent organization, the Poynter Institute for Media Studies, for failing to make required contributions to their pension plan. The liens are for nearly $30.5 million — the difference between the pension plan's current assets and the calculation of all future benefits. "As we have previously acknowledged, the Times received approval to delay some of its contributions to the pension plan during the economic recession and recovery," said Jana Jones, vice president and CFO of Times Publishing, which publishes the Tampa Bay Times. "Related to these approvals, the Times agreed to provide collateral to the PBGC. These liens are part of this process." Jones said the Times is about $10 million behind in its scheduled contributions.

Pension agency places liens on Times Publishing properties | Tampa Bay Times

 

A 10 million dollar lien is a big deal. It sounds like the Times is in a negative cash burn. While they can sell thier building and lease it back the lease costs will cut thier cash flow. And many of the sales proceeds will go to the pension plan.

If they owe $30 million to the Feds and $24 million to the banks that means total liabilities are at least $54 million. The Columbus Dispatch just sold for $47 million, with about one/third of the value assigned to real estate. Columbus is a smaller town but it is also clearly a monopoly paper. I don't think the Tampa Bay Times sells for much more and maybe less. So the paper is basically underwater.

And the Tampa Tribune is about to lose thier building and needs to figure out a place to print.

An earlier poster said watching this is like watching two punch two drunk fighters trying to hold on until the final bell. Is it possible to have a double TKO?

 

If she has been there more than five years and her pension is less than $45,000 or so a year then it is government insured. That is why the governemtn insurance fund has attached liens. They want to make sure the fund has enough assets so the Feds do not have to cover future shortfalls.

If the Times still has a defined benifit plan- which means they promise a certain amount of money a month at retirement- then I would guess that will soon be discontinued. In the absence of a union contract an employer can stop the plan but can not retroactovely cut benefits. Actually, I would be schocked if the Times still had a defined benefit plan. They are almost like dinosaurs in the private sector anymore.