Gannett, Gatehouse talking merger

As a sidebar, just read about an hour ago that some hedge fund is buying Barnes & Noble. (Sigh).

 

I just read the New York Times article. This may be a good thing. the hedge fund turned around another book store chain by moving to a decentralized merchandising model where the stores tried to carer their selection to the local markets. That would be cool if they do the same thong to Barnes and Noble.

I can see how it would work. I am from Colorado. Look at the opportunities that exist to hit a niche such as how to grow marijuana at home.

 

Hope you're right, Lancey. Maybe I overreacted. Barnes & Noble has generally been helpful to me with a book I've got out. The monopoly in Canada? Whole different story, got my own personal trade war going on.

 

A hedge fund buying a newspaper to squeeze all the profit it can while steering it toward an inevitable death? Yeah, that sucks.

The same thing for a box store that undercut smaller booksellers? I feel for the employees, but otherwise meh, it’s businesses.

 

That applies to all 50 states truthfully ....

 

Take this for what it's worth, but one online news source in Zanesville, Ohio is reporting that Gatehouse is closing in on a deal to buy at least the Zanesville Times Recorder. A longtime friend and former co-worker in that same chain of Ohio newspapers operated by Gannett sent the post my way this afternoon. I take this with a grain of salt until I hear something from other sources, but if Zanesville is going to Gatehouse, it would seem to follow that the other central/southeast Ohio papers Gannett operates would as well.

ZanesViral Media

 

Gannett has sold to GateHouse before (Rockford), but that was when GateHouse was much smaller and not going after metros.

 

I am surprised Gannett would sell when they don't have a permanent CEO.

The fact that Dickey announced he was leaving in December and Gannett has not been able to find a new CEO in seven months is an embarrassment. I would also be surprised that Gatehouse would want to buy Zanesville given that they are conspicuously passing on Youngstown, though the lack of buyers for Youngstown may be related to a pension liability.

 

And the Guild's presence ...

 

Maybe Gannett doesn’t want to hire a CEO ...

 

Who wouldn't want to profit off closing low-performing papers?

 

If you’re the board, what’s the point of hiring a CEO if the company is going to merge with/be consumed by another publisher in six months?