Lee joins the cutback club

That sucks, HanSen ... and what's worse is knowing what the next step is.

After all, even if you're only printing two or three editions per week, you still have to pay for staff and supplies to run the printing press. People to distribute the newspapers. And, I guess, journalists to fill its pages.

The real savings is from eliminating print all together.

 

I just read the transcript of the conference call. Management expected revenues in the quarter that will end June 30 to be down 25%.

Electronic subscriptions at Lee's 77 or so papers have exceeded 200,000 or about 2,700 a paper. So this will remain a print dependent company until it fades away.

 

Yep. Don't know what Mary's gonna do without the bonus.

 

I'm with Lee, too.

Whatever happens is gonna happen. I've really decided not to worry about it anymore, does me no good.

If I were to get axed, I'd get the unemployment and stay afloat until I find something else. All you can do.

 

If Lee went bankrupt it might be in the short term advantageous for the employees. Warren Buffett controls all the debt and is currently due a little more than 50 million dollars a year of interest. In bankruptcy Buffett would likely get the company because he is the principal debtor. Buffett is obviously the opposite of Mother Theresa but at least there would not be the legal requirement to pay out the interest off the top.

And I don't know how it could be worse than the present situation. I could also apply the same logic to McClatchy, which is currently in bankruptcy, and Gannett, which is a dead man walking.

 

Yes.

Nobody, anywhere in newspapers, is in a good spot now. Doesn't exist anymore.

Do what we do until we can no longer do it. Jumping from one ship wreck to another won't help.