Daytona Beach officially sold

Re: Daytona Beach officially for sale

So much for asking DM to string the November TMS race, even at a discount rate ...

 

Re: Daytona Beach officially for sale

Forty more laid off.

<blockquote>Staff report

The News-Journal Corp. announced a second round of layoffs today, eliminating 40 jobs as advertising revenues continue to decline and the company is offered for sale.

The 40 employees, who were given severance packages, were laid off from advertising, creative services, specialty publications, circulation, transportation, packaging, graphics and the machine shop.

"Along with virtually every other newspaper in Florida, we have seen a sharp decline in advertising revenue this summer," Jim Hopson, News-Journal chief executive manager, wrote in an e-mail to employees this morning. "The company’s financial performance has taken a dramatic turn for the worse over the past few months, and we are forced to reduce costs further. We have already taken steps to reduce our newsprint consumption."

The staff reductions come three months after 99 employees were laid off to reduce costs and prepare the newspaper to be sold. The News-Journal Corp., which employs more than 600, and its minority shareholder Cox Enterprises hope to complete the sale by the end of the November.
</blockquote>
http://www.news-journalonline.com/newsjournalonline/breakingnews/layoff091508.htm

 

Re: Daytona Beach officially for sale

It doesn't sound as though any editorial cuts were made. But there might have been a few in the special publications department, which is where I interviewed less than two years ago.

 

Re: Daytona Beach officially for sale

EDIT: Make that 41, according to the newest version they have posted. And one of them is the most recent keeper of the unofficial N-J employees' blog.

Nice.

As with the last round, the victims are getting one week’s pay for each year of service (four-week minimum and a 26-week maximum) and coverage under the company’s health plan for six months.

Apparently the Grim Reaper is finally arriving at the N-J's shoppers and phone book operation, possibly as soon as tomorrow.

 

Re: Daytona Beach officially for sale

Who in their right mind would buy a paper that is losing its ass this bad? They've trimmed 140 jobs in three months and are still getting their butthole kicked and they think some idiot wants to buy this business?

Are they serious?

 

Re: Daytona Beach officially for sale

Same could be said of many other newspapers. They're all losing their asses.

 

Re: Daytona Beach officially for sale

For its circulation, the News-Journal was very fat with employees. 160 or so editorial employees for a 90-100 circulation paper is a lot. Lots of dead weight. June's cuts of 40 in editorial helped the numbers, but many of the cuts were either personal or done do it didn't look like all dead weight (i.e. older employees who haven't kept up with the times) were let go.

The reason for the cuts was not the economy. That's one thing the Davidsons were good about -- layoffs almost never occurred. The only one I heard of was like 3-4 people in the 1990s when the Davidsons bought some printing press for commercial jobs (I think) that failed miserably.

These people were cut to make the News-Journal look attractive to a new buyer. It was a long time coming, but unfortunately I'd say only half of those cuts deserved it.

As for the cuts in space in recent weeks, they've been rectified because the paper was losing subscribers by the hundreds. The sports section was hard pressed to get all the obligatory agate in the paper, much less anything 'extra'. Thankfully, it's back to how it was pre-space cut experiment.

Employees were told a buyer will be named in October and it will be bought in November. Until then, waiting...

 

Re: Daytona Beach officially for sale

All the backoffice operations (classified, production, accounting) of the N-J's shoppers are being merged at one main location (apparently the various regional shoppers used to all keep their own books) while all sales offices are moving to smaller locations (less space needed means less rent to pay). At least 20 Twenty-three people cut from the shoppers.

http://www.news-journalonline.com/NewsJournalOnline/breakingNews/layoff091608.htm

 

Re: Daytona Beach officially for sale

Gannett seems to be seriously interested. Comments section is informative.

http://gannettblog.blogspot.com/2008/09/tip-gci-seriously-interested-in-daytona.html

 

Re: Daytona Beach officially for sale

Would be an excellent aquisition for Gannett. However, you've got to think that Billy Bob Morris may make a play. If he got Daytona, he'd have a nice little corner of the country from Savannah to Daytona to call his own.

 

Re: Daytona Beach officially for sale

Supposedly the judge in the Cox-Davidson suit agreed to let the two sides extend the sale deadline to March. He originally had set a deadline of Monday.

Problems finding a buyer for a newspaper in this market? I am stunned, I tell you. Just stunned.

 

Re: Daytona Beach officially for sale

Here's hoping this is where the casualties end, though I regrettably doubt it. I second the aformentioned setiment on Markowitz. He's a class act.