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Daytona Beach officially sold

Discussion in 'Journalism topics only' started by deskslave, Aug 12, 2008.

Page 4 of 7
  1. Hammurabi

    Hammurabi New Member

    Re: Daytona Beach officially for sale

    None were in sports. Most were long-time employees. Another sad day there.
     
    Hammurabi, Feb 17, 2009
    #37
  2. PeteyPirate

    PeteyPirate Guest

    Re: Daytona Beach officially for sale

    Had to wait until after the race.
     
    PeteyPirate, Feb 17, 2009
    #38
  3. 2muchcoffeeman

    2muchcoffeeman Well-Known Member

    Re: Daytona Beach officially for sale

    Yep.

    Not sure there's much left to cut in sports, though. Cuts in news, online, features and art departments. I was told a couple people quit; not sure if that's in addition to today's layoffs or considered part of the 9 jobs cut.

    http://www.news-journalonline.com/NewsJournalOnline/breakingnews/layoff021709.htm
     
    2muchcoffeeman, Feb 17, 2009
    #39
  4. deskslave

    deskslave Active Member

    Re: Daytona Beach officially for sale

    People I know there say no. Nine cuts, plus two who had already resigned.
     
    deskslave, Feb 17, 2009
    #40
  5. Hammurabi

    Hammurabi New Member

    Re: Daytona Beach officially for sale

    There will be a editorial staff meeting on Tuesday. Rumor is pay cuts or furloughs. Possibly a buyer.
     
    Hammurabi, Mar 27, 2009
    #41
  6. deskslave

    deskslave Active Member

    Re: Daytona Beach officially for sale

    One-week furlough in the second quarter. (Hourly employees can go day-by-day; salaried must take a full week.)

    No more 401(k) contributions.

    And not a pay cut, but a work increase: They'll go from 37.5 hours to 40 for the same pay.

    And the lone bid for the company came in at $26 million. Stunningly low.
     
    deskslave, Mar 31, 2009
    #42
  7. OTD

    OTD Well-Known Member

    Re: Daytona Beach officially for sale

    Hell, the Davidsons could raise that much and buy their share back from Cox.
     
    OTD, Mar 31, 2009
    #43
  8. 2muchcoffeeman

    2muchcoffeeman Well-Known Member

    Re: Daytona Beach officially for sale

    Which (I was told) came from Wicks Group, which owns Heartland Publications.
     
    2muchcoffeeman, Mar 31, 2009
    #44
  9. Drip

    Drip Active Member

    Re: Daytona Beach officially for sale

    Wait a minute, wasn't Heartland talking about cutbacks recently?
     
    Drip, Apr 1, 2009
    #45
  10. 2muchcoffeeman

    2muchcoffeeman Well-Known Member

    Re: Daytona Beach officially for sale

    Nothing on this forum about it.

    Not saying my source was correct, only what I was told by someone who's not part of the gilded class at the News-Journal.

    However, the price quoted was less than 10 percent of what the company was (over)valued at in a 2006 court hearing and something like $120 million a broker claimed the company would sell for last year.

    Cox apparently thought it was going to get a big windfall out of this and is still trying for it. Eh, not so much.
     
    2muchcoffeeman, Apr 1, 2009
    #46
  11. 2muchcoffeeman

    2muchcoffeeman Well-Known Member

    Re: Daytona Beach officially for sale

    The fire sale is apparently on.

    http://www.orlandosentinel.com/news/local/volusia/orl-daytona-news-journal-sale-042809,0,4057630.story

    http://www.news-journalonline.com/newsjournalonline/breakingnews/deadline042809.htm

    And congrats to the Sentinel on scooping the News-Journal on a story about the News-Journal.
     
    2muchcoffeeman, Apr 29, 2009
    #47
  12. lohengrin

    lohengrin Member

    Re: Daytona Beach officially for sale

    Pardon my high school business education here, but won't this $26 million buyer still owe Cox the $100 million-plus? Or does Cox just get the $26 million and a wish for good luck in trying to collect the rest?
    There are some really dedicated people at this paper and, as usual, they probably deserve better.
    And by the way, the way things are going with Tribune, the Orlando Sentinel should probably start getting a template ready for reporting on its own demise.


     
    lohengrin, Apr 29, 2009
    #48
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