More MG News

No longer will they have to undergo furloughs so that JSB will be able to afford bowties.

 

Or, at least for those who aren't in the Tampa metropolitan area.

 

I hope for the sake of those left in Tampa that Halifax has deeper pockets than Poynter.

 

I doubt it. Hasn't Halifax taken on a lot of debt?

 

Halifax has deep, deep pockets.

 

The Times Publishing Co. has massive, crushing debt of its own. It is selling property piecemeal, has leased out part of its downtown St. Petersburg headquarters building, and, by reliable accounts, is over budget by seven figures every month in payroll alone, despite many layoffs of its own. So unless there's an investment angel floating around Central Avenue, I don't see the Times buying out the Tribune.

About the only thing of value that the Times would get from buying the Tribune is its downtown Tampa office building, which would mean it wouldn't have to pay rent to the landlord of the former bank tower it currently leases. And keep in mind that we'd be talking about the old, 1974 building that still houses advertising, circulation and the presses. (The new multimedia NewsCenter next door -- where the Tribune newsroom is based -- actually belongs to the TV station and online division, which Media General apparently is keeping.) The Times doesn't need the Trib's presses. It doesn't need its advertiser list (they share most ads already). It might find some value in the subscriber list, but that's about it.

My bet is on Halifax ... and God help my former Tribune colleagues.

 

Who is providing Halifax with their cash? I thought they just paid 140M or so for the New York Times regional properties.

 

MG lays off 75 at corporate headquarters, which was expected:

http://www.boston.com/ae/media/articles/2012/07/31/media_general_lays_off_75_in_va_corporate_office/

 

Serious question: Should we give a shit about MG anymore? I mean, sure, people got laid off. That sucks. But that would be like starting a thread every time Clear Channel lays off people.

 

I hate to be relieved when anyone loses his or her job, but when it comes to newspapers, especially, I don't shed too many tears for corporate layoffs.

 

Some suits actually got laid off?

 

Just passing it along. Morton hinted at such layoffs when the sale happened, simply because there was no need to have that many suits in Richmond for so few properties across the chain.

I guess we still care because some sportscasters/producers frequent the board. So it's relevant.