U-T San Diego buying North County Times, or maybe not

I would guess that the number of people I know fairly well who used to work in newspaper newsrooms would be over 100. I can honestly say that every single one of them is happier at their new career, and most would say far happier.

I am one of the "far happier" people. I also would never have had a new career if I wasn't forced out of the door.

 

Being someone who was laid off once twice (that should give away who I am pretty quickly to those at the paper) and now with a new career, I wouldn't say I am happy at my new career or even close to far happier. Call me crazy, but I loved writting for my hometown rag that I grew up reading and was even on the front page as a child. After I got the second layoff notice though, I saw the writting on the wall and knew a new career was import if I wanted to keep paying the mortgage.

It just so happens that rag was the NC Times. A lot of good people are scared out of their mind right now and rightfully so. I hope he means it when he says he'll keep the best because there is a lot of good people there that truly care about the area. About the only thing I am happy about is the stability in my current job, but I would give that up in a heartbeat to be back in the office with them.

 

Does the North County Times own their own building?

And who prints the paper?

Could the U-T just move the operation to their building and take over printing. Then they could sell the North County Times real estate and/or presses and get the major pert of their investment back immediately.

Which is a long way of wondering whether the U-T has any interest in keeping the North County Times open at all.

 

From what I hear, the NCT installed a brand new press of couple or so years ago, and then earlier this year, through a Lee edict, they outsourced their printing to Riverside. I think Papa Doug is probably going to put that press back into circulation. As far as keeping the NCT name out there, who knows?

 

Not that I am an expert on the subject but I can see them closing the NCTimes as a brand and add a second edition of UT San Diego.

I also, heard or maybe I read somewhere that the owner wants the real estate for some entertainment center mall thing. But this entire thing is looking like San Diego, will become a one newspaper town.

 

The NC Times acquistion also gives the UT a footprint into southern Riverside County, which still has some well-off residents despite the overall economic struggle in the Inland Empire.

 

Who has the newer presses, NCT or the U-T?

 

If I understand the footnotes of Lee's financial statements correctly Lee owes 175M on a second lien at 15% interest. They can pay it off in January 2013. If my understanding is correct I think Lee will be selling everything they can to pay off that note.

I thnk I read that NCT makes $800K a year. Lee got about 12M. So that 12M saves them 1.8M in interest next year. I suspect Lee will sell any other paper in a similar financial situation.

But I think that the NCT underperformed on the advertising side. Advertising sales were about 27M annually. The Lee-owned Madison papers will do about 65M this year in advertising. I think NCT circulation was about 75K. I don't know the circ of the Madison paper but it is that much higher than NCT?

 

Fuck you, Manchester.

75-100 layoffs coming, possibly beginning as early as tomorrow.

NCT employees, after being told no layoffs were coming immediately after the deal closed on Oct. 1, have now been told to check their e-mail Monday for an update. But everyone at NCT could just as easily read the U-T's story today:

http://www.utsandiego.com/news/2012/sep/30/u-t-owners-discuss-plan-for-north-county-times/

By the way, there's only 175 employees total at the NCT now, down from 480 at the turn of this century.

So "under 100 layoffs" could mean more than 50% of the paper's workforce.

 

But, but, I thought Manchester said he wanted "winners"? Wouldn't more than half the paper be "winners?"

 

Hearing about 80 layoffs were announced today at the NCT (spread out over the next two months.) Newsroom will cut down by about 1/3 of its staff when all is said and done. All departments affected.

http://www.northcoastcurrent.com/latest-news/2012/10/01/u-t-makes-times-sale-official/

Fuck.

 

Sports cuts were deep. I'll stay away from posting names as I am going off of hersay.