Cuts coming to McClatchy papers

And most will likely be replaced by reporters with a combined one year of experience (probably less) ...

 

Will they be replaced? Or will staff have to do more with less?

 

If McClatchy pulls this off it will be one hell of a trick, McClatchy has a market cap of $44 million dollars and at the end of the third quarter had about 1.4 billion dollars in long term debt.

Maybe Patrick Soon-Siong from the LA Times will assist. If he does he will wind up with control of the company. It would make an immense amount of sense for Soon-Siong to buy the Tribune company and he already owns a substantial stake in the company. I still don't see why anyone wants to go near all that McClatchy debt.

 

He really is. I was doing their section for about six months last year, and he always not only got the key plays from an event, but filed them extremely quickly.

I don't think it's that high. Last I heard it was about $794 million, and that was from an article dated last September.

 

I need to be more careful in how I write things. According to the 9/30/2018 balance sheet on Yahoo long term debt was 744 million. Other long term liabilities of 653 million were also reported. I have not had time to go through the footnotes but that is frequently a pension liability.

 

More on the McClatchy buyouts from the North Carolina papers (at least on the sports side):

Raleigh/Durham sports editor Steve Ruinsky and ace photographer Chuck Liddy
Charlotte sports editor Mike Persinger AND assistant sports editor Harry Pickett

Last day for all is Feb. 28

 

Holy bejezeus that’s like the entire hierarchy in the triangle going bye-bye.

 

OUCH!

 

The Observer sports department now has six people.

 

Terrible day for journalism in North Carolina.

 

I wonder if Charlotte and Raleigh will hire one sports editor for both. Seems inevitable (unless they go to no sports editor with "self-directed" reporters).

 

The editors taking the buyouts tells us all we need to know about that parent company. Not to be flippant as those editors I'm sure are fine people, but i envision the captains hopping off the boat as it is sinking. I mean the Charlotte sports editor and assistant SE take the buyouts? They obviously think the boat has a major leak. Best wishes to all. I don't mean to act like I'm not sympathetic. Just the fact these guys took the buyouts tells me they are not "suits."