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North County Times (San Diego County) axes 20

Discussion in 'Journalism topics only' started by Tucsondriver, May 6, 2011.

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  1. Tucsondriver

    Tucsondriver Member

    Best info I could find on this is from the Riverside PE. The NCT is a Lee Enterprises property, btw...

    http://www.pe.com/business/local/stories/PE_Biz_D_bb_nctimes04.16aa482.html
     
    Tucsondriver, May 6, 2011
    #1
  2. YGBFKM

    YGBFKM Guest

    Re: North County Times axes 20

    I know a couple posters whom I believe are still around from time to time as well as a former co-worker were there recently, spread across multiple departments. Hope they did not get caught in this.
     
    YGBFKM, May 6, 2011
    #2
  3. MileHigh

    MileHigh Moderator Staff Member

    Re: North County Times axes 20

    Pretty decent paper. This stuff will never end. Good luck to all. It's not fun.
     
    MileHigh, May 6, 2011
    #3
  4. MTM

    MTM Well-Known Member

    Re: North County Times axes 20

    Heard it was five from the newsroom -- one sports reporter/designer, two reporters, a zone editor and a features/opinion editor.
     
    MTM, May 6, 2011
    #4
  5. Tucsondriver

    Tucsondriver Member

    Re: North County Times axes 20

    Stltoday.com has what appears to be an interesting story on Lee's plight. I don't fully understand it, but figure it can't be good...

    http://www.stltoday.com/business/local/article_d53fc81a-0bfa-5309-b9c8-d1b833eec0ce.html
     
    Tucsondriver, May 8, 2011
    #5
  6. Turtle Wexler

    Turtle Wexler Member

    Seriously? They blamed Easter?

    I think they've got bigger problems.
     
    Turtle Wexler, May 9, 2011
    #6
  7. dixiehack

    dixiehack Well-Known Member

    Analyst: Why didn't you make your revenue target?
    Newspaper suit: I blame Jesus.
     
    dixiehack, May 9, 2011
    #7
  8. slappy4428

    slappy4428 Active Member

    Doesn't sound significant to me [/crossthreading]
     
    slappy4428, May 9, 2011
    #8
  9. LanceyHoward

    LanceyHoward Well-Known Member

    Short version of STL story.

    Lees needs to repay 1.05 billion by April, 2010. Company has 25 million in bank. No way the company can come up with a billion dollars internally within the next year so they need to refinance.

    No one is willing to refinance because of continuing declining revenues and profits that that would make it impossible for Lee to repay principal on the loan. Without refinancing Lee is a dead man walking and will go into Chapter 11 by next April.
     
    LanceyHoward, May 9, 2011
    #9
  10. Tucsondriver

    Tucsondriver Member

    Not claiming to be an expert on this stuff, but unless I'm missing something here, doesn't seem catastrophic by today's standards. What percentage of today's dailies aren't in bankruptcy? Chapter 11 is the new refi...
     
    Tucsondriver, May 9, 2011
    #10
  11. deskslave

    deskslave Active Member

    Well, that will have affected the year-over-year comparison first-quarter earnings, so they're not wrong there. But the effect should be neutralized by a boost to second-quarter earnings. When second-quarter earnings also fall short, however, that's when you'll know there's a problem.

    If they're making long-term decisions and blaming it on a one-off, yeah, they're lying.
     
    deskslave, May 9, 2011
    #11
  12. Mizzougrad96

    Mizzougrad96 Active Member

    I'm spacing his name and I'm not sure if he's still there, but they used to have a really good Chargers writer.
     
    Mizzougrad96, May 9, 2011
    #12
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