That would add even more pressure on the unfolding Detroit drama, where MediaNews Group under CEO William Dean Singleton (left) owns 5% of the Detroit Media Partnership joint operating agency; Gannett owns the rest.From trade journal Editor & Publisher's just-posted story: "Moodys Investors Services predicted Thursday that William Dean Singleton's MediaNews Group will soon be in at least technical default of its credit agreement -- with a debt load that is nearly as staggering as the leverage that led Tribune Co. to seek Chapter 11 bankruptcy protection."
MediaNews disagrees with Moodys, and rejects E&P's comparison to Tribune. Gannett and MediaNews are also tied together through the Texas-New Mexico Newspapers Partnership. Meanwhile, Gannett is partners with Tribune in two ventures: employment website CareerBuilder, and website entertainment chain Metromix.
I've worked for both Gannett and Media News Group...and trust me...I would work for Gannett ANYDAY!!!
ReplyDeleteMr.Burns', err, Singleton's papers might go bankrupt? Sorry for the employees; serves him right.
ReplyDeleteAgain, though: Gannett's debt position is far, far better than Tribune, MediaNews or McClatchy.
12:47,
ReplyDeleteThat's a laugh...let's see, Gannett has given us Moms blogs, mainstreaming, News 2000, dumbed down "community" news, crowdsourced stories about public bathrooms ...I don't think any other chain comes close to those accomplishments.