Posted on 07/15/2008 3:29:12 PM PDT by abb
Rupert Murdoch, whose News Corporation owns The New York Post, and Mortimer B. Zuckerman, the real estate developer and owner of The Daily News, who for years have been bitter tabloid competitors, are considering the unthinkable: cooperation.
Representatives of Mr. Zuckerman and Mr. Murdoch have been in discussions for several weeks to find ways to combine some business functions of The Daily News and The Post, according to people briefed on the matter. They spoke anonymously because the talks are at a sensitive stage and both sides had hoped they would remain confidential.
Talks between the two papers began in earnest in May after the announcement of a deal to sell Newsday, the Long Island daily, to the Cablevision Systems Corporation for $650 million. Both Mr. Murdoch and Mr. Zuckerman had bid for Newsday, which was being sold by the debt-laden Tribune Company. Each had offered $580 million and was unwilling to match Cablevision’s higher price.
One executive involved in the talks between The Post and The Daily News described the discussions as “preliminary,” but said both sides were committed to reaching an agreement. The talks have not yet involved Mr. Murdoch’s and Mr. Zuckerman’s meeting face to face.
Representatives for Mr. Murdoch and Mr. Zuckerman declined to comment.
In addition to a broader pact between The Post and The Daily News, the two newspapers and The Wall Street Journal, which is also owned by the News Corporation, are considering combining their home delivery operations to save money, and have sought bids from vendors.
Speaking only about this aspect, Howard Rubenstein, a spokesman for the participating newspapers, said: “The request for proposal is an opportunity we are jointly exploring to lower costs, improve efficiency and strengthen our respective newspapers.”
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(Excerpt) Read more at nytimes.com ...
ping
Pinch, the one being left out in the cold, is printing rumors he hopes will queer the deal
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003827609
Analyst: GateHouse Stock Could Be ‘Worthless’
http://newsosaur.blogspot.com/
Tuesday, July 15, 2008
5 newspaper stocks hit new lows - again
The shares of five newspaper publishers plunged to new lows in early trading today, including the shares of GateHouse Media, which fell to $1 per share, threatening its ability to remain listed on the New York Stock Exchange.
Tumbling to new lows alongside GHS were Gannett (GCI at $16.43 per share), McClatchy (MNI, $4.58), News Corp. (NWS, $13.95) and New York Times Co. (NYT, $12.61). The companies sank to new historic lows on Friday, as reported here.
Media General (MEG) hit a new all-time low of $10.23 per share on Monday.
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he always thought of the Times as a heavy battleship under steam, regarding its critics as no more important than swimmers in the water throwing dead fish at it
Nice link there. Here’s some more snips...
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: A.H. Belo (AHC) today is worth $119 million, down 58% from $282 million when it began trading earlier this year as a free-standing newspaper publisher.
:: GateHouse Media (GHS), worth $59 million, down 95% from $1.2 billion at its curiously strong initial public offering in October, 2006.
:: Journal Communications (JRN), worth $266 million, down 78% from $1.2 billion on Dec. 31, 2004.
:: Journal Register Co. (JRCO), worth $6 million, down 99% from $746 million on Dec. 31, 2004.
:: Lee Enterprises (LEE), worth $145 million, down 93% from $2 billion on Dec. 31, 2004.
:: Media General (MEG), worth $248 million, down 83% from $1.5 billion on Dec. 31, 2004.
:: McClatchy (MNI), worth $387 million, down 93% from $5.7 billion on Dec. 31, 2004.
:: New York Times Co. (NYT), worth $1.85 billion, down 67% from $5.6 billion on Dec. 31, 2004.
:: Scripps (SSP), worth $522 million, which was newly launched as a pure-plan newspaper company on July 1, 2008. More details below.
:: Sun-Times Media Group (SUTM), worth $32 million, down 98% from $1.3 billion on Dec. 31. 2004.
:: Gannett (GCI), worth a bit less than $4 billion, down 79% from $18.5 billion on Dec. 31, 2004.
:: News Corp. (NWS), worth $37.2 billion, down 36% from $58.4 billion on Dec. 31, 2004.
:: Washington Post (WPO), worth $5.5 billion, down 24% from $7.3 billion on Dec. 31, 2004.
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