Posted on 01/22/2010 8:28:21 PM PST by NormsRevenge
SAN JOSE (CBS 5 / AP) ― The holding company for newspaper publisher MediaNews Group filed for Chapter 11 protection Friday and expects to emerge from bankruptcy in a month or two.
Affiliated Media Inc., the privately held parent company for the owner of 54 daily newspapers including the San Jose Mercury News, Oakland Tribune, Contra Costa Times and Marin Independent Journal, had said Jan. 15 it would be making the move.
The company said it had a deal with creditors that will cut its debt to $165 million from $930 million.
Lenders led by Bank of America would get most of the company's stock, wiping out shareholders such as Hearst Corp., publisher of the San Francisco Chronicle, which held a roughly 30 percent stake in MediaNews' newspapers outside the Bay Area.
(Excerpt) Read more at cbs5.com ...
Actually you were let down.
I tried to post a dancing shmoo, but PJ-Comix’ link to the .gif died...
From the conservative Washington Times, December 3rd, 2009:
All employees were handed letters advising them that at least 40 percent of the workforce will be laid off in the coming weeks.
http://www.washingtontimes.com/news/2009/dec/03/twt-announces-new-structure-layoffs/
It ain't always about liberal bias.
I think the Santa Cruz Sentinel is doing the same thing.
No great loss.
The SCS is so left-biased, it smells like patchouli.
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