Skip to comments.(St. Louis) Post-Dispatch Parent Co. Files Bankruptcy (Dinosaur Media DeathWatch™)
Posted on 12/13/2011 2:26:00 AM PST by abb
Here's betting that the corporate brass at Lee Enterprises up in Davenport has no idea that today is the anniversary of the founding of the Post-Dispatch. If it did, you'd think it would choose any day but today to officially file for bankruptcy.
But even if the anniversary is lost on Lee Enterprises, the irony of its predicament cannot be. Lee wanted to be a big-boy media company back in 2005 when it swallowed up the larger Pulitzer Inc. (then owner of the Post-Dispatch). Now Lee is choking on all the money it borrowed to fund the acquisition and is seeking to refinance $1 billion in debt.
Old Joseph Pulitzer must be rolling in his grave. Pulitzer used proceeds from the Post-Dispatch to fund his media empire that eventually included the largest circulation paper of its day, the New York World.
The first Post-Dispatch, a merger of two of Pulitzer's St. Louis dailies, the St. Louis Westliche Post and the St. Louis Democrat, debuted on December 12, 1878, and published about 4,000 copies of its four-page broadsheet.
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Back in the 1980s...I remember reading the Post-Dispatch and thought it was a decent paper. Course, in the 1990s....a lot of the papers became this political topic paper...leaning far to the left and isolated from reality. They all want to blame TV and internet for their woes. The truth is that they dug themselves too big a hole to crawl out of.
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That doesn't mean they will dig out quickly or without some difficulty, but the odds are greater that they will survive in some form or fashion than if they filed cold.
But in any case, in fairness to Joe Pulitzer, it is admittedly getting increasingly more difficult for newsers to rake a muck ... particularly if you put a number of sacred cows such as Democraps, Hollyweird, and Libtards in general off limits.
There’s all sorts of news that goes unreported by the “real” media. Every day I beat the stuffing out of them here in North Louisiana all by myself with my little newsblog.
-——Joseph Pulitzer must be rolling in his grave-—
His grave is likely worn smooth from the rolling that results from the disgrace that are American newspapers.
Hear, hear. All you have to do is look at the STLToday Current Affairs Forum.
Since the 90's they have worked very hard to earn the title of:
The St Louis Post-Disgrace.
They filed Chapter 11 for reorganization which means they could stay around for a while. If it was Chapter 13 I’d be happier, but given the trend they’ll be hopefully filing for that soon!
1. If they pushed to liquidate, there is NO value for the properties, and thenthey take the hit.
2. By restructuring..i.e rolling over the debt, to extend the maturities and get a higher rate of interst, the creditors avoid having to write down the debt on their books..unless their auditors force them.
It doesn't make a difference...it just extends the death watch for a few more years.
1. Oprah's troubles started at the same time that she endored Obama..
2. There is NO WAY on God's green earth that the Tampa Trib survives. The Bay Area can't support two papers, and the St.Pete Times, because of its unique ownership structure, has very deep pockets. They should just shut it down now..The daily Trib is a joke...nothing in it, and the Sunday paper is just to wrap around all the inserts..
I do want the Trib to stick around at least throught the GOP convention, so we can get some semblance of balanced coverage..
Newspaper ad $ drops for 21st straight quarter
Thanks for the ping.
Everytime you post another lib rag going under it just warms my little, pea-pickin’ heart.