(St. Louis) Post-Dispatch Parent Co. Files Bankruptcy (Dinosaur Media DeathWatch™)

Riverfront Times ^ | December 12, 2011 | Chad Garrison

[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.

[abb]

Tuesday morning good news.

[abb]

ping

[abb]

http://www.nytimes.com/2011/12/13/business/lee-enterprises-files-for-bankruptcy-protection.html?ref=business
To Reorganize Debt, Publisher of Papers Files for Bankruptcy

http://www.mediapost.com/publications/article/164106/lee-enterprises-declares-bankruptcy.html
Lee Enterprises Declares Bankruptcy

http://www2.tbo.com/news/breaking-news/2011/dec/12/165-layoffs-under-way-at-tampa-tribune-sister-pape-ar-333846/
165 layoffs under way at Tampa Tribune, sister papers

http://www.tampabay.com/blogs/media/content/tv-critic-walt-belcher-near-35-year-veteran-among-165-people-laid-today-tampa-tribune-sister
TV Critic Walt Belcher, near 35-year veteran, among 165 people laid off today at Tampa Tribune, sister papers

[pepsionice]

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.

[abb]

http://www.dankennedy.net/2011/12/12/more-on-the-journalists-arent-bloggers-ruling/
More on the journalists-aren’t-bloggers ruling

http://newsosaur.blogspot.com/2011/12/digital-giants-closing-in-on-local.html#comments
Digital giants closing in on local media

http://gannettblog.blogspot.com/2011/12/phoenix-republic-kpnx-reorganizes.html
Phoenix | Republic-KPNX reorganizes newsroom

http://www.deadline.com/2011/12/ubs-confab-wrapup-big-media-still-lacks-big-ideas-but-no-longer-fears-netflix/
Big Media Still Lack Big Ideas; Moguls No Longer Fear Netflix But Now Worry About Internet Video: UBS Confab Wrapup

http://news.yahoo.com/movie-audiences-shrink-below-post-sept-11-level-193826288.html
Movie audiences shrink below post-Sept. 11 level

http://www.crainsnewyork.com/article/20111211/MEDIA_ENTERTAINMENT/312119978
Oh no! Oprah Winfrey’s new network is struggling

[Zakeet]

This is a pre-packaged bankruptcy filing ... meaning that it has been in the works for some time and Lee has reached some type of agreement with the majority of its creditors.

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.

[abb]

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.

[MCF]

The Post came out full throttle for forced busing in the 70’s. I remember them gleefully advocating busing kids from as far Jefferson county to North ST.Louis, over 50 miles, in their fantasy of Fascism. When a group of citizens came out in defense of local schools the Post branded them as KKK racists. The ST. Louis school system has never recovered from the tyranny of the that Federal Judicial mandate. The Post has always been staffed with arrogant, destructive leftists.

[bert]

-——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.

[Molon Labbie]

Hear, hear. All you have to do is look at the STLToday Current Affairs Forum.

[TYVets]

Course, in the 1990s....a lot of the papers became this political topic paper...leaning far to the left and isolated from reality.

Since the 90's they have worked very hard to earn the title of:

The St Louis Post-Disgrace.

[Jack Hydrazine]

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!

[ken5050]

Creditors are more than willing to go along with this for two reasons:

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.

[ken5050]

Two thoughts for today:

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..

[abb]

http://www.medialifemagazine.com/artman2/publish/Hereandthere/Newspaper-ad-drops-for-21st-straight-quarter.asp
Newspaper ad $ drops for 21st straight quarter

[GOPJ]

Thanks for the ping.

[OldPossum]

Everytime you post another lib rag going under it just warms my little, pea-pickin’ heart.