paidContent.org - Newspaper Roundup: Boston Globe; E.W. Scripps; Lee Enterprises; C-S Monitor
Friday, January 16, 2009; 2:07 AM
?Boston Globe cutting 12 percent of the newsroom: The NYTCo-owned paper is offering buyouts to all of its newsroom staff as it seeks to cut at least 50 full-time jobs. Speculation has been growing that the NYTCo (NYSE: NYT), which has been going through its own financial struggles, might try to sell the Globe?which it bought for $1.1 billion in 1993.
?E.W. Scripps' Rocky Mountain News faces ultimate deadline today: Prospective newspaper owners have until the end of business Friday to make their bids for E.W. Scripps' Rocky Mountain News. The paper, which had estimated losses of $15 million last year, has said that if it doesn't get the right offer, the paper will be shuttered. That's a theme that has being increasingly sounded, as the Seattle Post-Intelligencer faces a similar fate within the next two months.
?Lee Enterprises tries for reverse stock split: Its stock limping along at about $1 per share, Lee Enterprises (NYSE: LEE) is hoping to avoid being delisted on the NYSE through a reverse stock split. The maneuver would raise the share price, since it would convert as many as 10 shares. If its board approves the split, the share price could rise between $1.85 and $3.70, depending on what ratio directors choose. The struggling Davenport, Iowa-based publisher posted a net loss for 2008 on New Year's Eve. On top of everything else, Lee also faces possible default on about $456 million in debt next month.
?C-S Monitor reduces edit staff by 7 percent: As it prepares to go from a daily to a weekly print publishing schedule this spring, The Christian Science Monitor will cut its 90-person edit staff by 7 percent. About 16 posts will be eliminated so far; half of those jobs are already gone through attrition. The remainder will be cut through buyouts. If the number of buyouts accepted fails to meet the Monitor's expectations by Feb. 16, layoffs will be handed down.