Wednesday, October 13, 2004

Merc's cost cutting means no free turkeys

According to San Jose's alt-weekly, Metro, employees at the San Jose Mercury News will no longer get free turkeys as part of a cost-saving move. "Things have hit such a low point at the Mercury News, which is owned by the $5 billion Knight Ridder corporation, whose stock was riding a five-year high last spring, that employees have again begun calling the paper by its in-house nickname, the 'Murky News,'" says Metro.

Friday, October 1, 2004

Examiner owner buys three free dailies

According to Editor & Publisher magazine, San Francisco Examiner publisher and Denver billionaire Philip Anschutz added another group of newspapers to his holdings. On Sept. 30, he purchased Journal Newspapers in Alexandria, Va., which includes the free dailies Northern Virginia Journal, Montgomery Journal, and Prince George's Journal, through a newly formed investment arm, Clarity Media of Denver. Two Denver Post alums head Clarity Media: former President and Publisher Ryan McKibben and former CFO Frederick Anderson. Terms of the deal were not disclosed, but analyst John Morton told the Denver Post he estimated the transaction was between $50 million to $75 million. In February, Anschutz bought The Examiner in San Francisco for a widely reported but unconfirmed $20 million. [UPDATE: A JULY 23, 2006 Los Angeles Times article, quoting from San Mateo County Superior Court documents, said the actual price Anschutz paid for the Examiner was $10.7 million]