Sunday, February 22, 2009
Red ink headlines
Another bad week for newspapers.
The Journal-Register Company, corporate owner of The New Haven Register and the Middletown Press, has filed for Chaper 11 bankruptcy, filing a reorganization plan that calls for protection from creditors, closing more newspapers, the cancellation of stock and becoming a closely-held company.
It remains to be seen, of course, which newspapers will close.
The other news comes from inside the Hartford Courant where falling circulation and advertising is being blamed on the need to make more personnel cuts. Of course, the real reason for the huge financial mess is the leveraged financing used to purchase the chain's newspapers. Reports are that staff may be cut by 20%. One wonders who will be left to write the stories.