GateHouse Media shares have officially closed at less than $1. It’s looking more and more like this analyst’s predictions from early June will be coming true:
The next newspaper company to get into real trouble is likely to be Gatehouse Media (GHS). The firm is in bad enough shape that it could be the next Journal Register. JRC, as it was known, hit hard times due to large debt and falling operating income. It was delisted from the NYSE. […]
Watch for GHS to be broken up before the end of the year or to enter Chapter 11.
Still no coverage from the Journal Star or any other GateHouse papers. I guess they don’t feel it’s newsworthy. I’ve even contacted business editor Paul Gordon and publisher Ken Mauser, but they haven’t returned requests for comment.
UPDATE: I thought this was a well-deserved slam against companies like GateHouse Media:
The newspaper industry’s strategy of shrinking newsroom and newshole seems not to be helping their shrunken stock prices.
You can say that again.
zzzzzzzzzzzzzzzzzzz. If they go under we got you and Billy.
Actually, no you don’t. As much as I admire C.J.s tenacity and research, we both got jobs. Reporting is HARD work, and the people who do it need to get paid. The kind of journalism C.J., I and several others here in Peoria do is valuable, and we need more of it. But it supplements the work of full time journalists. IT doesn’t replace the Journal Star. I’m really worried some bankruptcy judge is going to liquidate assets, piece by piece.
Is that really Billy Dennis who posted that?
That would be AWFUL if bloggers had to actually go out and get their own stories. It is so much easier to just snark on the PJStar stories. They do all the work. We have all the fun. How cool is that? 😉
The PJS might get liquidated? Cry me a river. Then maybe we will get a real newspaper in this town.
Ydeah …. cause venture capitalists LOVE to start newspapers.
If the Journal Star collapses, a lot of good people will be out of work for no reason other than bad corporate practices.
Gatehouse Shuts Two Newspapers:
http://tinyurl.com/gatehouse-shuts-2-papers
GateHouse Media booted from trading floor: http://tinyurl.com/gatehouse-booted-from-nyse
Awaiting word on this at PJStar.com