November 3, 2008

Our newspaper company gets a reprieve

For those following the Journal Register Co.'s ongoing saga, you'll be interested to know that the lenders who could fold the whole company have agreed to extend a loan repayment deadline until Jan. 16, according to Editor & Publisher.
The newspaper company, which owns The Bristol Press and a number of other Connecticut papers, reported a net loss of $8.7 million in the third quarter, down from a net income of 411.2 million during the same period a year ago.
Bad as that sounds, though, it's typical of the industry, which is struggling to find a way to increase online revenues enough to make up for shrinking earnings from the honest-of-God, hold-it-in-your-hands, dead-tree version.
The company owes a ton of money -- more money that I can imagine -- because it bought a bunch of papers in Michigan just before the economy tanked. They are worth much, much less than the newspaper paid for them.
Then again, that's probably true of most every paper in America these days.
Anyway, it appears I'll have a job until mid-winter, with a little luck, which is pleasing to me even if the "you're a jerk" guy on here hopes I get canned soon.
Copyright 2008. All rights reserved.
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Anonymous said...

Too bad, I can't wait until I don't have to see your s___ eating grin anymore around town. Oh that's right you live in West Hartford, where the schools are better huh?

Maybe you can get a job at the Observer or start your own paper? Call it "Bristol DePressed" or "The I Worship Ward and Colapietro Press".

Anonymous said...

You have skills Steve,you have proven that with solid reporting such as your series on the sham mall investors from California. The problem is, The Journal organization doesn't really challenge you to do your best work. As long as you are out ruffling feathers, you are selling enuf papers to satisfy them. A real newspaper will surely snatch you up if the Journal folds or decides to make cuts. I wish you well.

Steve Collins said...

Hey 9:05 - Register!
And, yes, the schools are better. But the taxes are higher, too.

AnonymousWestconnStudent said...

Just wanted to say. VOTE! No matter what side of the political spectrum you fall on VOTE! This will be on the biggest elections we'll have for a long time!

Anonymous said...

If all those newspapers have deteriorated like The Press, it's no wonder they're in bad shape financially.

Phil T. said...

Newspapers are so yesterday. I do wish you good luck, Mr. Collins, because I know from this blog that you have talent and you care.

Reality said...

Time to collect from your hero Obama .

I'm sure he will continue needing your biased reporting in the years to come .