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Company even cheaper than GateHouse wins bidding war for the Herald
By adamg on Tue, 02/13/2018 - 7:09pm
The Herald reports that its new owner will be Digital First Media, a company that likes to make reporters work out of their houses rather than paying for an actual newsroom. The company bid $11.9 million for the paper in a bankruptcy auction.
Adam Smith, who started as an editorial assistant at the Herald, hopes it gets a chance.
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Comments
Better than nothing
I'd rather work out of my house than have to sell it because I lost my job.
Oh?
How much of the current staff do you think they're going to keep around?
The goals of the new owners will be to recoup their investment and bleed the paper dry. They couldn't care less about the city or the paper's reputation. They aren't going to invest a nickel.
What reputation?
What reputation?
How can you profit from bleeding a place dry?
They spent $12m. The herald is running at a significant deficit and revenues decline every year. Tell us exactly what you mean.
Ask Mitt Romney
Consultant fees, Management fees, selling property, ect.
All leveraged from taking out debt against the equity there.
Vulture Capitalists have it down to a science on how to bleed capital out of even a husk of a company to fill their own accounts.
Sears is a good example where the CEO sold all the property to his own land development company and had Sears lease it back. Cause fuck you, pay him. There's still money in scrap if you know how to extract it.
This isn't helpful.
Mitt fucking Romney didn't buy the herald. A vulture capital firm didn't buy the herald. What real property does the herald own now that it rents office space and doesn't own a printing press? Jesus Christ the dialogue sucks here.
You guys deserve will the tulip and capecoddah. There is little point in engaging in thoughtful discussion because the trolls on either end of the spectrum piss all over every thread.
Beat me to it.
Beat me to it.
There's an entire industry in buying up the shells of dying companies, dismantling them, and selling off the pieces. https://en.wikipedia.org/wiki/Corporate_raid
Bane Capital (Mitt Romney) is a real-life one. The character Gordon Gekko from the old Wall Street movie is another famous example. The Wiki article gives plenty of other info.
Sears no longer exists. It's
Sears no longer exists. It's K-Mart holding something-or-another.
The CEO was hired to profitably liquidate the company, not save it, and he's not even doing a good job at that.
Recoup? How?
Recoup? How?
They have no physical assets like a building or land.
How much is their website worth? Could it generate enough advertising revenue?
I imagine they'll have to double-down on linked pay content and publishing, probably more column/commentary content than local reporting.
Millennial mine set
How about the blue collar guys.
Its a shame.
What kind of mine?
This kind of mine?
Or this kind of mine?
Or are you talking about baby boomers? You know ... the MINE MINE MINE set?
What could be more Trumpite conservative
than to be sold to a gut-the-company-for-assets hedge fund?
you must mean Bain
Like Bain Capital. The same company that former Gov Patrick works for.
Buy them, sell in pieces, like a junk car?
Umm
No, good old Mitt worked for Bain. Not Patrick.
Both Mitt AND Deval
Per Wikipedia, Deval is currently a managing director at Bain.
please
Don't bring a knife to a gun fight stupid
What the Herald has done
to its employees is downright shameful
Please fire Michael Graham.
Please fire Michael Graham.
So....
Say bye bye to Adriana Cohen, Michael Graham, Tom Shattuck and Jaclyn Cashman!
The stellar line up of Herald columnists will be decimated by this move! Cohen and Cashman have money, so they don't care. Graham will stay in Atlanta, where he's been hiding out since he got kicked off local radio.That leaves Shattuck..
Shattuck, the former intern for Graham and Jay Severin, is the epitome of the racist loser who will say anything stupid and racist to keep people remembering he exists. Just this week alone, the porcine racist has been making a spectacle of himself kissing the asses of his fellow racists at WEEI on Twitter in what will undoubtedly usher in Shattuck's return to lifting luggage for tourists at one of our lower rent hotels. Again.
The Herald's lineup is a who
The Herald's lineup is a who's who of disposable people. The only person I don't they could get rid of is Carr. Love him or hate him, he has a following.