Wednesday, March 06, 2019
KANSAS CITY STAR PARENT COMPANY STOCK SUFFERS HARSH TIMES!!! MORE DEAD-TREE DOWNSIZING AHEAD!!!
Kansas City has about a dozen former newspaper columnists and reporters who troll around the local Internets and offer their opinions on JOURNALISM because they haven't managed to find a job doing anything more productive.
To be fair, there are at least two of them who pimp themselves out for developer & political cash - Proving that they're at least trying to hustle.
In the meantime, our community of media experts takes a view of the big picture. Here's a quick preview of tomorrow's conference call that will mean more downsizing for the local newspaper that's already mostly ignored . . .
"McClatchy earnings announcement released before the market opens on Thursday March 7th. Wednesday afternoon, MNI is sitting just above their 52-week low."
It gets worse . . . Their building is up for sale again:
KC Biz Journal: KC Star printing building is back on the market for $31M
Deets on the "sale that would include a triple net lease, meaning the Star would continue to pay property taxes, insurance and maintenance on the building, in addition to rent with built-in increases." Meaning that it's really more of a cry for help:
"It’s a 100 percent abatement on the property, but the Star makes annual payments in lieu of taxes totaling $303,538 a year to the taxing jurisdictions that are forgoing revenue as a result of the abatement.
"The move to sell the building comes on the heels of two dozen employees accepting buyouts that the paper's parent company offered its most senior employees, including Johnson County government and business development reporter Lynn Horsley, business reporter Mark Davis and political columnist and editorial writer Steve Kraske."
And now a quick overview of fading dead-tree media fortunes whilst the Facebook algorithm and Twitter creeps attempt to tell a minority of people how to vote whilst everybody else couldn't care less about politics and simply want to gawk at hottie booty on Instagram.
Check the links . . .
CJR: McClatchy upgrades CEO’s housing stipend to $35K a month amid buyouts
MNT: More Than 200 McClatchy Employees Take Buyouts; CEO Calls Efforts Good "for the Future of Our Republic"
Most Analysts Rate The Company A Hold: Watching the Charts on Shares of Mcclatchy Company (MNI)
Developing . . .