What’s Happening To Newspapers?

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• The Rocky Mountain News, one of Denver’s two daily newspapers, shut down completely.

• The Journal Register Co., owner of the New Haven Register in Connecticut and 19 other newspapers, filed for bankruptcy.

• The Hearst Co., owner of the San Francisco Chronicle, announced that if it doesn’t find a buyer, it will shut down that city’s only daily newspaper.

• The Philadelphia Newspapers Co., owner of both Philadelphia papers, the Inquirer and the Daily News, filed for bankruptcy.

• The Washington Post Co., whose newspaper of the same name, and its stable-mate, Newsweek magazine, announced that its fourth quarter profit plunged 77%. (This is the company whose largest outside stockholder is the fabled Warren Buffet.)

• Gannett Co., owner of our Palladium-Item and Indianapolis Star among about 90 other daily newspapers, slashed its quarterly dividend by 90% to save $325-million a year! And this came after a previous announcement (as some of your friends may have told you) all Gannett employees were given a one-week “holiday” without pay to save cash. (Strangely, I don’t remember reading anything about any of this in either the P-I or Star.)

All in one week!

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