Articles about "GateHouse Media"


Cape Cod Times to move 14 positions to GateHouse’s Texas design center

Cape Cod Times

Fourteen newsroom positions at the Cape Cod Times will shift to GateHouse Media's new design center in Austin.

The newspaper reports its staffers will have the opportunity to move to Texas. Other Local Media Group newspapers, which are managed by GateHouse, will also make the move. (more...)
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Bankruptcy

GateHouse declares Chapter 11, announces ‘prepacked’ reorganization

GateHouse Media | Bloomberg Businessweek | Jim Romenesko
GateHouse Media announced Friday it has filed "voluntary chapter 11 bankruptcy proceedings" in Delaware and has "filed and requested confirmation of a joint prepackaged plan of reorganization." The plan "proposes a 'balance-sheet restructuring,' by which GateHouse will emerge from bankruptcy with much less debt on its balance sheet, but with its business operations completely intact," GateHouse CEO Michael Reed said in the company's announcement.

The company "listed assets of $433.7 million and debt of $1.3 billion" in its filing, Sophia Pearson and Tiffany Kary report.

Upon its exit from bankruptcy, GateHouse intends to pair with Local Media Group, the collection of U.S. newspapers News Corp sold to Fortress Investment Group, which owns GateHouse, earlier this month.

GateHouse says none of its creditors voted against the plan. Its "common stock would be canceled under the plan, and holders of secured debt would have the option of receiving a cash distribution equal to 40% of their claims, or stock in New Media Investment Group Inc., a new holding company that will own GateHouse and Local Media Group," the announcement says.

The company says it has "sufficient cash to operate during the chapter 11 process," and Reed told employees he expects the process to take "45 to 60 days."
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GateHouse Media revenue drops alongside foreclosure rates

Boston Business Journal | WPRI
The drop in foreclosures nationwide in March should be good news for everyone, but the Boston business Journal's Jon Chesto notes GateHouse Media Inc. is facing a 6 percent decline in revenue year over year because of a decrease in ad sales for foreclosure auctions.
The loss of all those foreclosure auction ads that GateHouse once counted on to get through the tough times is continuing to hurt the company’s classified ad pages. Lower foreclosure revenue in Massachusetts accounted for a full 40 percent of GateHouse’s classified ad revenue decline in the first quarter, the company said. But there’s good news, GateHouse investors: CEO Mike Reed said he expects this problem to subside by the end of the third quarter, and “possibly reverse.”
The Fairport, N.Y., company referred to the Massachusetts legislature in an SEC filing about first quarter results. Lawmakers there passed a law last year making loan modifications easier, implicitly leading to a further decrease in ad revenue. Declines in classified ad sales have plagued newspapers since the advent of the Internet. Next door in Rhode Island, the Providence Journal's owner A.H. Belo blamed the city's real estate market for the slow sale of some of the company's real estate.
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GateHouse reorganizes papers by size, rather than region

Starting next year, GateHouse publications in nearly two dozen states will be managed by size -- metros, large dailies and community papers -- rather than by geography or region. With this realignment, there will be staff changes:
Current Vice President of News & Interactive for GateHouse Media, Brad Dennison has been named Vice President of Publishing Large Dailies. Responsibility for Publishing Communities will be shared between two of our current Regional Vice Presidents, Gloria Fletcher and Nick Monico. The Company will name the Vice President of Publishing Metros in the near future.
The company also announces a new vice president of digital and several other moves in the release. (more...)
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GateHouse Media CEO: ‘We need to become more than a newspaper company’

Romenesko+ Memos
GateHouse Media CEO Mike Reed unveiled Project Apple in September -- an initiative with the goal of "a turnaround just as impressive as Apple’s." (The newspaper chain recently reported a $5 million net loss for the third quarter.) On Tuesday, Reed gave his employees a Project Apple update. "We are already seeing progress in several areas," he writes in a memo. "But even so, the simple fact is that the way we are working today is not in line with the way our business is moving. Over the next few months, we’re going to continue to introduce initiatives that will assist us in meeting the challenges and demands of the business."

We need to recognize that newspapers may be a product in declining popularity and readership, but content is not and never will be. In fact, the content our publications produce is more valuable and necessary than ever before. No one creates it better than we do and we need to deliver it in many different ways. We need to become more than a newspaper company -- we must become a content company. That is what will drive the changes in the coming months.
Reed's full memo is after the jump. (more...)

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GateHouse+Media

GateHouse Media aims for ‘a turnaround just as impressive as Apple’s’

Illinois Times
GateHouse CEO Michael Reed recently unveiled Project Apple in a memo to employees, which said "we are not looking to dominate the world. But, we are looking to remain the most dominant local media franchise in each of the markets we serve and a turnaround just as impressive as Apple’s is something to which we should all aspire.” The memo is long on buzzwords like “structural cost alignment” and “digital ecosystem” but short on specifics, reports Bruce Rushton, a former employee of GateHouse's State Journal-Register. He notes that it arrived in employees' email boxes on the same day that three people lost their jobs at the Springfield, Ill.-based SJ-R.
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