Site search
sponsored by
| Welcome, Guest |
|
| LOGIN | Become a Member | What's This? |
Please enter the following information:
| Email or Screen Name: | |
| Password: | |
| Remember Me | |
|
Forgot Password?
Didn't receive your verification email? Become a Member |
|
Jobs
Real Estate
Classifieds
Search for homes by MLS, classified listings, rentals, and much more!
ENLARGE
DENVER — The Rocky Mountain News, Colorado’s oldest newspaper, was offered for sale on Thursday after owner E.W. Scripps Co. said it lost about $11 million on the operation in the first nine months of the year.
Cincinnati-based Scripps said in a news release that if no acceptable offers emerge by mid-January, it will “examine its other options.” It gave no details.
Scripps has owned the News since 1926. Since 2001, the newspaper has been in a joint operating agreement with The Denver Post, owned by Denver-based MediaNews Group.
Rich Boehne, president and CEO of Scripps, said the company’s 50 percent share of the JOA cash flow “is no longer enough to support the Rocky, leaving us with no choice but to seek an exit.”
Scripps said the JOA, known as the Denver Newspaper Agency, has about $130 million in long-term debt from a recently completed consolidation of production facilities with new printing presses and other upgraded equipment.
“Some will be tempted to immediately write the obituary of The Rocky, but we’re hoping this step will open the way for a creative solution to the financial challenges faced by Denver’s great newspapers,” he said.
The News was founded in 1859, and Scripps’ announcement that the property is for sale came amid a series marking the paper’s upcoming 150th anniversary.
The 2001 JOA ended a long and heated newspaper war with The Post. The News said its daily circulation reached more than 400,000 in the final years of the battle.
Circulation is currently 210,000 daily and 457,000 on Saturday.
The News publishes Monday through Saturday and The Post publishes Sunday through Friday.
Cincinnati-based Scripps said in a news release that if no acceptable offers emerge by mid-January, it will “examine its other options.” It gave no details.
Scripps has owned the News since 1926. Since 2001, the newspaper has been in a joint operating agreement with The Denver Post, owned by Denver-based MediaNews Group.
Rich Boehne, president and CEO of Scripps, said the company’s 50 percent share of the JOA cash flow “is no longer enough to support the Rocky, leaving us with no choice but to seek an exit.”
Scripps said the JOA, known as the Denver Newspaper Agency, has about $130 million in long-term debt from a recently completed consolidation of production facilities with new printing presses and other upgraded equipment.
“Some will be tempted to immediately write the obituary of The Rocky, but we’re hoping this step will open the way for a creative solution to the financial challenges faced by Denver’s great newspapers,” he said.
The News was founded in 1859, and Scripps’ announcement that the property is for sale came amid a series marking the paper’s upcoming 150th anniversary.
The 2001 JOA ended a long and heated newspaper war with The Post. The News said its daily circulation reached more than 400,000 in the final years of the battle.
Circulation is currently 210,000 daily and 457,000 on Saturday.
The News publishes Monday through Saturday and The Post publishes Sunday through Friday.
Ads by Google
Other Top Items
|
Related Articles
|
Most Recommended Articles
|
Comments
You must be logged in to leave a comment.
GET MORE NEWS
