Standard-Times Sold for the Second Time This Year

 

Yesterday, Journal Media Group, Inc. (JMC), the corporate parent of the San Angelo Standard-Times along with 14 other newspapers and 18 weeklies was sold to Gannett (GCI). The deal was reported to be for $280 million in cash, giving JMC shareholders $12 per share, a 44.6 percent premium on yesterday’s closing price, according to StreetInsider. This is the second sale this year involving San Angelo’s 104-year-old daily.

The transaction was meant to make the shareholders rich, with a nod to quality journalism. In his statement announcing the deal, Gannett’s president and CEO Robert Dickey said, “Our merger will combine the best of each of our organizations to create a journalism-led, investor-focused company which will provide substantial value to the shareholders of both companies.”

Gannett promises to further consolidate operations and cut staff. The combined company “will benefit from the consolidated functions Gannett has established over the last several years," Gannett was quoted in USA Today. USA Today is a Gannett property. The Milwaukee Journal Sentinel reported that by combining the two newspaper groups, Gannett hopes to realize an operational savings of up to $25 million annually.

On Oct. 2 a Gannett internal memo from the corporation’s “Chief People Officer” reported that the company is seeking volunteers for retirement. Gannett employees identified as eligible for early retirement have until Oct. 12 at 11:30 p.m. EST to accept the offer. At the end of the offer email, the CPO warns, “If we don’t achieve our goals, we will need to re-evaluate where we stand and we can’t rule out implementing other actions in the future.”

The Milwaukee Business Journal reported that all is not well at the Milwaukee flagship newspaper offices. “Our newsroom is aware of it and people are in a panic,” Tom Silverstein, a sports reporter who is president of the newsroom employee labor union at the Journal Sentinel, told the Milwaukee Business Journal.  

The Standard-Times was included in a spin-off of newspapers from the E.W. Scripps Company in April 2015 that combined the former Scripps newspapers with the Milwaukee Sentinel Journal to form Journal Media Group. Scripps and the Milwaukee corporation that owned the Wisconsin flagship newspaper were shedding the financial drag of their newspapers from their profitable television broadcast properties.

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Less than ten years ago the Standard Times had the power to cover up voter fraud and rigged Grand Jurys. Now they couldn't cover up spilled ketchup at McDonalds.

Mr Hyde,

It appears you are not in agreement with the foundation of what the OW movement stands for. Shame they were not managed properly. I'm not sure what your income is, but I am middle class. This movement would have directly supported the plight of middle, working and poor classes within the oligarchy we now live in, which unabridged capitalism has ultimately afforded us. Most of this nation is reaping the rewards of that debilitating metamorphisis right now, and into the unforeseeable future.

Long story short, the business gentleman in your video was outclassed by students in this small economic/financial debate you have filmed--some may have needed a hair-trim---I admit. Irony is brokers, etc., were holding signs in the streets of NY demanding their own financial firm bailouts--the perverbial pot calling the kettle black, all while asking for taxpayer aid (socialism, as republicans refer to it) during the crisis. If a seasoned figure, such as Elizabeth Warren, would have gotten a hold of this man, she'd of torn a brand new "you know what" in him and sent him home with his short/long hedgefund Excel spreadsheet to cover it up--all based on fact. Year after year for over a decade, the countries of Denmark, Sweden, Australia, Norway and Canada (yes--the country religiously made fun of by Americans as a national pastime) lead the world in entreprenualism, exports (our top official export is now "culture"--since we have gutted our nation by systematically shipping our jobs out for over 35 years to please shareholders), trust in government, affordable prescriptions and healthcare, much lower rates of crime, gun control that works, much less teen pregnancy, better job benefits that gaurantee a year or more at home for new parents, 5-6 week paid vacations, better infant mortality rates, longer life spans, free college, low-cost daycare, cleaner air, water, etc., etc. Regardless of what the media claims--these are all "facts", and they are all "paid for"--as the business gentleman in your video "claims otherwise and you indirectly show your support for". There's no reason why hardworking Americans can't enjoy at least some of those conditions other western industrialized actors have been experiencing--wouldn't you agree?

In the political sense, Mr. Hyde, I seriously don't think there's much the Republican party can do for anyone earning under $125K or so per year, except make sure your neighbor can't have a gay marriage, can own a gun, can't access affordable healthcare, can't have an abortion, can't smoke medical or recreational marijuana, etc. Likewise, there's not much the Democratic faction can do for people making over that amount, except make sure you can smoke medical/recreational pot, have access to an abortion, can't own a gun, can have a gay marriage, have acccess to affordable healthcare, etc. Since the large majority of America has had to bare the brunt of rigged markets, bank shenanigans, mafia-priced healthcare costs, income inequality, etc. should they now simply vote their "income", since they have all fallen so far financially behind?

Be careful, Mr. Hyde: Your readers are much more intelligent now. It's a different time and new generation--not the "same ole, same ole" rural mentality--which firmly believes and survives on it's own socialist handouts--while planting water-intensive crops in parched and drought stricken areas. That in itself is difficult to rationalize or fathom for a responsible, civil society, much like maybe Viking funerals conducted in drought prone areas--both make good reads for The Onion. Furthermore, your new readers and potential market are not swayed by the media, or religion for that matter, as they follow money, question anything "organized" with their own agendas and are distrustful of pastors with a "direct line to their God", both domestic and national, who in turn are influenced by too much greed.

The media, the so-called industry you yourself are proud to represent shares a huge portion of the blame that our country is in at the moment. In the macro sense, the only way out of the sensationalistic mis and disinformation Americans have been buried under due to "ratings, advertising dollars and/or the bottom line", is by beginning Journalism 101 courses within universities across the country with a simple question at the beginning of the first day of class: "What is your definition of journalism"? Then, the professor should assign that as homework due the following week and dismiss the class immediately. There should be at least one course specifically designed to disect every aspect of a good portion of what has been broadcasted to the American public from various sources. The task of the course should be for the students to construct a new responsible, trustworthy, fair and objective working definition that all can agree on. The goal would be to implement such practice or policy in a holistic fashion with civil society in mind, if they choose to ultimately become journalists themselves. If they don't, then they and others should demand no less from any form of media contemporary technology has to offer.

In the micro sense, Mr. Hyde, you yourself should live up to the journalistic principles you claim to adhere to by stepping outside of ownership and doing your readers a favor: How about conducting some "good ole" investigative journalism. Is it possible SALIVE can begin a "Where Are They Hiding Now" series, starting with that good ole' boy Phil Gramm and his straight-shooting wife? Then, Perry, etc. etc.? I think that's a good start, since you are so interested in the OW movement. Thank you for your attention.

Guess SALIVE can't do an investigative expose on Perry's crooked interests, and lack of interest for children's school meals, elderly benefits and affordable healthcare for poor, working and middle class families.......your family is politically affiliated with him. Hmmm. Well, plenty of other so called Texas political figures to choose from...............

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