Wednesday, December 4, 2013

Two Prominent New England Dailies on the Block

The Providence Journal / Projo.com Logo
 (Photo credit: Wikipedia)
Autumn in New England and the leaves--and daily newspapers--continue to fall.

If you have oodles of cash on hand and a slight masochistic streak, you might contact Stevens, a privately held independent financial services firm, and put in a bid for The Providence Journal, which the Rhode Island Public Radio Website (www.ripr.org) reports is for sale.

ProJo's owner, Dallas-based A.H. Belo, which doled out $1.5 billion in 1997 to purchase the Providence daily and its associated tv stations, is looking to unload ProJo, so that it can focus its attention on its core market in Big D, according to the RIPR post.

Meanwhile, last week John Henry, gazillionaire owner of the Boston Red Sox and Boston Globe, told staffers at the Worcester Telegram & Gazette--New England's third-largest daily--that he was looking for an interested local party to purchase the T & G, which was part of Henry's  $70 million Globe acquisition from the New York Times (see "TUOL" post 8/6/13).  The Times paid $296 million for the T & G in 2000, which it folded into its New England Media Group, along with the Globe.

Couldn't have been too comforting for Worcester editorial staffers to read Henry's October 27 letter in the Globe titled "Why I Bought the Globe" that failed to even mention his T& G acquisition. No potential buyers have stepped forward, though Gatehouse Media, Inc., freshly emerged from a structured Chapter 11 bankruptcy, is rumored to be interested.
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