Monday, December 8, 2008

Buy a Paper?

Published reports say that the Miami Herald is up for sale.

The McClatchy Co., burdened by debt and a steep slide in newspaper advertising, wants to sell one of its most prized properties, The Miami Herald, according to people briefed on the company’s plans.

McClatchy, the nation’s third-largest newspaper chain, has approached potential buyers for The Herald, said these people. But they said they knew of no serious offers for the paper, reflecting the evaporation of major investors’ interest in buying newspapers.

The company refused to discuss the matter. Elaine Lintecum, the treasurer, said, “We do not comment on market rumors.”

The Herald is one of the largest of McClatchy’s 30 daily papers, with daily circulation of 210,000. It is also arguably the most prestigious, having won 19 Pulitzer Prizes…

The Herald was sold by Knight-Ridder to McClatchy in 2006 and recently went through a round of staff layoffs in an attempt to cut costs, but the paper is still struggling.

And that’s not the only paper in trouble. The Tribune Company, which owns the Chicago Tribune and the Los Angeles Times, is on the verge of bankruptcy and is bringing in management consultants to advise them what to do next.

My guess is that there will be a lot of reporters looking for work.