Reporters in the Tribune Group (South Florida Sun-Sentinel, Chicago Tribune, LA Times) are reporting that Pensacola News Journal owner Gannett may bid on their papers ( READ HERE).
Executives from the McLean, Va.-based media giant, which publishes 90 U.S. newspapers, including top-read USA Today, were in Chicago last week to hear presentations on Tribune’s financial condition, two sources close to the situation said.
The article also describes Gannett’s financial position:
Gannett, which also owns 23 television stations, is highly profitable–it earned $1.2 billion last year on revenues of $7.6 billion. But like every other traditional media company, it has been feeling the pressure of an anemic ad market, as well as declining readership and viewership. In the third quarter, the company reported a 12 percent decline in earnings.
Maybe Duwayne & I should drive up to Chicago and put in our bid. Will they hold a postdated check?
