Thursday, October 2, 2008

Financial Downturn Further Weakens Newspapers

From the Wall Street Journal:

The financial turmoil is adding headaches for troubled newspaper publishers.

The Star Tribune said Wednesday it skipped a debt payment as the Minneapolis newspaper tries to restructure $430 million in borrowings. Publisher Chris Harte indicated the company is testing all options with its lenders.

Gannett Co., the country's largest newspaper publisher, meanwhile said Wednesday it had tapped its credit line as short-term financing markets stall. And alternative weekly publisher Creative Loafing Inc. filed for Chapter 11 this week. [Click for MORE]

> FORBES: For Newspapers, The Storm Gets More Perfect

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