Wednesday, September 9, 2009

Will OC Register Move From Santa Ana
to Times OC Building in Costa Mesa?

Is a "for sale" sign coming to the Orange County Register's Santa Ana complex?
Not that long ago, the Orange County Register and Los Angeles Times were embroiled in a bitter circulation battle that resulted in huge resources being pumped into this region, competing "hyper-local" community papers popping up like weeds and both papers reaping the spoils of some of the highest advertising rates in the country.

My, how times have changed. With the daily print newspaper industry in major retreat mode, the Times has left only a skeleton crew at its Orange County headquarters on Sunflower Avenue in Costa Mesa. While owner Sam Zell has yet to carry through with a previously revealed desire to snatch up the Register--which just filed for Chapter 11 bankruptcy this week--the Times will soon be distributing the Register and they already jointly produce a weekly advertising supplement. [Click for MORE]

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Sun-Times Gets Offer of $5 Million

A Chicago investor offered $5 million to buy the publisher of the Chicago Sun-Times, in a deal that could keep the struggling tabloid in business.

Jim Tyree, chairman and chief executive of investment firm Mesirow Financial, is leading a group that pledged the sum for Sun-Times Media Group Inc. in a bankruptcy auction. Mr. Tyree's group will be the "stalking horse," or lead, bidder as the company solicits other offers. It valued its assets at $310 million as of Dec. 31.

Tyree also agreed to assume about $20 million in liabilities, Sun-Times Media Group said Tuesday. A bankruptcy court must approve the terms and outcome of the auction. [Click for MORE]

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Tuesday, September 8, 2009