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Posts Tagged ‘Roanoke Times’

If reports are correct, my former company, Digital First Media, is going to sell to Apollo Global Management for about $400 million.

I’m not going to pretend I can analyze what that means for DFM, my many former colleagues there or for the news business. I hope for the sake of my many friends remaining in the company’s newsrooms across the country that the Apollo’s management will find a path to prosperity that doesn’t involve endlessly cutting staff. I hope the company will genuinely pursue the kind of digital creativity that the future demands and will have the staying power to let good ideas flourish.

Since seeing initial reports about the pending deal, I’ve wondered about the meaning of the $400 million sale price, reached in a long “auction” process that sought the best deal(s) to sell the company as a whole or in pieces.

The reported price tag is a breathtaking fall from what newspapers used to be worth, even in the past few years. I hope this means Apollo’s strategy isn’t to keep cutting staff to maintain profits. DFM doesn’t have much left to cut, and values have dropped as newspapers have been cutting. The best way to maximize this $400 million investment will be to build value by developing new revenue streams.

Comparisons of sales prices of media companies can be misleading. One sale might include more real estate, while another might include more debt or pension obligations. Successful subsidiaries can add value to a company. In a sale such as the DFM deal, which is essentially between two private equity companies, full terms may never be disclosed. You might not be comparing apples and oranges, but apples and lawn mowers.

I was not involved in the sale at all, other than losing my job last year as the company was preparing for the sale. But I understood DFM enough to know this was an extraordinarily complicated deal, with an array of factors that make it unique: (more…)

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I can be a bit of a scold to colleagues, exhorting editors to move more boldly and swiftly into the future.

As an industry, newspapers have been slow and clumsy at innovation. But a lot of editors do outstanding, innovative journalism (as well as outstanding traditional journalism) and I would like to recognize some of them. I was honored today by Editor & Publisher, named Editor of the Year. As I explain in a separate post, I was surprised by the honor, not out of false humility but because I truly am no longer an editor.

While I am honored by this recognition, I do want to make the point that many editors are deserving of such recognition. Dozens, if not hundreds, of editors serve their communities honorably, elevate the journalism of their staffs and pursue innovative solutions, even in these trying times. (more…)

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My Sunday post about the APME board’s use of Twitter drew a detailed, thoughtful response from APME board member Carole Tarrant.

Carole, editor of the Roanoke Times, had prompted the Sunday post with a tweet from a meeting of the Associated Press Managing Editors. She responded in a comment to the original blog post. But, recognizing that the comment will not receive as much attention as the original post, I wanted to call attention to it in a separate post. She put a lot of thought into her response and I thought it deserved more attention than blog comments sometimes get. I also wanted to respond to it. (more…)

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Reviewing 2009 on my blog (mostly for my own information, but I share it because that’s what bloggers do):

My most popular post by far (more than twice as many views as anything else) was my Blueprint for the Complete Community Connection, posted April 27. I proposed a detailed new business model for community news organizations. It received more links from other blogs and more tweets than anything else I’ve written this year. And interest in C3 remains strong. (After traffic on that post declined from June through September, it increased in October and November. December didn’t quite match November, but exceeded August, September and October). C3 gets more attention in a slow month than my average post gets total.

Everyone wants a blog post to go viral, but I’m glad I didn’t write something quirky that went off the charts. C3 was one of the most important things I’ve written this year (or in my career), so I’m pleased that it received more attention than any other post. I’ve been invited to make presentations dealing with C3 in Florida, Nevada, California, Texas, Siberia and Canada. I hope in 2010 to be writing about how Gazette Communications and other organizations are carrying out the vision of C3.

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