History
MediaNews Group was founded by Richard Scudder and William Dean Singleton in 1983. Singleton was a pioneer in "clustering"—developing groups of newspapers that centralized a variety of functions, including production, ad sales, business operations and, in some cases, editorial. An example of this was the Alameda Newspaper Group in suburban San Francisco, where in the mid-1990s, a central newsroom in Pleasanton, California, did all the copy editing, layout and page makeup for five daily papers. Upon acquiring the diverse group of papers, Singleton consolidated several news sections (such as sports and features) to one local office away from the metropolitan area, having a few reporters do the job of what had been many individuals.
He was also a pioneer at developing pooled-asset partnerships. Among the first were papers in California, which included papers from Gannett Co. Inc., Stephens Media Group and MediaNews. Singleton's company contributed Los Angeles Daily News and the ANG operation, as well as other papers, while Stephens contributed papers such as the Vallejo Times Herald and the Inland Valley Daily Bulletin of Ontario. A year after forming the partnership, the duo allowed Gannett to enter, with its contributions including the San Bernardino Sun and the Marin Independent Journal.
MediaNews has entered into similar partnerships in Texas and Pennsylvania with Gannett and in Colorado with The E.W. Scripps Company.
In August 2006, the company took out around $350 million in loans to purchase four newspapers from McClatchy Company. Among those providing the loan was the Bill and Melinda Gates Foundation. The loan was mostly used to help pay for the acquisition of two significant San Francisco Bay Area newspapers (and some smaller papers), including the San Jose Mercury News and the Contra Costa Times, the dominant papers in the San Jose and Contra Costa County, California markets; in total, the purchases amounted to roughly $737 million.
Hearst Corporation owns 31% of MediaNews publications outside the San Francisco Bay area. Form 10-Q
In 2004, MediaNews Group acquired the York Daily Record, a 45,000 circulation morning paper in York, Pennsylvania.
On January 16, 2010, the Associated Press reported that Affiliated Media, parent of MediaNews will file Chapter 11 bankruptcy protection. Under the plan, company debt would fall to $165 million from about $930 million. Senior lenders would swap debt for stock. It came out of bankruptcy in March 2010 under the majority ownership of its lenders. The MediaNews creditors then removed Media News president Joseph Lodovic and its chairman, William Dean Singleton, was reassigned to the position of “executive chairman of the board." The Singleton-Lodovic appointees to the MediaNews board were replaced by new directors representing the stockholders group led by Alden Global Capital, a hedge fund firm which has acquired a large, though not controlling, stake. Several interim executive positions were also filled by people related to Alden or its parent, Smith Management LLC.
Read more about this topic: Media News Group
Famous quotes containing the word history:
“It is true that this man was nothing but an elemental force in motion, directed and rendered more effective by extreme cunning and by a relentless tactical clairvoyance .... Hitler was history in its purest form.”
—Albert Camus (1913–1960)
“Don’t give your opinions about Art and the Purpose of Life. They are of little interest and, anyway, you can’t express them. Don’t analyse yourself. Give the relevant facts and let your readers make their own judgments. Stick to your story. It is not the most important subject in history but it is one about which you are uniquely qualified to speak.”
—Evelyn Waugh (1903–1966)
“Don’t you realize that this is a new empire? Why, folks, there’s never been anything like this since creation. Creation, huh, that took six days, this was done in one. History made in an hour. Why it’s a miracle out of the Old Testament!”
—Howard Estabrook (1884–1978)