El Paso Times owner deals with debts

Over here at Media Buzz, we're often reporting on the troubles of stations like KDBC, or wondering if Newspaper Tree has finally shut down.

But honest and true discourse requires we also point out that MediaNews Group, the parent company of the El Paso Times, has troubles of its own.

Rumors were rampant today that MediaNews Group might declare bankruptcy. This article out of Minnesota pushed the rumor, and the article breaks down the large debt load of MediaNews Group.

But later today, MediaNews Group put out a news release saying the bankruptcy rumors were not true. An excerpt:

Proposals to the company's lenders do not include a change in control of the company, nor do they include proposals for any bankruptcy filings, as the rumors suggest.

Though the large debt load is troubling, MediaNews leaders believe it is manageable. And the El Paso Times, in particular, is still doing well, despite the national economic recession.

In other media buzz today, the former owner of the El Paso Times, Gannett, had this bad news come out: Gannett to cut 1,400 jobs in new round of cuts.

Comments

[observer]

well jay, at least the times doesnt have advertising like npt which to me clouds their judgment on how they report. im so sick of seeing that "take a virtual stormwater tour" bs ad for the psb on their site. i wonder how much of my fee pays for that along with montoya. however, i do understand it from a business prospective though. maybe the times will have to start doing it on their site also. that is advertise on top and bottom like npt.