Thursday, December 4, 2008

Scripps to Sell the "Rocky Mountain News"

Posted By on Thu, Dec 4, 2008 at 4:00 AM

E.W. Scripps, the parent company of the Memphis Commercial Appeal, is putting one of its largest newspapers on the block. From the Rocky Mountain News website:

The Rocky Mountain News, Colorado's oldest newspaper, has been put up for sale by its parent company.

Citing worsening financial conditions and an expected loss at the paper of roughly $15 million this year, the E.W. Scripps Co. said it would seek a possible buyer in the next 30 days.

Scripps CEO Rich Boehne, who took the helm of the company in July, made the announcement to the newsroom this morning. He told the editorial staff the decision "would have been unthinkable just a few months ago."

Like newspapers through the nation, the Rocky has suffered from a weak advertising market and as readers increasingly turn to the Internet to get their news. Scripps last month told Wall Street that it had eliminated 400 jobs across its newspaper division and suspended its dividend in the face of advertising weakness.

More here. Read the Flyer's most recent story on the CA here.

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