As the sadreading staff has previously noted, the Denver Post is the Ghost of Printmas Future for the Boston Herald, given that both papers are owned by Digital First Media (slogan: “Where Newspapers Go to Die”).
It might only seem that the walls are tumbling in at The Denver Post. Or it might be reality.
In a stunningly quick series of events, the Post has continued to shed staff — not by firing or layoff, but by what might best be described as resigned resignation. At the same time, I’ve learned, a fresh round of budget cuts in the range of 10 to 15 percent is being planned for the paper, along with other Digital First Media properties.
Doctor says that Digital First’s parent company, the New York-based hedge fund Alden Global Capital, is itself facing financial pressures, which “have led Alden to plan still another coming round of budget cuts at its properties.”
Bottom line: “As Alden demands to continue its level of profit-taking amid a 10-percent-plus drop in advertising revenue, its executives have mandated new cuts for the company’s new fiscal year, which starts July 1.”
Heads up to the shaky local tabloid:
Those cuts look to be in the 10 to 15 percent range, sources tell me, though it’s unclear the degree that newsrooms would be subject to the new cuts, given that they have already absorbed major cutbacks since the start of 2018. In fact, the Post and other DFM dailies may soon have issues simply getting a print paper out seven days a week.
Given that the Herald has roughly 17 home subscribers (in Brookline that would be us and Mike Dukakis) and lives off its newsstand sales, that’s very bad news indeed.
No print edition of the Boston Herald?
No Boston Herald.
(Sad fact to know and tell: Once you shut down your print edition, you have to lay off 80% of your newsroom. That would reduce the skinny local tabloid’s reporting staff to one very overworked journalist. Send condolences and Red Bull to Fargo Street.)