Jordan Graham Finishes His Business at the Herald

From our never-ending Hexit Watch™

The sadreading staff got the news about the latest Exile on Fargo Street from Andy Metzger, late of the State House News Service.

Graham has been business and tech reporter at the shrinky local tabloid and departs with not one but two pieces in today’s edition (which, not for nothing, comprises a paltry 48 pages, about seven of them ads; the Sports section is an anemic 16 pages, with a lonely one-sixth-page ad).

Graham’s valedictory tweet:

Good luck, Jordan. There is life after Digital Worst – sorry, First – Media. All best finding it.

Digital First Takes Knife to Boston Herald Again

The clearcutters at Digital Worst – sorry, First – Media are at it again, engineering a Memorial Day Massacre at Fargo Street, according to Greg Ryan’s report in the Boston Business Journal (tip o’ the pixel to @EBMason).

Digital First lays off Boston Herald managers, workers

Digital First Media, the new owner of the Boston Herald, laid off at least six employees on the commercial side of the newspaper on Friday, according to a union representative.

A marketing manager and automotive sales manager were among those who lost their jobs, as were a receptionist and three employees in the paper’s financial services department, which handles billing and other tasks, said Donna Marks, a Herald employee who took over as president of the Newspaper Guild of Greater Boston earlier this week.

The cuts come in the midst of a steady exodus of Herald staffers who had survived Digital First’s original bloodbath right after it purchased the shaky local tabloid. (See our Hexit Watch™ for a partial list.)

Sad as it may be, what’s happening at the Herald is very much newspaper business as usual according to this piece by Bloomberg’s Gerry Smith.

Several hedge funds have become newspaper barons in recent years. Alden Global now owns about 60 daily newspapers through a subsidiary, Digital First Media. New Media Investment Group, which is managed and controlled by private-equity firm Fortress, owns almost 150 newspapers in smaller towns like Columbus, Ohio, and Providence, Rhode Island, through a unit, GateHouse Media. And hedge fund Chatham Asset Management LLC is one of the largest shareholders and bondholders in McClatchy Co., publisher of the Charlotte Observer and Miami Herald.

Helpful chart:

Smith adds, “’They’re not reinvesting in the business,’ Ken Doctor, a longtime newspaper analyst and president of the website Newsonomics, said about Alden Global. ‘It’s dying and they are going to make every dollar they can on the way down.’”

Two certainties at the Boston Herald: 1) They’ve got company at over 200 other U.S. newspapers, and 2) They all face the same future of death by a thousand paper cuts.