Wednesday, January 07, 2009

Connecticut papers sold

With two Connecticut papers just 10 days from extinction, the former publisher of BostonNOW, Michael Schroeder, has stepped up to buy them and three weeklies from struggling Journal-Register.

BostonNOW, a freesheet, had a meteoric rise and just as quick a fall as its investors pulled out.

Wonder what Lucas Grindley will have to say about the new venture.

Meanwhile ....

The Tulsa World lays off 28, 26 of them from the newsroom.

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2 Comments:

At 1/18/09, 6:08 PM, Blogger Lucas said...

I'm actually really pleased to see Michael Schroeder stepping in. He's one the hardest working individuals I've ever met, and if there's a way to make those papers profitable, he'll find it as fast as possible.

What happened at BostonNOW is due to investors who backed out on their word. The paper was on target to meet the revenue goals outlined in its business plan (if not exceeding expectations) but investors pulled out before the agreed upon date to turn a profit.

C'est la vie. No reason for sour grapes.

 
At 1/19/09, 3:36 PM, Blogger Doug Fisher said...

Lucas:

Good. Thanks for that. Knew you had the inside view.

Doug

 

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