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TIMES CO. PURCHASE OF PAPER RECEIVES NEWSROOM ACCOLADES Telegram & Gazette staff's relief may fade under new owner.



"The New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 Times is a quality organization that has a long-standing reputation for its dedication to news, its business ethics business ethics, the study and evaluation of decision making by businesses according to moral concepts and judgments. Ethical questions range from practical, narrowly defined issues, such as a company's obligation to be honest with its customers, to broader social  and overall integrity."

An accolade from another publisher? Kudos from some back-slapping editor? A platitude from an award?

No, the above quote came week before last from the Newspaper Guild local in Worcester, Mass., reacting to the news that the Times Co. had purchased the Telegram & Gazette in Worcester. The 107,400-circulation morning paper's reporters, copy editors and photographers wrote that line. It says something about newspapers today that the newsroom exhales a sigh sigh (sī),
n an audible and prolonged inspiration followed by a shortened expiration.


sigh
 of relief only when an organization with the prestige of the Times Co. buys in.

The acquisition, valued at $295 million and announced Oct. 14, brings the Telegram & Gazette into the fold with 21 other regional newspapers, the Boston Globe, three magazines, eight TV stations, two radio stations and the mothership, the New York Times. The seller, Chronicle chronicle, official record of events, set down in order of occurrence, important to the people of a nation, state, or city. Almanacs, The Congressional Record in the United States, and the Annual Register in England are chronicles.  Publishing Co. of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , is liquidating all its assets, including its flagship, the San Francisco Chronicle The San Francisco Chronicle was founded in 1865 as The Daily Dramatic Chronicle by teenage brothers Charles de Young and Michael H. de Young.[2] The paper grew along with San Francisco to become the largest circulation newspaper on the West Coast of the , and another regional newspaper, The Pantagraph of Bloomington, Ill. (see NewsInc., Aug. 30, 1999 and Oct. 11, 1999).

Russell Lewis, president of the Times Co., said in a press release that the combination of the Telegram & Gazette and the Globe would support a "clustering strategy of managing complementary markets." He went on to say that the combination of the two papers would "enable us to better serve readers and advertisers in the eastern half of Massachusetts."

It was not clear whether the administration of the Telegram & Gazette will reside within the New York Times Regional Newspaper Group or within the Globe, but comments on "clustering efficiencies" would lead one to believe that the Telegram & Gazette will begin a consolidation of at least back office and some advertising operations.

The company said the paper has a cash flow margin of 30 percent, which, if true, puts the Telegram & Gazette at the top of the list of papers in terms of margin. It also helps explain why the company paid such a high premium for the paper, which in early analysis was going to go for only about $200 million.

(This was also good news for Chronicle Publishing shareholders -- the Tobin-Thieriot, Martin and McEvoy families. Together with the sale price of the Chronicle and The Pantagraph, they have realized at least $1.1 billion.)

So, whether you couch A couch, loveseat, sofa, settee, lounge, davenport or chesterfield are items of furniture for the comfortable seating of more than one person. Compare the joiner's settle, with its separate seat cushions.  terms as "managing complementary markets" or "clustering efficiencies," it's pretty clear that Times Co. bought Worcester because it believed that it could wring wring ¬†
v. wrung , wring·ing, wrings

v.tr.
1. To twist, squeeze, or compress, especially so as to extract liquid. Often used with out.

2.
 more profits out of it than other suitors. And some of those profits will undoubtedly come from workforce reductions.

Layoffs, in other words Adv. 1. in other words - otherwise stated; "in other words, we are broke"
put differently
.

Nonetheless, the newsroom people were happy with the deal. That's because despite the fact that Times Co. operates its properties much the same as any other newspaper company, the paper in Manhattan has a huge reputation that transcends mere publishing.

Other suitors for the Telegram & Gazette could have come in and never discussed efficiencies, but raised the ire of the newsroom people nonetheless. Times Co. comes in and essentially telegraphs that it's going to do some layoffs and the Guild salutes the new owners.

The reputation of news organizations may not burnish the stock price or market value of a newspaper company, but it does seem to grease grease, mixture of lubricant and thickener. It is used to reduce friction between surfaces from which oils would leak away or cause damage by dripping, or where lubrication must be assured for extended periods. Many greases are mixtures of mineral oil and soap.  the skids Skids can refer to:
  • A Zeta Beta Tau fraternity beer pong & pyramid legend from Muhlenberg College in Allentown, PA
  • Skids (Transformers) is the name of several Transformers characters.
 in the business. A New York Times reporter, after a decade of toiling in the fields of lesser publications, once told me that his phone calls are always answered when he says, "I'm from the New York Times."

The workers in Worcester will be in for an interesting change, moving from the relatively hands-off management of Chronicle Publishing to the "managing complementary markets" strategy of Times Co. It will be interesting to find out how happy the Newspaper Guild is next year.
COPYRIGHT 1999 The Cole Group
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999 Gale, Cengage Learning. All rights reserved.

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Comment:TIMES CO. PURCHASE OF PAPER RECEIVES NEWSROOM ACCOLADES Telegram & Gazette staff's relief may fade under new owner.
Author:Cole, David M.
Publication:NewsInc
Geographic Code:1USA
Date:Oct 25, 1999
Words:634
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