Greg over at E&P has been keeping track of all the closings, lay offs and scale downs in the newspaper industry. If you go over there you will be astounded by the blood on the ground. (or should I say ink?) Now, the Herald? It's bad folks.
CHICAGO The Miami Herald is for sale, according to a report on The New York Times Web site Friday night.
Times staffer Richard Perez-Pena, quoting “people briefed on the company’s plan,” reported that The McClatchy Company has approached potential buyers for its biggest newspaper.
The sources said “they knew of no serious offers for the paper, reflecting the evaporation of major investors’ interest in buying newspapers.” A McClatchy spokesperson declined to comment on “market rumors,” the Times said.
The article concludes: "The people briefed on the company’s plans say The Herald generates a very slim operating margin and that the most attractive part of any deal could be its prime waterfront real estate. But the Florida real estate market is in deep recession — one of the reasons for the struggles of the paper, which used to benefit from heavy real estate advertising."
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