Post's Parent Buys The Chapter

2 thoughts on “Post’s Parent Buys The Chapter”

1. It talked about how rapidly we change direction in the high tech industry and how many new things we try weekly. And old-line business can’t do that. They take a year to try something and then another year to try something else.

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2. Negotiating from a position of weakness, Singleton seems to have pulled out a miraculous save for himself:

   Singleton and MediaNews president Joseph Lodovic will own 20 percent of the equity, with rights to additional shares in the future. They will appoint four directors on the board, giving them control.

   Holders of subordinated bonds with a face value of another $326 million will receive warrants they can exchange in the future for stock. All other stockholders in the privately held company will have their current interests canceled, including the Scudder family and the Hearst Corp.

   Perhaps the alternative he presented was the complete shutdown of the paper, and nobody gets any marbles at all.

   But the last man standing strategy just might allow him to hold on for a few more years.  But eventually, even those of us who need to be able to hold the news in our own two hands will eventually cave and get an ebook reader.

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