Just a couple days ago, the company that just bought the Peoria Journal Star, GateHouse Media,
has now completed the purchase of FOUR MORE newspapers, including one very close by.
GateHouse Just purchased the Rockford Register Star, plus other Gannett papers.
http://www.wrex.com/News/index.php?ID=17187
http://www.register-mail.com/stories/041307/BIZ_BCU3B9BH.GID.shtml
But here's something even more intriguing...
The price paid for the Rockford Register Star and 3 other small daily newspapers was
$410 million!
But when GateHouse recently purchased the Journal Star plus SIX other daily newspapers AND two more weekly papers,
they paid only
$380 million.
http://www.pjstar.com/php/index.php...p_of_the_journal_star_and_six_other_newspape/
Looks to me like the Copley people who sold their 9 papers (combined 270,000 circulation) for
$380 mil
kind of got ripped off when the Gannett people got
$410 mil
for just 4 considerably smaller papers (combined circulation 160,000) with much, much smaller circulation!
But then, I guess they have to pinch pennies and grab every bargain they can in order to pay their new (1st year) CEO:
"GateHouse CEO made $6.46 million in '06"
http://www.pjstar.com/stories/042007/BUS_BD0108IH.027.php
(PS-- BradleyFans.com is now accepting resumes and interviewing for its CEO position.
They pay slightly less than GateHouse, but I am going to submit my application! :wink: )