Well, your guess is as good as mine how this ends. Market cap is now $60 million.
First step will likely be another round of layoffs — not buyouts — after the first of year. This will have to claim anyone not on the front-lines of producing a newspaper, and probably some who are. Wouldn’t be surprised to see papers grouped under a single publisher in some instances.
Locally, 12 pages of content today was anchored by a single full-page (heavily discounted?) Rite-Aid ad and a syndicated quarter-page erection-aid ad — along with the standard massage parlor squibs. Must’ve lost tens of thousands on the product.
Update: Off 22 percent now, testing bottom. Meanwhile, as we said yesterday, the great real estate sell-off fix for papers is likely off the table now for most.
Update II: Now 26 percent, $53m. cap. Why wouldn’t management buy up all outstanding shares and take it private at this point?
