Pay attention to what is unfolding down in Texas. It might be a precursor to the fate of the Uptown paper of record.
Long-time Charlotte newsman Rich Oppel, who retired as editor of Austin American-Statesman a few months ago, is angling to buy his former paper. Cox Enterprises, best known for the Atlanta Journal Constitution among its newspaper holdings, put the Texas paper on the block — along with 27 other papers, including some in Eastern North Carolina. Asking prices for the operations have not been disclosed.
Suppose Oppel’s ownership group is successful in its bid. Maybe that entices Neill, the former publisher of the Uptown paper, to take on a similar role in purchasing the paper from a listing McClatchy. By chance Neill retired to a position on the board of the Knight Foundation, whose primary mission is investing in journalism and communities.
Given that all of MNI’s market cap now stands at $125m., what do you think its Carolinas operations could be had for? Back in August we guesstimated $75m. based on other valuations in the MNI portfolio. Now $50m. seems like a reasonable number. In any event, if the Austin paper is sold in the near future, it will provide a concrete price peg for similarly sized operations. Like the one down on Tryon.
