Local Newspapers Up for Sale?

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Posted: 1:33 PM Feb 23, 2012 Local Newspapers Up for Sale? RICHMOND, Va. (AP) Newspaper publisher and TV station owner Media General says it is exploring the sale of its newspaper operations. Locally, the company publishes the Daily Progress. Email Address: news@newsplex.com

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February 23, 2012

Newspaper publisher and TV station owner Media General says it is exploring the sale of its newspaper operations, which produce nearly half its revenue.

The company said Wednesday that it has received inquiries from several parties interested in purchasing some of its print assets.

In central Virginia, Media General publishes the Daily Progress, Greene County Record, Madison County Eagle, Culpeper Star-Exponent, Nelson County Times, Goochland Gazette, Orange County Review and Richmond Times-Dispatch.

The company also owns 18 TV stations and three digital media advertising services.

Last year, Media General's revenue from printed newspapers came to about $300 million, a little less than half of the company's $616 million in total revenue.

In recent years, print advertising revenue has been shrinking in the newspaper industry, as advertisers migrate to the Internet. The company had previously stated that it would consider asset sales to reduce its $658 million in long-term debt.

Latest Comments

Posted by: Antoinette on Feb 23, 2012 at 09:31 PM

Back in the day we had people who actually proofread the paper before publishing. The Journalist were out and about gathering information and doing investigative journalism. Now we have a computer that spell checks, grammar checks but doesn't go out and get a good story. Miss spelled words, incorrect grammar and a story that a 2nd grader might have written. When you call to tell the paper or news station they have misspelled words or incorrect grammar, they state this is what came over the wire or this is what the police told us which isn't a whole lot of anything. Gets frustrating to read absolutely nothing and have to wait for a "Paul Harvey" to give you the rest of the story.

Posted by: Old Wahoo on Feb 23, 2012 at 08:03 PM

Good point, Mike, although my delivery person is quite reliable. I'd be more interested in new owners hiring some writers who took a journalism class or two in college.

Posted by: Mike on Feb 23, 2012 at 01:54 PM

Maybe the new owner will tech a course in paper delivery that will let carriers know that plastic goes on papers if it's raining or is expecting rain. I stopped getting the paper several years ago because I got tired of bginging my wet paper in and spreading it out and reading it in the evening after it had dried.

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