After eight months on the market, it looks like the Blethen family has finally found a buyer for its struggling Maine newspaper properties, and while the terms of the deal have not been announced, it is likely the Blethens will ultimately realize a nine-figure loss on their ten-year foray into the media market of their ancestral homeland. Looks like Frank’s own business decisions will end up costing his heirs a helluva lot more than Washington’s estate tax.
That said, any sale is good news for the Blethens, who need the cash to help shore up the sagging fortunes of their flagship Seattle Times. And anything that helps stabilize their publisher’s finances is surely good news for Times staffers, who are already bracing themselves for another round of layoffs, expected to be finalized this week.
Print dailies are the buggy whips of the 21st century. It’s hard to see how their labor and capital intensive business model can survive competition from the newer communication technologies. Frank should have sold out to Hearst for 5 cents on the dollar when he had the chance. That would have kept capital gains and inheritance taxes down, too.
Maybe the reason Frank ran the “Darcy degree” story on the front page is because he figures tabloids are worth more on the auction block.
Secret Service Blames Palin For Death Threats
“Sarah Palin’s attacks on Barack Obama’s patriotism provoked a spike in death threats against the future president, Secret Service agents revealed during the final weeks of the campaign. …
“The attacks provoked a near lynch mob atmosphere at her rallies, with supporters yelling ‘terrorist’ and ‘kill him’ until the McCain campaign ordered her to tone down the rhetoric. …
“The Secret Service warned the Obama family in mid October that they had seen a dramatic increase in the number of threats against the Democratic candidate, coinciding with Mrs Palin’s attacks. …
“Irate John McCain aides, who blame Mrs Palin for losing the election, claim Mrs Palin took it upon herself to question Mr Obama’s patriotism, before the line of attack had been cleared by Mr McCain.”
(Quoted from Telegraph UK under fair use.)
Roger Rabbit Commentary: All mainstream politicians avoid incendiary language. This is why. It doesn’t take much to turn a crowd into a mob. This is further evidence of Palin’s poor judgment, irresponsibility, inappropriate behavior, and lack of capacity to calibrate and control her own political messaging. This bush leaguer needs to spend a lot more time in the minors before she’s ready for the Show.
re 3: That would take so many years her looks would be gone. I can already see the harridan anger lines beginning on her jowls.
She’ll also have a wattle under her chin.
Right on, Goldy.
When will that loon, Bruce Ramsey, get his walking papers? How much does that idiot get paid anyway?
Yes, but the estate tax is something he can blame on someone else.
Why not just fold both the PI and the Seattle Times? They’re both pretty much useless.
If the people in Maine can come up with the money by year’s end, that will probably give Blethen six months breathing room before he goes into default on his bank loans again. What will he sell next? He could also sell the Yakima and Walla Walla papers, but then again they wouldn’t bring enough to provide for more than a few months relief.
McClachey, owner of 49.5% of the Times has already written down the value of their investment to $12 or $14 million and next year their auditors will probably make them take another write down, maybe write it off entirely. The sale value of the Times is probably pretty close to zero, so Blethen has pretty well cooked his own goose.
I would hate to see the Times go under, but would enjoy seeing Blethen forced to sell to Hearst or Rupert Murdock or anybody.
@6: I agree Bruce Ramsey hasn’t had a cogent insight since….well, that is the problem, he has NO insights.