As the big day nears for GateHouse Media, parent company of the State Journal-Register, some folks are worried. On Nov. 14, stockholders in Gannett and New Media Investment Group, which runs Gatehouse, will vote on a merger to create the nation’s largest newspaper company. If it goes through, one in six daily newspapers in the nation will be owned by the new company, which will be called Gannett, suggesting just how proud GateHouse is of its reputation for plundering newsrooms, including here in Springfield. Not so long ago, SJ-R had nearly 20 news reporters. Now, it’s barely a basketball team worth of journalists, and they hit the street outside the paper’s building last week to distribute leaflets titled “Preserve Our Local News.” New Media has said the deal is predicated on cutting $300 million in operating costs. The company this week announced a healthy 38-cent quarterly dividend to stockholders, with the stock trading at less than $9 a share. Four years ago, it peaked at $25.39 a share. Good luck to all.

Comments (0)

Add a comment

Add a Comment