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Union-Tribune managers in their meeting Thursday did not get any news of a sale of the newspaper, which put itself on the block last July. Gene Bell, president of the U-T, said he would retire when the company is sold. That was widely expected. He is past 65. When asked if he would stay on if the paper weren't sold, Bell said that he had always assumed some deal would go through, and he would have to think about it. He said he has not been told who the finalists are (if there are any serious finalists), and wouldn't find out until final negotiations take place. He and other senior U-T brass have entertained some media honchos who looked at the paper. Normally, the company tells managers the newspaper's results over the past year. This time, it did not -- explaining that the company was for sale. There was confirmation, however, that the numbers are dismal, as they are throughout the metro daily newspaper business. The chief financial officer said the newspaper has a "positive cash flow." That is critical to any sale. The company would also have to prove that to any buyer. On Friday, rank-and-file employees were told that numbers were mournful, but also told that there is no news on the sale. Generally, metro dailies are reporting miserable results and their stocks reflect it. The credit crisis may well throw a monkey wrench into any sale; most potential buyers won't be able to borrow funds for the foreseeable future.
Union-Tribune managers in their meeting Thursday did not get any news of a sale of the newspaper, which put itself on the block last July. Gene Bell, president of the U-T, said he would retire when the company is sold. That was widely expected. He is past 65. When asked if he would stay on if the paper weren't sold, Bell said that he had always assumed some deal would go through, and he would have to think about it. He said he has not been told who the finalists are (if there are any serious finalists), and wouldn't find out until final negotiations take place. He and other senior U-T brass have entertained some media honchos who looked at the paper. Normally, the company tells managers the newspaper's results over the past year. This time, it did not -- explaining that the company was for sale. There was confirmation, however, that the numbers are dismal, as they are throughout the metro daily newspaper business. The chief financial officer said the newspaper has a "positive cash flow." That is critical to any sale. The company would also have to prove that to any buyer. On Friday, rank-and-file employees were told that numbers were mournful, but also told that there is no news on the sale. Generally, metro dailies are reporting miserable results and their stocks reflect it. The credit crisis may well throw a monkey wrench into any sale; most potential buyers won't be able to borrow funds for the foreseeable future.