UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review has been on the web since 1995. See main page for full contents

July 23, 2009

WALL STREET EVEN TAKING OVER ALTERNATIVE NEWSPAPERS

2 Comments:

Anonymous Anonymous said...

Too bad, the Chicago Reader is good Stuff. I think it was their series on the Chicago PD's torture methods that got the ball rolling on police reform.

July 23, 2009 8:05 PM  
Anonymous Alex said...

Thanks for reporting on this Undernews.

Just a clarification from someone who was at the last court hearing:

Creative Loafing isn't asking the judge to disqualify Atalaya from bidding. CEO Ben Eason wants the judge to consider not just the highest bidder, but the "best" bidder. His angle is this: He's currently engaged in bringing all the papers into the 21st century through a "digital transformation" and he alone has the expertise and knowledge to bring profits back to the papers vs. a hedge fund which may just sell off some of the papers.

That's his argument. The counter argument is Eason ran the papers into the ground, barely 10 percent of his revenues are digital based and Atalaya has said they will put more money into the papers not just sell them off.

The judge will decide on the auction rules this week. Then the auction will be held on Aug. 25.

July 26, 2009 6:39 PM  

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