Herald Circulation is down 11.8% to 210,884 and Sunday circ is down 9% to 279,484. Ouch.
Herald parent McClatchy's shares closed at $2.22 cents on Monday. In April of 2005 MNI shares traded for $74.50. Double ouch.
Herald Watch has learned that Oscar Corral, the author of the Marti Moonlighters article that resulted in the resignation of the Herald's then publisher Jesus Diaz and the disgrace of the paper's then executive editor Tom Fiedler has accepted a buyout from the Herald and will be among the additional staff cuts made by the company.
Corral secured ignominy when he was busted soliciting a teen-aged prostitute in Miami. No word on to whom he will be providing content in the near future.
Tuesday, October 28, 2008
Odds and Ends
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4 comments:
Not to worry. The Herald will find a suitable replacement for Corral, if it hasn't already. It can always dredge up some nominal Cuban willing to trash or screw over his/her own people so the Herald doesn't have to do it directly. It has lots of experience and a proven track record in that kind of employee search.
$74.50 down to $2.22? Well, yeah, I'd call that a meltdown, all right.
The Herald is clearly headed for bankruptcy. Read the following stock analysis:
http://www.fitzandjen.com/2008/11/mcclatchy-stock.html#more
MNI is no longer economically viable, and heading towards bankruptcy court. That will put the Miami Herald and its valuable waterfront property back on the market again. But who wants it? Will the Cuban exile community come up with the money to buy a newspaper that has spat on them for the last two decades? Will Latin American investors be interested in a newspaper that has carried American neo-colonialism into their countries? Wealthy readers already have left the Herald for local subscription to the New York Times or Financial Times, so is there any interest there in a newspaper so denuded of talent and knowledge. I think it is possible this is the end of the Herald.
The Herald spitting on the Cuban exile community for the last two decades? Don't sell the Herald short like that. Try the last five.
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