Money-newspaper
The President & CEO of McClatchy Company, parent of the Kansas City Star, issued a memo to all employees on Friday announcing that the company has completed refinancing of a significant portion of its debt.
Patrick J. Talamantes, 47, who was named to his position in March, said in the memo McClatchy sold $910 million in new senior secured bonds due in 2011 at a favorable interest rate.
Talamante’s said the move “represents another milestone in the financial and digital transition were are working through. The success of our new bond offering is a strong vote of confidence by current and new investors in McClatchy, all of our newspapers, our strategies and prospects, and the important work you do every day.”
The full text of his memo is below:
LINK
John, the link to the CEO’s memo isn’t working.
Click on the link and then click on the second link and it should pop up. Thanks.
GOOD NEWS MEANS NOTHING
This “good news” means nothing to the people who were recently canned down at 18th & Grand, not to mention those who were cut loose back in September. We have heard these sort of “we’re turning the corner” statements before from the McClatchy brass and their underlings at The Star.
TITANIC CREW REJOICING
This is like the crews of the Titanic rejoicing because they patched a hole in the hull just about the time the ship split in half. The dead tree media is doomed and everyone knows it. This would be a sad story had the Star remained a good paper instead of becoming a ghost paper.Dead rag walking.