Daily Commercial

The Daily Commercial is a daily newspaper distributed in Lake and Sumter counties, Florida. It was founded in 1875.

Not to be confused with Daily Commercial News.
Daily Commercial
TypeDaily newspaper
FormatBerliner
Owner(s)Gannett
News editorKatie Sartoris
Founded1875
Headquarters212 East Main Street
Leesburg, Florida 34749
US
Websitewww.dailycommercial.com

The Daily Commercial was acquired by members of the Cowles family in 1969.[1] The New York Times Company acquired the paper in 1971 and sold it in 1995 to Better Built.[2][3] HarborPoint Media acquired the Better Built papers in 2004, and owned the Daily Commercial until 2013, when it was acquired by Halifax Media Group.[4][5] In 2015, Halifax was acquired by New Media Investment Group.[6]

Prices

The Daily Commercial prices are 50 cents daily; $1.00 Sunday.

Joint Venture with The Orlando Sentinel

This section will discuss the merging of distribution centers and the re-contracting of the carriers, rather, the corporate streamlining that is typical of conglomerates that skim money from companies by way of "downsizing" and "cost cutting moves" from companies for the benefit of a few very high level personnel only. Both of the parent companies have a dubious history of this that includes bankruptcies that were "designed" with this in mind:

Prior Bankruptcy History of the Parent Companies

On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp.—an affiliate of Fortress, for $87 million. The newspapers will be operated by GateHouse Media following the purchase. CEO Robert James Thomson indicated that the newspapers "were not strategically consistent with the emerging portfolio" of the company, which had been formed as a spin-off of News Corporation.[7]

On September 27, 2013, the company filed Chapter 11 bankruptcy in U.S. Bankruptcy Court in Wilmington, Delaware. It listed assets of $433.7 million and debt of $1.3 billion. The preplanned bankruptcy centers on restructuring the Fortress News Corp deal. Fortress owns 52 percent of GateHouse debt. A Fortress unit FIF III Liberty Acquisitions LLC merged with Gatehouse in 2005. The case is GateHouse Media Inc., 13-bk-12503.[8][9]

The company emerged from bankruptcy on November 26, 2013. The terms involved the cancellation of shares of Gatehouse but those owners receiving warrants to buy shares in New Media Investment Group Inc., a new holding company.[10]

References
  1. "Newspaper Firm Purchases Small Florida Dailies". News.google.com. 1969-06-09. Retrieved 2018-07-10.
  2. "Leesburg Commercial, Other Times Papers To Be Sold". Articles.orlandosentinel.com. 1995-03-04. Retrieved 2018-07-10.
  3. Roberts, Gene; Kunkel, Thomas; Layton, Charles, eds. (2001). Leaving Readers Behind: The Age of Corporate Newspapering. Fayetteville: University of Arkansas Press. ISBN 1610752325.
  4. "HarborPoint Media Announces Acquisition of Better Built Group Newspaper Assets". Dirksvanessen.com. 2004-07-20. Retrieved 2018-07-10.
  5. Staff Reporter (30 September 2013). "Halifax Media Group purchases three Florida newspapers". The Daytona Beach News-Journal. Retrieved 12 July 2018.
  6. "New Media Announces Agreement to Acquire Halifax Media Group for $280.0 Million" (PDF). Archived from the original (PDF) on 2016-03-07. Retrieved 2015-03-08.
  7. "News Corp. sells 33 papers to New York investors". New York Business Journal. Retrieved 4 September 2013.
  8. "GateHouse Files for Bankruptcy as Part of Fortress Plan". Bloomberg.
  9. "GateHouse Media, Inc". pacermonitor.com. Retrieved 4 March 2015.
  10. Staff reports (26 November 2013). "GateHouse Media officially done with bankruptcy". Rochester Democrat and Chronicle. Retrieved 4 March 2015.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.