I'm worried about The Journal Times. Not for any coverage issues or decisions they're making. Those are just my half-baked media opinions that don't amount to much anywhere, much less 212 Fourth St.
Lee Enterprises' financial situation is dire. The JT's parent company saw its stock close at 82 cents a share on Monday and 81 cents a share on Tuesday. For perspective, I bought stock through the employee purchase program at around $40 a share a few years ago and thought it was a bargain.
Over the past year we've linked to stories reporting on Lee's demise. The stock fell to $10, then $5 and now under $1 a share, while their CEO's pay hit nearly $4 million. It was laughable. Now it's not funny.
There's a good chance the company is going to get delisted from the New York Stock Exchange, and bankruptcy may not be far behind. That puts jobs at the JT at risk, and jeopardizes our city's daily newspaper.
I have friends at The Journal Times, and save a few new people, worked for years with everyone over there. I wish no one harm to any of them, and certainly not unemployment in an industry that's shedding jobs by the day.
In all likelihood, the JT is still making money. This is a good thing, because it should keep the paper going in the face of a corporate bankruptcy. We all need the JT to survive this mess and come out the other side stronger than ever. But with the economy struggling and the print ad market dwindling, there's cause for real concern.
Wanna help? Subscribe to the JT - you'll make up the cost with the Sunday coupons. If even 50 people bought new subscriptions heading into the new year it would go a long way toward preserving Racine's historic daily newspaper.
It's time we rally together to protect a local business. Your subscription can make a difference, so set aside a few bucks and learn about what's going on in the community. Then come over to our site and learn a little more. We need to share more stories, and we need our established vehicles to share them in.