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.
Ha ha!
ReplyDeleteYou guys are pathetic.
ReplyDeleteThis is too weird.
ReplyDeleteThe irony is that while one of your links states "Competition disappears in Racine media", you are hawking subscriptions for the only game left in town (the JT). I understand the overall point of your article.
ReplyDeleteThanks, Michael. It's like the Packers ... I like watching them, which inevitably means complaining about them. I like the JT, but being the daily newspaper means you take criticism. It's part of the fun of reading. Do I think the JT could do better? Sure. Do I want the JT to disappear? Absolutely not.
ReplyDeleteHey guys you do not want them to go because The JT each and every day promotes you!
ReplyDeleteYou almost sound like a pitchman from Detroit.
ReplyDeleteArtificial support for another relic?
I don't want to see the only paper in town stop production. I understand your concern. We already subscribe. I don't know what would happen if they close the doors, especially since they took down that old fire station - then for naught?
ReplyDeleteYou can not continue to S#it on your subscribers, ignore the suggestions brought to you, scoff at readers and then expect to survive. I think they have this coming to them. I cancelled my subscription. I'm sure if and when they hit the skids, someone else will step up. The city deserves better than what they have been giving us.
ReplyDeleteBy Christmas, I expect the cost of a copy of the Journal Times to be more than the cost of a share of Lee stock.
ReplyDelete