Tuesday, August 30, 2005

long time, no post I know, but...

within this story about the possible planned merger of New Times and Village Voice Media (VVM) comes this little nugget...

As of late May there were clearly still some issues to be resolved: The documents include a memo from VVM CEO David Schneiderman complaining that New Times wants to "renegotiate the terms of our deal" and arguing that some New Times papers, including the SF Weekly and the East Bay Express, are losing a lot of money.

"In the 2004 Calendar year, SF Weekly, East Bay Express and the Cleveland Scene racked up losses of $4 million," the memo states. SF Weekly, it says, "is locked in a brutal struggle in SF with no sign of success and the same is true in Cleveland."

The memo concludes: "In short, they have some real losers and we don't.... given these facts, I don't believe a renegotiation is warranted."