AAN News
Court Filings Shed Light on Creative Loafing's Financesnew
According to a case management summary (pdf) filed in Creative Loafing's bankruptcy proceedings on Monday, revenues are off at the six-paper alt-weekly chain. Atlanta Magazine's Steve Fennessy reports that when CL was looking for financing to purchase the Chicago Reader and Washington City Paper, it projected the expanded company would see revenues of $43 million in fiscal year 2008. But the court filing says that revenue in FY08, ending June 30, 2008, was $35 million, and predicts that sales in the first quarter of FY09 will be only $3.5 million. In other CL bankruptcy news, Washington City Paper has published a statement from one of the company's lenders, Atalaya, which says the bankruptcy filing was "unfortunate and unnecessary," and assures "all interested parties that Atalaya has no intention of attempting to shut down the business." MORE: City Paper editor Erik Wemple talks to the George Washington University student paper The Hatchet about the changes in store as the paper shifts focus.
Atlanta Magazine | Washington City Paper |
10-16-2008 11:43 am |
Industry News
Creative Loafing Bankruptcy Battle 'Getting Testy'new
Atlanta Magazine's Steve Fennessy reports that during Wednesday's bankruptcy proceedings, Creative Loafing's lenders "fired a shot across the bow" at CEO Ben Eason, "saying in court papers that the bankruptcy filing was a gambit by Eason to preserve control of the company and 'dodge' the lenders' 'bargained-for rights to have a say in corporate governance.'" The lenders, Atalaya Funding and BIA Digital Partners, filed a motion (pdf) to reverse the earlier court injunction against them, which prevented them from seizing CL's assets. However, according to Washington City Paper, the judge struck down that motion on Wednesday. "It was a legal maneuver they were doing to get more control," Eason says. "When we filed the bankruptcy, there was a concern that Atalaya or BIA might use the collateral as a part of the bankruptcy to come in the backdoor and use the shares to basically foreclose on the shares and function as the board of directors." MORE: Former Creative Loafing (Atlanta) publisher Michael Sigman weighs in.
Atlanta Magazine | Washington City Paper |
10-10-2008 9:08 am |
Industry News
City Paper Files for 'Chapter 86 Content Bankruptcy Protection'new
Playing off of parent company Creative Loafing's recent filing for Chapter 11 bankruptcy protection, Washington City Paper says in a spoof news release and court filing that it has filed "voluntary petitions for content reorganization, citing diminished staff and the flagging confidence of its readers." The release notes that the paper "will continue to publish under court protection from its readers, who have wielded an unreasonable degree of power over the publication's future."
Washington City Paper |
10-09-2008 1:09 pm |
Industry News
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Washington City Paper Editor Talks More About the Changes to Comenew
In a conversation with D.C.-area public radio host Kojo Nnamdi about "the changing face of City Paper," Erik Wemple says that "perhaps a little too much has been made of" his previous comments on the fate of long-form narrative pieces in the paper. Those stories are "an incredible abyss of work," he says. "We could not really sustain that sort of investment, while at the same time feeding the website." However, he adds, "it's not as if we will stop doing long narrative altogether," it will just be less often. He also notes that long-form narratives often don't generate much web traffic, and that Creative Loafing has made the web a priority. "If we don't come up with models that push web traffic, we are dead, and I am out of a job," Wemple says.
WAMU-FM |
10-07-2008 8:58 am |
Industry News
Still More on the Creative Loafing Bankruptcy Filingnew
On Atlanta Magazine's blog, former Creative Loafing (Atlanta) staffer Steve Fennessy talks to Ben Eason -- who he calls "a tireless networker with a love of jargon" -- and a few worried staffers about this week's filing. Eason reiterates a few points he's been making to the press this week, and adds that, despite his web-first strategy, he doesn't envision a time when his publications don't produce actual newspapers. MORE: Read more from Creative Loafing's John Sugg, Washington City Paper's Angela Valdez, Gawker, and consultant Mark Potts.
Atlanta Magazine |
10-02-2008 12:31 pm |
Industry News
| Comments (2)
More on Creative Loafing's Bankruptcy Protection Filing
When Creative Loafing filed for Chapter 11 bankruptcy protection yesterday, the news was widely reported. AAN News scoured the wires, separated the wheat from the chaff, and collected some of the pertinent information and opinion.
(FULL STORY)
AAN News |
09-30-2008 1:27 pm |
Industry News
Creative Loafing Files for Chapter 11 Bankruptcy Protectionnew
The company, which owns Creative Loafing papers in Atlanta, Charlotte, Sarasota and Tampa, as well as the Chicago Reader and Washington City Paper, filed for Chapter 11 bankruptcy protection this morning, the St. Petersburg Times reports. City Paper editor Erik Wemple reports that CEO Ben Eason discussed the filing with top company officials in a conference call this morning, and said that the bankruptcy filing would allow CL's six papers to establish a greater online presence while the company reorganizes its operations. A corporate memo on the filing says it "has little to do with the acquisition" of the Reader and City Paper last year. Eason also said that the move entails no liquidation or layoffs. In fact, the Chapter 11 filing will roll back editorial staff cuts at the papers, Wemple writes. MORE: Read more about the move from Creative Loafing (Tampa), the Reader, Crain's and Bloomberg News.
The St. Petersburg Times | Washington City Paper |
09-29-2008 12:15 pm |
Industry News
Tags: Circulation, Classified Advertising, Design & Production, Editorial, Electronic Publishing, Financial, Management, Marketing, Retail Advertising, CL, Inc., Washington City Paper, Chicago Reader, Creative Loafing (Atlanta), Creative Loafing (Charlotte), Creative Loafing (Tampa), Creative Loafing (Sarasota), Ben Eason, Erik Wemple
Washington City Paper Shifting to More Web-Centric Approachnew
The Georgetown Voice's nearly 3,000-word story on the alt-weekly looks at how it is evolving under the ownership of Creative Loafing, and how the paper is fighting to maintain its identity -- and market share -- despite having fewer resources. "You want to create a rich environment and then bring it down into the print," says CL CEO Ben Eason, who is currently focused on uniting the company's six papers as a national web presence. "Without a doubt, the web is a far richer environment than print." Editor Erik Wemple says he sees the paper a year from now as being "very, very, very much a web machine." But publisher Amy Austin adds that, while online advertising revenue is quickly growing for City Paper, it still only makes up approximately 5 percent of the paper's total revenue, which has been in decline. By 2006, the paper's net revenue -- traditionally around 15 percent -- had fallen to 4.7 percent.
The Georgetown Voice |
09-26-2008 4:27 pm |
Industry News
Washington City Paper's Annual Crafty Bastards Fair is This Sundaynew
Washington City Paper |
09-25-2008 9:13 am |
Industry News
Washington City Paper Has a 'New-Found Promotional Intensity'new
That's according to managing editor Andrew Beaujon, who notes that the paper recently produced new promotional magnets and pens, on top of making promo hats earlier in the month. "As you may have read, we are facing budget cuts," Beaujon writes. "So I guess I'm wondering whether the hats are a tactic to comfort or maybe confuse us -- perhaps if our heads are warm, we may not worry so much about our newsroom possibly going kablooey?"
Washington City Paper |
09-23-2008 8:37 am |
Industry News
How I Got That Story: Jeffry Cudlin
The 2008 AltWeekly Award winner for Arts Criticism talks about his work.
(FULL STORY)
AAN News |
09-18-2008 1:14 pm |
Association News
Washington City Paper Nixes Local Arts Column, Launches Sex Blognew
Washington City Paper |
09-12-2008 11:20 am |
Industry News
More Staff Cuts Could Be On the Horizon at Washington City Papernew
DCist reports that City Paper's parent company Creative Loafing needs to cut the paper's budget by $170,000. The belt-tightening could lead to additional layoffs at the alt-weekly (some production and editorial staffers were laid off after CL purchased City Paper and the Chicago Reader last year). "Like a lot of media companies, we are going through an exceptionally rough period, and indeed we are discussing how to cut expenses," editor Erik Wemple tells DCist. "I don't want to cite any figures at this point because we are trying our best as a company to minimize the impact. But yes, layoffs are part of the discussion."
DCist.com |
09-02-2008 8:28 am |
Industry News
City Paper Arts Editor on the State of Book Coverage at Alt-Weekliesnew
"Books coverage at American daily newspapers is asphyxiating. That's the bad news," writes Washington City Paper's Mark Athitakis. "Here's more bad news: The situation is just as dire at alternative weeklies." He goes on to cite the cost-cutting that occurred when Creative Loafing purchased City Paper last year as an example. But he says there are reasons to be optimistic about alt-weeklies. "We've taken one hell of a beating, but our basic mandate -- to give people informed and lively coverage of subjects that often fall outside the larger media's radar -- remains intact," Athitakis writes. "And books are still part of that mandate." He wraps up his post by listing some tips for any critics hoping to contribute to alt-weeklies.
National Book Critics Circle Blog |
08-29-2008 8:21 am |
Industry News
Washington City Paper Delivery Driver Held Up at Gunpointnew
A driver who delivers copies of the alt-weekly to street boxes around D.C. was held up today, City Paper is reporting. The blog post, written about a half hour ago, has few details, other than that the "driver lost his vehicle, cell phone, and wallet in the incident." Editor Erik Wemple says City Paper "will be aggressively updating this story."
Washington City Paper |
08-28-2008 12:11 pm |
Industry News
