17 April 2007
And still there are the same two
Sometimes the other shoe drops slowly.
In September 2003, I wrote about yet another wrinkle in the weirdly-unfolding history of joint operation between the Seattle Times and the rival Seattle Post-Intelligencer: at that time, a judge blocked an attempt by the Times to in effect force foreclosure on the P-I.
Under an agreement reached Monday, the Times has agreed to refrain from invoking the Joint Operating Agreement's escape clause until at least 2016 and will pay Hearst, owner of the P-I, $24 million. In return, Hearst gives up the right to a cut of the Times' profits should the P-I go under, and gets some concessions to boost P-I circulation. The core of the JOA, in which the Times handles the business and circulation operations for both papers and gets a 60-percent cut of the post-production revenues, remains unchanged.
Currently the Times sells about 212,000 copies daily, the P-I 126,000.
(Via Sound Politics.)Posted at 6:55 AM to Dyssynergy