Ominous signs in Conway, where the Log Cabin Democrat’s owner, Morris Communications, says it has hired financial adviser Lazard Freres & Co. LLC (the same firm that advised Tribune Co. as it filed for Chapter 11 bankruptcy protection) and another firm to “assist us in evaluating our strategic options regarding Morris Publishing’s existing capital structure.”
The family-owned firm is the parent of 13 dailies, including the Log Cabin Democrat, which it purchased in 1994. Morris has been buckling under the pressure of enormous debt. Recently, sources confirmed to Arkansas Business that Democrat employees stopped receiving 401(k) contributions from their employer.
The newspaper has daily circulation of about 10,253, according to Arkansas Business’ most recent list. It also boast a particularly robust Web site for a newspaper its size, with blogs, photo slideshows, video, podcasts, niche sections — and it even Twitters here.
Arkansas Newspapers Feel the Squeeze [Arkansas Business]
Filed under: Arkansas Business, business, Internet, Media, Newspapers | Tagged: advertising, Arkansas Business, Arkansas Press Association, blogs, business, Chapter 11, Editor & Publisher, Internet, Lazard Freres & Co. LLC, Log Cabin Democrat, Marion Salute, Morris Communications, newspaper, Photos, Tribune Co., Twitter, Web |