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Pigs Flying Much Closer To Ground
Last last week, Phillymag’s Steve Volk wrote about the financial worries at Philadelphia Media Holdings, the Brian Tierney-captained crew running the Inquirer, Daily News and other related properties. The 411: Standard & Poor’s reported PMH will have its debt interest rate go up a point in exchange for being allowed to miss a few payments. Its loan was trading in the mid-70s in June and is now in the 40s. Want more bad news? Sure: Boscov’s, which has filed for bankruptcy, owes the paper nearly a million dollars. Of course, when the company gets that money, it will immediately be spent on inflatable pigs and cat food, so that Philly.com may construct a whole army of 40-plus pound cats to put on the front page. Financial Worries Deepen at Philadelphia Media Holdings [Phillymag] |
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This is a bit distressing, actually. I’m not all that impressed with Philly’s two main dailies as they exist right now, but…
There was a letter in the Inquirer this morning, pointing out that the DHS-Daniela Kelly fiasco had come to light thanks to Inquirer coverage. And while I think the Inquirer has possibly touted itself a little too much for those stories in its recent coverage, the writer was correct. A city as big and vital as Philadelphia needs at least one great daily paper — or, at least, a news organization with the reporting resources of a great daily newspaper, regardless of which medium the reporting ends up in.
And the Flying Pigmeister is so desperate for cash, he’s asking his unions to give back the raises they’re due to get next month. Meanwhile there are more and more managers and fewer and fewer ground-level employees. THAT’S how you keep a company thriving!