Poll: Will You Subscribe If stltoday.com (Post-Dispatch) Puts Up A Pay Wall?
Last month our daily paper laid off another round of journalists, editors, photographers and others:
The St. Louis Post-Dispatch laid off nearly two dozen employees, 14 of them from the paper’s newsroom, NewsChannel 5 Sharon Stevens has learned.
Speaking to Post-Dispatch employees Friday afternoon, Stevens learned the newsroom employee layoffs included: 3 reporters, 1 photographer, 1 cartoonist, 2 copy editors, 4 photo editors, 1 deputy managing editor, 1 news editor and 1 food editor. The remaining cuts were made in other departments. (KSDK)
This is really a shame too, especially for my friends who’ve lost jobs.
Some might say it’s just the changing media environment while other blame the debt carried by parent Lee Enterprises:
DAVENPORT, Iowa (July 17, 2012) — Lee Enterprises, Incorporated (NYSE: LEE) reported today for its third fiscal quarter ended June 24, 2012, a loss of 3 cents per diluted common share, compared with a loss of $3.46 a year ago. Excluding reorganization costs in 2012, non-cash impairment charges and a non-cash curtailment gain in 2011, and debt financing costs and other unusual matters in both years, adjusted earnings per diluted common share(1) totaled 2 cents, compared with 21 cents a year ago. The majority of the decline is attributable to higher interest cost in 2012. (Reuters)
Lee Enterprises purchased the St. Louis Post-Dispatch in 2005:
Lee Enterprises is currently the fourth largest newspaper group in the United States of America. The company acquired Howard Publications (16 daily newspapers) for $694 million in 2002 and Pulitzer, Inc. (14 daily, over 100 non-daily), for $1.5 billion in 2005. The company filed for Chapter 11 bankruptcy in 2011. It emerged from bankruptcy less than two months later. (Wikipedia)
CEO Mary Junck was rewarded handsomely so far this year:
Lee Enterprises disclosed yesterday [July 25, 2012] that CEO Mary Junck acquired 500,000 shares of company stock. That stock was worth $1.31 per share at the close of business on the date the paperwork was filed, but Junck paid nothing for it.
Junck received the stock as a “Grant by the Issuer’s independent Executive Compensation Committee (ECC) of non-incentive restricted shares of common stock pursuant to Issuer’s 1990 Long Term Incentive Plan,” according to the footnote on the company’s paperwork.
This marks the second time this year that Junck has received a bonus from the company. She was gifted $500,000 in March for leading the company into and out of bankruptcy. Yesterday’s bonus totals out to a cash value of $655,000, which is a pretty good take for a Wednesday. (Riverfront Times)
Currently the only way to subscribe to the Post-Dispatch is by receiving a delivered paper, but that may change:
We introduced digital subscriptions in 11 more markets during the quarter, for a total of 17 so far, and expect nearly all of Lee’s 52 markets to follow by the end of the calendar year. (Lee Enterprises)
It’s still unknown if some form of a digital subscription will be added to the Post-Dispatch website, stltoday.com. The poll question this week asks you to assume the Post-Dispatch puts up a pay wall, will you subscribe? If yes, how much are you willing to pay? The poll is in the right sidebar.
— Steve Patterson