“IS IT TRUE” APRIL 28, 2020

We hope that today’s “IS IT TRUE” will provoke honest and open dialogue concerning issues that we, as responsible citizens of this community, need to address in a rational and responsible way?

IS IT TRUE that an article last week was published that stated that the newspaper industry is essentially an industry that is described as “dead paper walking?”…this is a term used to describe a business that is in so much financial distress that no amount of money will save the business because the revenue streams were so damaged before COVID19 came along that rescue dollars would simply keep a dead business alive for a short time but pay no dividend to society at large?…the article clearly stated that newspapers should not be getting a bailout because they are nearly all on a short trip to bankruptcy anyway?

IS IT TRUE that the investment group that merged to form the new Gannett last year has done little or nothing to change the trajectory of the 200+ newspapers under management?…from day one the new group has been more interested in laying off talent than creating a better product that would appeal to a wider audience?…since the first of the year the new Gannett has placed nearly all of their newspapers on 25% furloughs from the newsroom to management?…after doing the furloughs there have been selected layoffs at nearly every location leaving the surviving workers demoralized and thinking twice about their commitments to the journalism profession?…from an investor relations perspective the new Gannett is a disaster seeing the stock price fall from a high of just over $12 per share to a recent low of 63 cents per share?…this collapse of the stock is an indicator that protential investors have no confidence in the new Gannett?…throwing good money after bad has been a large concern for the SBA in approving PPP and EIDL loans that are supposed to save jobs and businesses?…it is a foregone conclusion that there are many “dead businesses walking” that have been approved for these loans?…public companies need not apply though and that will keep the new Gannett from accessing those funds?…what is really needed is for local investment groups who value unbiased journalism to buy the local papers like the Evansville Courier and Press and to run them as they were once run?

IS IT TRUE we are hearing rumors that the new Gannett publishing Corp. may be considering selling off some of their less financially productive publications?  …if this happens, we are told that a group of local well-heeled and business savvy investors may be interested in salvaging the once proud and powerful Evansville Courier and Press at the scaled value? …we are also told if this group of investors is successful they will put together an outstanding editorial board made up of a person with a newspaper publishing background, well-known entrepreneurs, community leaders, a local medical doctor, banker, college administrator, and an attorney? …every city deserves a non-partisan locally owned and produced newspaper and Evansville is no exception to that rule?