More newspaper woes hit Vt.
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STAFF REPORT - Published: January 20, 2010
DENVER — The holding company for MediaNews Group Inc. newspapers, including The Denver Post and two Vermont daily newspapers, says it plans to file for bankruptcy protection.
Affiliated Media Inc. said last week it would file a "prepackaged" plan already approved by lenders, which should allow it to emerge from bankruptcy more quickly.
It would be at least the 13th bankruptcy filing by a U.S. newspaper publisher in the past 13 months. The owners of dozens of newspapers have been pushed into bankruptcy protection as the recession and competition from the Internet have sapped advertising revenue.
The company owns 54 daily newspapers and more than 100 non-daily newspapers, Web sites, television and radio broadcasters.
According to the MediaNews Group Web site, Vermont holdings include the Bennington Banner, Brattleboro Reformer, The Manchester Journal, Bellows Falls Town Crier and The Original Vermont Observer.
MediaNews also owns 13 papers in Massachusetts including the Lowell Sun.
Affiliated Media's Chapter 11 bankruptcy filing illustrates the uncertainty facing major newspapers publishers as their main source of income — print advertising — has plunged during the past four years.
Since 2005, the industry's annual ad sales have dropped by more than $20 billion, a decline of about 40 percent, based on figures from the Newspaper Association of America.
MediaNews' management and newspaper operations, employees and vendors won't be affected by the holding company's restructuring, MediaNews Group Chairman and CEO William Dean Singleton said.
He is the chairman of The Associated Press board of directors.
A date for the filing hasn't been announced, but the company said it would be in the near future. The reorganization plan was expected to be filed in federal bankruptcy court in Delaware.
The Associated Press contributed to this report.


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