So, is getting less news for more money really working out?
Denver Business Journal
Affiliated Media is the holding company for the MediaNews Group family of newspapers, the nation’s second-largest newspaper publisher by circulation. The company owns 54 daily newspapers — including the San Jose Mercury News, Salt Lake Tribune, Detroit News, St. Paul Pioneer Press and Los Angeles Daily News — and more than 100 non-daily newspapers, as well as websites, television and radio broadcasters that serve markets in 12 states.
MediaNews Group’s creditors, including Bank of America, are owed $930 million. According to a statements made by Singleton last week, they have agreed to swap debt for equity, a move that will reduce MediaNews’ debt to $165 million.