Southland Publishing president Bruce Bolkin announced this morning that the alt-weekly's March 26 issue will be its last. "For 6 years, the Los Angeles CityBeat has offered a fresh perspective to the readers of Los Angeles, and Southland is extremely proud of its writers and entire staff who have contributed to the paper," says Bolkin.
After hearing more testimony yesterday on whether CEO Ben Eason should retain control the six-paper chain or if it should be turned over to its biggest creditor Atayla Capital Management, Judge Caryl Delano Delano said she will ask both sides to submit written closing arguments, which she will mull over for several days before making a ruling. MORE: Read dispatches from former CL employees Ken Edelstein and Alex Pickett.
Ben Eason testified yesterday during a hearing to determine whether he will be able to maintain ownership of the six-newspaper chain or if it will be handed over to CL's largest creditor. According to Wayne Garcia, much of Eason's testimony related to the digital transformation of CL and the struggles of the print publishing industry. On Tuesday, CL's chief financial officer and its valuation expert are scheduled to testify. The judge will then rule on who gets control of the company, Garcia reports.
Atalaya Capital Management said in court this morning that if it assumed control of the six-paper chain, it would continue to operate the newspapers "as a going concern" and put more money into the company rather than sell it off, Wayne Garcia reports. Atalaya, CL's biggest creditor, is seeking to wrest ownership of the company from CEO Ben Eason because it has "lost confidence" in his management. MORE: Later in the day's hearing, an expert on valuation testified that CL's value as a company had dropped more than $7 million in the three months after it declared bankruptcy. CL will make its case in court on Thursday.
Starting in April, the six-paper chain will cut executive compensation by five to 15 percent, Washington City Paper's Erik Wemple reports. On a conference call today, COO Kirk MacDonald said that he and CEO Ben Eason will take the 15 percent cut and that others -- including publishers, sales executives, and top editors -- will get more moderate slices. Wemple is glad he didn't have to implement another round of layoffs. "This approach makes way more sense," he writes. "No depressing discussions with the staff today!" MORE: The Chicago Reader and Creative Loafing (Tampa) weigh in.
Earlier this month, Knoxville, Tenn.-based real estate developer Brian Conley told Atlanta magazine he'd offered $13.3 million for the six-paper chain. Conley said the offer was based on cash flow estimates submitted last fall by CL in the company's bankruptcy proceedings, but CEO Ben Eason tells Metro Pulse that there was no such estimate submitted by his company. "Frankly, none of us has any idea what he's referring to," Eason says. "It sounds like he does not have a good enough handle of our plan to be making some of the comments he's been making."
Washington City Paper recently saved $8,000 by dropping all of its syndicated comics, the Chicago Reader's Michael Miner reports. City Paper still carries one local strip, "Dirtfarm," only because author Ben Claassen lets the paper run it for free. "City Paper feels like family to me," Claassen tells Miner by way of explanation. But Lynda Barry, who quit her "Ernie Pook's Comeek" strip, and her friend Matt Groening are feeling less familial these days about their former alt-weekly clients. Nevertheless, Groening keeps plugging away, creating "Life in Hell" every week even though his success with The Simpsons has left him financially secure. "I like sitting down once a week and knocking something out all by myself," says Groening. "The rest of my life is full of collaborators."
Knoxville, Tenn.-based real estate developer Brian Conley tells Atlanta magazine his offer price for the six-paper chain was based on cash flow estimates submitted last fall by CL in the company's bankruptcy proceedings. Conley sold Metro Pulse to the EW Scripps Co. in 2007 after owning the paper for four years. He recently made an investment in the Sunday Paper, a free-circulation competitor to CL's flagship paper in Atlanta; his investment was intended to help the company start new papers and go head-to-head with CL in Tampa and Charlotte.
The hearing scheduled yesterday was set to decide whether CL's creditors can declare their loans in default and take immediate possession of the company from CEO Ben Eason. According to Wayne Garcia, the hearing has been continued until March 11. Garcia says both sides in the case complained about the delay but worked together to develop a new timeline.
As part of company-wide cuts at Creative Loafing, Washington City Paper and Creative Loafing (Charlotte) have each reportedly laid off two employees. In addition, Mediabistro is reporting on an unspecified number of layoffs at L.A. Weekly, and the Valley Advocate says that last week associate publisher Do-Han Allen and circulation manager Jeffrey Owczarski became "the latest casualties of a series of year-end layoffs by our parent company." A few days after his paper laid off seven, Creative Loafing (Tampa) editor David Warner dedicates his editor's note to a list of "the Top 10 Reasons Layoffs Suck."
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