Wayne Garcia, the man behind the "Political Whore" column and blog, announced yesterday that he has accepted an appointment as the Freedom Forum Visiting Professional at the University of Florida's College of Journalism and Communications. He will teach investigative journalism and editing. Garcia says he's already started working on campus while he finishes up a few projects at Creative Loafing.
The two largest American theater chains have begun in recent months to reduce or eliminate movie time listings in newspapers, directing consumers to their websites or third-party sites instead. A representative from the Newspaper Association of America (NAA) says that by removing these paid ads, the theater chains are taking away something important to readers. "For a reader, some things that are ads are actually considered news," NAA vice president of advertising Mort Goldstrom says. "Ads for concerts and things at clubs, for restaurants and movies -- that's a reason people read."
At today's equity auction, federal bankruptcy judge Caryl E. Delano gave control of Creative Loafing, Inc. to the company's largest creditor, Atalaya Capital Management. Atalaya's all-cash bid of $5 million won out over Creative Loafing CEO Ben Eason's bid of $2.32 million in cash and other securities. The deal is expected to close within 10 days. We've got a roundup of all the news here.
Creative Loafing (Atlanta)'s Thomas Wheatley is in Tampa covering the proceedings. He reports that CL CEO Ben Eason's opening bid was $2.3 million, including $825,000 cash and the rest in "in-kind contributions." Atalaya Capital Management countered by bidding $5 million in cash.
Today's equity auction should be the culmination of nearly a year of bankruptcy court proceedings for the six-paper company. Creative Loafing (Atlanta) is reporting that creditor Atalaya Capital Management is trying to disqualify the other bid for the company, which has been put together by CL CEO Ben Eason. Atalya, calling Eason's bid "facially incomprehensible," is arguing that the sources for contributions included in Eason's bid "are not clear." Meanwhile, the Chicago Reader reports that Atalya managing partner Michael Bogdan has been calling CL publishers to assure them the hedge fund doesn't want to run the company into the ground. On the call to Chicago, Bogdan was joined by former Los Angeles Times editor James O'Shea, who would become a CL board member if Atalya wins control of the company. O'Shea tells Michael Miner that Atalya would make former Des Moines Register president Richard Gilbert interim CEO upon taking over.
Seven Days founder and co-editor Pamela Polston reports that Vermont Sen. Bernie Sanders reached out to her last week regarding the senator's recent inaccurate statements about the alt-weekly industry. "Bernie let me know that his office sends out 'hundreds' of releases every day and that 'I don't always read them carefully,'" Polston writes, noting that Sanders was a little defensive and thought AAN was making too much of his offhand remarks, given Sanders' work on media reform issues. "It was clear Bernie wasn't going to provide a written apology to AAN, but he did offer this: 'If I have offended anyone in the alternative media, I'm sorry for that.'"
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