AAN News
Marty Petty Named New CEO of Creative Loafing, Inc.
Petty, the former publisher of the St. Petersburg Times and the Hartford Courant, has been named the new chief executive officer of the six-paper Creative Loafing chain. She will succeed Richard W. Gilbert, who has been interim CEO since the company emerged from bankruptcy. "I'm invigorated by the possibilities to deepen relationships with our readers and advertisers and expand our influence in our communities," she says in a release. "The coverage areas which have differentiated and distinguished the alternative press historically may be more important than ever." MORE from Creative Loafing (Tampa).
(FULL STORY)
Creative Loafing, Inc. Press Release |
11-16-2009 10:22 am |
Industry News
Tags: Management, CL, Inc.
Media Critic: Here are Four Ways to 'Improve Things' at Creative Loafingnew
St. Petersburg Times media critic Eric Deggans says that Creative Loafing should, among other things, "get some aggressive, entertaining name writers back in the house" and "break news, especially news mainstream outlets won't report." He says alt-weeklies are well-positioned to do the latter. "An alternative newspaper often does its best work holding accountable those who hold others accountable," Deggans writes. "There's a multitude of civic issues at hand that a grass roots alternative newspaper could grab hold of, and explore in new ways; doing that in a provocative, localized way builds the brand tremendously."
The St. Petersburg Times |
09-02-2009 2:38 pm |
Industry News
New Creative Loafing Board Members Meet the Atlanta Staffnew
After Atalaya gained control of the six-paper company in bankruptcy court last week, several of the new board members met with staff at Creative Loafing (Atlanta). "I want your ideas," Jim O'Shea told them. "I want to hear from you. And I'll do everything in my power to make sure we're sitting here two, five, 10 years from now with more resources, more people, better salaries and more of a future." O'Shea, a former Los Angeles Times editor, will advise Atalaya on editorial strategy while former Des Moines Register president Richard Gilbert will be interim CEO. The Atlanta staff "applauded the sentiments" expressed by O'Shea, Thomas Wheatley reports. "After the meeting, one staffer likened the mood in the room to the elation with which liberals greeted the inauguration of President Barack Obama after eight years of George W. Bush."
Creative Loafing (Atlanta) |
09-01-2009 9:52 am |
Industry News
Atalaya: CL Generating Positive Cash Flow, Will 'Fill Holes' Soonnew
Managing partner Michael Bogdan tells the Chicago Tribune that without the crushing debt, Creative Loafing is now generating positive cash flow, which will allow the individual papers to hire new employees "to fill holes where they need to grow." He acknowledges that despite all the promises, employees at the six-paper company will likely remain skeptical of Atalaya. "I don't expect people to trust me right now," he says. "The proof's in the pudding." MORE: Chicago Reader associate publisher Steve Timble discusses the sale and the new media landscape on WTTW's Chicago Tonight TV show.
Chicago Tribune |
08-31-2009 1:13 pm |
Industry News
Former Chicago Reader Editor Reflects on Sale to Ben Easonnew
"Maybe we should have been smarter, or less starry-eyed about it, but we thought and hoped Eason would succeed," says Mike Lenehan, who owned a small part of the Reader before it was sold to Eason. "I don't think there would have been much sentiment to do [the deal] if we thought he'd turn out to be Ben Eason. Maybe we should have known better -- but that's what we thought." MORE: Reader media columnist Michael Miner discusses the paper's future with Chicago Public Radio, and Creative Loafing (Tampa) publisher Sharry Smith has sent out a memo calling Atalaya's acquisition of the company "a very positive development." (AAN News has been told the memo was drafted by all of the CL publishers together.)
Chiacgo Reader | WBEZ |
08-28-2009 9:49 am |
Industry News
Creditor Gains Control of Creative Loafing
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.
(FULL STORY)
AAN News |
08-25-2009 12:22 pm |
Industry News
Auction for Creative Loafing Gets Underwaynew
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.
Creative Loafing (Atlanta) |
08-25-2009 11:31 am |
Industry News
Control of Creative Loafing Up for Grabs in Court Todaynew
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.
Creative Loafing (Atlanta) | Chicago Reader |
08-25-2009 8:55 am |
Industry News
Chicago Reader Media Writer Reflects on Covering Creative Loafingnew
"Creative Loafing's bankruptcy is just one more media story to follow, along with the Sun-Times Media Group's bankruptcy and the Tribune Company's bankruptcy," Michael Miner writes. "But CL's is the story I'm part of." He explores the difficulties of "reporting on your own house" as a media writer, and explains why he kept news of Reader layoffs off his blog for four days -- and didn't name any of the departing staffers -- just days after he had broken news of layoffs -- with names -- at Chicago Public Radio. "I have no explanation that will satisfactorily answer this question," he writes. "The fancy one I'll retreat to is one word long: epistemology. You see, it's not simply what journalists know that matters to us but also how we happen to know it. I knew what happened at WBEZ because I got a tip and worked the story; I knew about the Reader because it's home."
Chicago Reader |
08-24-2009 9:10 am |
Industry News
Bids for Creative Loafing Are In and Bidders Will Get Details Todaynew
Yesterday was the deadline for interested parties to submit their bids for Creative Loafing, Inc. to a bankruptcy court judge. According to a document filed yesterday, all bidders will be provided with the details of opposing bids by noon today. UPDATE (1:50 pm): Creative Loafing (Atlanta) is reporting that Eason's team and creditor Atalaya Capital Management will be the only two bidders at next Tuesday's auction.
Creative Loafing (Atlanta) |
08-21-2009 10:38 am |
Industry News
Creative Loafing's CEO and Creditors Both Confident About Auctionnew
No surprise here: Creative Loafing CEO Ben Eason and the company's largest creditor Atalaya Capital Management both tell the Atlanta Journal-Constitution they have high hopes for next week's auction of the company in Tampa bankruptcy court. "I think we are absolutely the best bid," Eason says. "Any bid has got to have cash, management and know-how, and be in a position to run the business and pay off debt. ... We have all of that." But Atalaya managing partner Michael Bogdan begs to differ. "We are going to come into court with a bid we believe will prevail," he says. "And if somebody starts with higher bid (sic), we are absolutely willing to raise our bid." It's expected that Atalya will bid a higher dollar figure than Eason's group, but Eason has said he will ask the judge to consider publishing expertise as part of deciding what the "highest and best" bid for the six-paper company is. The auction is slated for Tuesday, Aug. 25.
The Atlanta Journal-Constitution |
08-20-2009 8:52 am |
Industry News
Ben Eason Offers CL Managers Equity If They Join Bid for the Companynew
The Creative Loafing CEO tells the Chicago Reader he is working on a bid for the company that consists of three components: Eason and his family; BIA Digital Partners, who CL owes $10 million; "and managers from all across the company." Eason says the idea is to couple the pay cuts taken by the 25-30 managers with an offer of equity in the company and a chance to join the bid. "If it loses, Eason says, they'll be paid their deferred salaries out of auction proceeds," the Reader reports. "Managers who remain on the sidelines will get paid back either way." The idea is one way Eason hopes to set his bid apart from the bid expected from Atalaya Capital Management, CL's main creditor. He hopes the show of unity will impress the bankruptcy judge, who will hold the auction for the six-paper chain on Aug. 25. "You've got managers clearly invested in the business, in continuing to run the business, and in looking to keeping it going," Eason says. MORE: In other CL news, a Chicago blogger gives his in-depth analysis of the company's value.
Chicago Reader |
08-12-2009 2:57 pm |
Industry News
Key Decision in Creative Loafing Bankruptcy Case Will Come Aug. 25new
In today's bankruptcy hearing, the judge said she will wait until the Aug. 25 equity auction to define what the "highest and best" offer will be, a decision that CL CEO Ben Eason has said will be of utmost importance to the future of the six-paper company. "While today's hearing about the rules and procedures for the bidding was given a pretty high-drama buildup ... it didn't live up to its billing and was actually a complex, confusing, and undramatic court session," Creative Loafing (Tampa)'s Wayne Garcia writes. Following the hearing, Eason told Garcia he's considering stepping down temporarily as CEO to focus on putting together a new bid for the company, though he said he hasn't made a decision yet and has no timetable in mind.
Creative Loafing (Tampa) |
07-29-2009 4:51 pm |
Industry News
Judge to Set Rules of Creative Loafing Auction Todaynew
CL CEO Ben Eason has said that today's hearing (rescheduled from Monday) will likely determine whether or not he will be able to retain control of the six-paper chain. The actual auction is slated for Aug. 25, but Eason says that if the judge allows unfettered bidding by Atalaya Capital Management, the company's largest creditor, he may have no chance. He thinks that would be unfair and will ask the judge to restrict Atalaya's ability to bid. "What you'll see is the judge grappling with a core issue: How do you preside over a fair auction where one of the bidders has an advantage that would cause others not to bid," Eason says. "It's like pulling money out of one pocket and putting it into another."
St. Petersburg Times |
07-29-2009 9:54 am |
Industry News
CEO Says Creative Loafing's Future Rests on Rules of Upcoming Auctionnew
Ben Eason tells the Chicago Reader that the key upcoming date in the ongoing bankruptcy saga of Creative Loafing is not Aug. 25, when the auction will be held, but July 27, when the judge sets the rules of the auction. He says the judge should restrict the ability of lender Atalaya Capital Management to bid on the company because "they'll put their money in and immediately take it out." He says that the issue should not just be who has the highest bid for the company, but the "highest and best" bid, which Eason thinks will be his. "For me it's my passion, my life, and everything," he says. "The real key here is not a financial play -- it's how everybody uses their publishing smarts and knowledge of online to fuse those models together. The game is not who's got the most money but who's got the most smarts to make the transition."
Chicago Reader |
07-22-2009 11:10 am |
Industry News
