TVNewser FishbowlNY AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

Freedom Communications Inc. Files for Bankruptcy Protection

It is another sad day for the news business.

Freedom Communications Inc., owner of the Orange County Register, filed for Chapter 11 protection. It is the tenth publisher to do so in the last year. No word on what this means for the Register‘s D.C. bureau.

AP has the full story:

WILMINGTON, Del. The owner of the Orange County Register in California and dozens of other newspapers became the latest publisher Tuesday to seek bankruptcy protection, hurt by a jarring drop in advertising revenue.

Freedom Communications Inc. filed for Chapter 11 protection, citing debts of more than $1 billion and assets of $500 million to $1 billion
Freedom had been struggling to bring in enough money to repay its debt for the past year. It required workers to take unpaid leave and imposed an across-the-board 5 percent cut in wages.
The privately held company, based in Irvine, Calif., is at least the 10th newspaper publisher to file for bankruptcy protection over the past year.

Besides the Orange County Register, Freedom’s other newspapers include The Gazette in Colorado Springs, Colo., and the Odessa American in Texas.

Mediabistro Course

Freelancing 101

Freelancing 101Manage a top-notch freelancing career in our online boot camp, Freelancing 101! Starting August 18, freelancing experts will teach you the best practices for a solid freelancing career, from the first steps of self-advertising and marketing, to building your own schedule and managing clients.  Register now!