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Posts Tagged ‘Brian Tierney’

More Troubles For Philly Papers

225px-Brianti111erney_2007PRSA.jpgLast year, it is arguable that no one city was hit the hardest in the newspaper industry recession than Philadelphia. Both the Philadelphia Enquirer and Philadelphia Daily News were forced to declare Chapter 11 under the umbrella of their publisher, Philadelphia Newspapers LLC. They were subsequently bought out by hedge-fund investors, but the price of two of the city’s biggest local papers remains unknown, and a federal judge has just backed up the creditors claim that they do not have to reveal the number.

This might be a problem for CEO Brian Tierney who, along with local investors, has raised $52 million to buy the paper back. It may seem like altruism, but remember, this is the same Tierney who was given a transportation budget of $1,500-a-week back in 2008. With numbers like that, no wonder the company went bankrupt.

Tierney bought the papers from McClatchy in 2006 for $562 million.

Read More: Hedge-fund creditors win round in newspapers’ bankruptcy case –Philly.com

, Tensions Flare in Philadelphia Newspapers BankruptcyNew York Times

Previously: CEO of Philly Papers Given $1,500/Week for Transportation, Brian Tierney’s Business & PR Plan for Philadelphia Papers

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Local Newspapers Fight To Survive, But Are They Going About It The Right Way?

philadelphia.pngThis weekend, while reading Michael Sokolove‘s New York Times Magazine story about Philadelphia and its troubled newspapers, The Philadelphia Daily News and The Philadelphia Inquirer, we couldn’t help but thinking about the role that blogs are now playing in the journalistic conversation.

According to Sokolove: “Newspapers remain the primary source of news-gathering in America. And unlike so many Internet ‘sites,’ they are firmly grounded in a geographical place. To read a newspaper is to know what town you’re in.”

Is that still true? Local news Web sites are popping up all over the place and some, like NewJerseyNewsroom.com, are even created by former local newspapers employees who have been recently let go.

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CEO of Philly Papers Given Spent $1,500/Week for on Transportation

philly04.24.09.jpgBrian Tierney, the chief executive officer of Philadelphia Newspapers, received $81,000 in 2008 for transportation expenses from the company that filed for bankruptcy in February 2009.

Tierney, who along with other investors purchased the publisher of the Philadelphia Inquirer and the Philadelphia Daily News in 2006 for more than $500 million, also received $650,000 in salary, a $350,000 bonus for 2008, and a $175,000 bonus for 2007. In total, his compensation came to $1.175 million, a number he called “very low.”

In late 2008, Philadelphia Newspapers union members agreed to give up their raises in an attempt to keep the company from bankruptcy.

WSJ Sale Update: Does Philly Have A Shot?

murdoch_060407.jpgOver at CNNMoney, Paul R. LaMonica is calling the sale of the Wall Street Journal the lamest bidding war ever, and we can’t blame him. As previously mentioned, NBC and Microsoft passed on a joint bid for Dow Jones. However, there’s still WSJ union favorite Ron Burkle and Philadelphia Inquirer owner Brian Tierney.

But does the Philadelphia newspaper owner really have a shot at one of the biggest media properties in the country? In the Washington Post, the gossip columnist for one of Tierney’s papers gave an unequivocal (and bitter) no:

“I’m tickled pink that Tierney has apparently found a mother lode of money coming from [the two newspapers] and I look forward to him sharing it with his employees,” Daily News columnist Stu Bykofsky said yesterday. “I look forward to him welcoming back 75 people who lost their jobs because he said he couldn’t afford to keep them. I’m looking forward to our pension being restored now that he’s got enough money to be throwing at the Wall Street Journal. I’m looking forward to having our sick pay restored now that we know he’s so flush.”

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