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Posts Tagged ‘Jim O’Shea’

Creative Loafing Sold To Hedge Fund; No Layoffs Planned

Phew. Creative Loafing, the second-largest alt-weekly chain in the country, which has been in bankruptcy for almost a year, was sold at auction yesterday to hedge fund and creditor Atalaya Capital Management.

Outgoing CEO Ben Eason borrowed $30 million from Atalaya to purchase the Chicago Reader and Washington City Paper.

Atalaya will now take control of the company with its $5 million cash winning bid, but has announced there are no “planned layoffs” and no plans to close any of Creative Loafing’s papers. In fact, the hedge fund has appointed a new board of directors which includes former LA Times editor Jim O’Shea, former president/COO of alt-weekly chain New Times(Village Voice Media) Michele Laven, and former Des Moines Register president Richard Gilbert, among others.

For the full courtroom drama, you’ll want to read the post at Creative Loafing’s Fresh Loaf blog, but here’s a taste:

“When the judge ruled Atalaya’s bid was the “highest and best,” Eason sat silently, blinked several times, and then rocked back and forth in his chair.”

(For his part, Eason says he plans to start a new media company.)

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Former And Current LA Times EIC’s Debate Staff Cuts

Last winter Los Angeles Times editor Jim O’Shea was let go for resisting staff cuts. “Newspapers are a manufacturing industry,” O’Shea told Neiman Journalism Lab “At some point, you’re gonna cut it to the point where you won’t be able to get the thing out the door because you don’t have enough employees.”

Current editor Russ Stanton&#151who has dismissed nearly 300 of the paper’s employees&#151didn’t see it quite this way. “Let’s just say that I don’t think the revenue picture has been improved enough to justify the size of the newsroom.”

The two were brought together by the Neiman Journalism Lab to duke it out.

Russ Stanton and Jim O’Shea discuss staff cuts at The Los Angeles Times from Nieman Journalism Lab on Vimeo.