San Angelo's Standard-Times will experience a new owner for the second time since Scripps jettisoned its newspaper assets in favor of television. The Standard Times reported on their ownership change:
Journal Media Group was created in April 2015 after The E.W. Scripps Company and Journal Communications merged their local television operations and spun off their respective newspaper assets into an independent, publicly-traded company based in Milwaukee.Correction by blogger: JMG's stock began trading publicly on March 23rd, 2015 at $12.00 per share. The stock lost nearly 20% its first day trading. Ticker symbol JMG had a rough time until the Gannet deal was announced.
Gannett's buying JMG for $12 per share, exactly where the company initially traded. As the deal is expected to close in the first quarter of 2016, JMG will have been an independent company for less than a year.
Standard-Times employees must be exhausted from change fatigue. Readership plummeted by over 50% the last two decades as the company lurched from strategy to strategy to stem reader loss. The paywall, implemented in 2013, failed to increase readership as top management theorized. That's the same group that spun off JMG, then inked the deal with Gannet after a mere six months as a public company. To think these are the leaders of a knowledge business.
Here's what awaits the Standard-Times team
For those having trouble leading the strategic initiatives line:
The lurching continues. Hold on folks!