An article today shows how much a newspaper chain is paying for the Fort Wayne (Ind.) News-Sentinel, my old competition when I was a reporter at The Journal Gazette.
The sticker price? $92.6 million.
Damn.
Let's see, at 31,000 readers or so (an optimistic estimate from Wikipedia), that means each News-Sentinel reader is worth $2,987.
They've obviously been served well, too. Check out this line from the Wiki entry:
Mary Jacobus, publisher of the News-Sentinel, left to join the Boston Globe on January 2006 as president and general manager. During her four-year tenure, newsroom employment dropped 29%.
Times will probably be tight in the future, too, since the new owner has a reputation for squeezing monetary blood from journalistic stone.
So what do you guys think, especially you news types? Does $92.6M seem a bit high to you, too?
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