Sunday Paper financier offers to buy Creative Loafing
Posted by Mediascaper on February 6, 2009
Atlanta Magazine’s Steve Fennessy is reporting that Knoxville, Tenn., businessman Brian Conley has offered to buy all six papers in the Creative Loafing chain for $13.3 million. They include the Creative Loafing publications in Atlanta, Charlotte, Sarasota and Tampa, as well as Chicago Reader and Washington City Paper.
About the news, Eason didn’t have much to say to Fennessy. But Conley talked at length, describing to Fennessy where he disagrees with Eason’s business philosophy:
I asked how his stewardship of the Creative Loafing chain would differ from Eason’s. He cited a discussion I had with Eason, in which the CLI chief referenced devoting 10 percent of revenue to editorial. “That’s out of line with industry standards,” Conley said. “Traditionally it should be in the 15 percent range. You’re selling the product, the writers, and the quality journalism, and if you don’t spend the money on that, you’re going to atrophy. … The revenue follows the quality.”
The first comment on Fennessy’s post:
Hold me.
Posted by: Hope for Washington City Paper at 2/5/2009 11:43 AM
