Reversing course from an announcement last September, the Denver Post’s parent company, Digital First Media, says it’s decided that selling the Post or other newspapers, or the entire company is not the right move for now.
On December, the Denver Business Journal reported that local billionaire Philip Anschutz’s Clarity Media Group quietly bought the rights to the name and intellectual properties of the Rocky Mountain News -- the Post's former competitor. Neil Westergaard, the editor of the journal, said the prototype of the newspaper didn't wow him.
Then, in March, DFM sounded close to being ready to sell most of its assets to Apollo Global Management LLC for about $400 million. Apollo had been competing with Cerberus Capital Management LP in the auction for the Digital First properties.
News media writer Jim Romenesko published the memo from company CEO John Paton to his employees.
It has been a strong year in a difficult environment. In short, because of you this Company has real, demonstrable momentum. Year-to-date we have:
* Increased our operating profit versus last year, enabling us to deliver on our goal of providing profit sharing for all eligible employees;
* Delivered nearly $200 million of digital ad sales; and
* Expanded our AdTaxi digital platform, both internationally and with large newspaper, television station and ad agency partners in 166 cities and 6 countries.
DFM owns 76 newspapers across the nation including the Post, the Boulder Daily Camera and The Longmont Times-Call.
