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The Davidson family has always been the biggest donor of the arts in the area. They were behind the London Symphony Orchestra biannual 2-week vacations in Daytona, and since the mid 60s they are coming to us, an ordinary city on the Atlantic ocean.
So, what they will be doing is a big question. For the paper and all residents the best outcome could be if the Davidson family can buy out Cox Communications and keep the newspaper in the family.
;)
;)
;)
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6 Comments on Life Is Never Boring
An intersting post Jon, There may be any number of these type of situations as the year unfolds. The economic impart of the downturn has devastated many companies there value and the agreements they may have had in place. A sign of the times across America.
It's sad that so much will be lost in the turmoil. Sorry to hear it's hitting so close to home for you.
William - at the request of Cox Communications the agreement was canceled by the judge yesterday. Both companies together were trying to sell the paper, it is just that the money is not there.
I am thinking that if the Davidsons 3 years ago would agree to pay $129 Mil for a paper, valued today maximum at $30 Mil, that would have been really an insult to injury. And if for that they would borrow money, they would be devastated. If anything in this situation can be lucky, there decision not to pay $129 Mil was a lucky one.
Turned out the judge was not that much of a businessman.
I love your partnership analogy! The reduction is horrifying--especially for the Davidson family. I do hope that they receive the same philanthropy that they've given in the past--good Karma, it would seem, would be in order here.
keep us posted...
Tina -The uniqueness of this situation is that this paper is actually one of the last independent paper in the nation. That's by itself makes this very unfortunate. Losing an independent voice is not what we want.
The other unusual part is that the Davidsons are very talented and trained musicians. late Tippen Davidson even played violin with London Symphony Orchestra at one of their arrivals to Daytona Beach
Debe - one good thing happened. In honor of Tippen Davidson they called the series of mini concerts as part of the International Festival that starts in Daytona later this month. The festival that would not be possible if not for Tippen Davidson.