I once wrote a blog about the court decision that was supposed to end our local independent newspaper (I tried to find the blog but couldn't).
The story was that the Davidson family have sold 47% of the business to Atlanta based Cox Communications many years ago.
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.
Anyway, they paid $13 Million towards the naming rights of the performance art center, which would not be built without these $13 Mil, however the other stockholder was not happy with the expenditure and the judge took their side. 3 years ago the judge ordered the Davidson either pay Cox Communications a whopping $129 Mil or sell the company. They decided to sell the company.
At that time a broker handling the sale estimated the value of the newspaper at $306 Mil. In todays paper I read the article and was stunned that the value range today is between $20 to $30 Mil. That's a phenomenal drop.
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.
That would really be very nice. Maybe we will even see the return of the Seaside Theater, which closed the doors without the donations of the Davidsons family.
There are not that many corprorate entities that supported the arts like New Journal was doing.
Partners in business are like partners in marriage. Tensions are too common, love and respect are rare, and bitter divorces are the norm.