By: Joel Davis
The U.S. Bankruptcy Court has approved the $2.38-million sale of the 109-year-old Colorado Daily from Front Range Publishing Co. to a new owner who plans to change the name of the newspaper to the New Colorado Daily when the sale closes.
Randy Miller and his company, New Colorado Daily LLC, are expected to take over the paper as soon as Friday. Miller, a onetime Gannett Co. Inc. publisher with 25 years in the newspaper business, is former vice president of publishing for Lee Enterprises Inc., a newspaper chain based in Iowa with 23 daily newspapers and more than 100 other publications. He left Lee Enterprises in December.
The Colorado Daily filed for Chapter 11 reorganization in November, with debts of approximately $2.09 million.
Publisher Russell Puls said the protection was needed because of an alleged $250,000 embezzlement by a company accountant and unsound business decisions since 1995. Although there were other financial problems, Puls told E&P that the embezzlement “was the straw that broke the camel’s back.” He said the suspected embezzler paid back $29,000, but has disappeared.
Based in Boulder, the Colorado Daily is a free weekday alternative paper aimed at readers 18 to 35 years old. The paper, which has 45 full-time employees and a news staff of eight, maintains a sales office at the University of Colorado, where it was the campus newspaper until 1972, when censorship issues with the university’s administration prompted the paper to move off campus as an employee-owned publication.
(Editor & Publisher Web Site: http://www.editorandpublisher.com)
(copyright: Editor & Publisher February 26, 2001)