By: Mark Fitzgerald Morris Publishing Group is getting a break from its parent corporation, which has agreed to eliminate its management fees for the rest of the year.
Without that agreement, Morris Publishing disclosed in a Securities and Exchange Commission (SEC) filing, the publisher of The Augusta (Ga.) Chronicle and The Florida Times Union would be on the hook to pay parent Morris Communications Co. and an affiliate a combined fee equal to 6.5% of its total operating revenues from May 1 through December 31, 2008.
Morris Publishing did not estimate what that fee would be. In 2007, it had total operating revenues of $374.6 million, according to its annual report to the SEC.
Morris has substantial debt. Last November sold 14 daily newspapers for about $115 million, and used $85 million to pay down a debt that was still $427.9 million at the end of 2007.
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