GateHouse owners: Forgive our debts so we can pay more dividends

One of the most amusing things to come out in the continuing string of bad press about GateHouse Media, owner of the Carthage Press, Neosho Daily News, and Pittsburg Morning Sun, is that Fotrtress Investment, the hedge fund that owns GateHouse, wants to buy more media companies.

The company, as noted earlier in The Turner Report, wants debtors to forgive two-thirds of what GateHouse owes them. You might ask what they would do with that money:

Last year was the worst ever for GateHouse, according to its financial reports, which cited a substantial revenue decline and an operating loss of nearly $30 million.

WSJ reported that Fortress is mulling restoring dividends for itself and other shareholders after the restructuring, and that it is considering acquiring additional media companies.

As I noted before, it is greed that is destroying newspapers and GateHouse Media is about the worst of the lot.