LEE Enterprises, which operates the local newspaper, Journal Times, recently made additional cuts to their staff based in Montana:
The Queen of Davenport has abdicated to the King:
Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch, said Mary E. Junck has been elected the company’s executive chairman and Kevin D. Mowbray has been elected president and chief executive.
Mowbray also was elected to the board of directors. The transition was initially reported in December 2015.
Junck, 68, previously was president and chief executive officer of Lee, and Mowbray, 54, served as executive vice president and chief operating officer. Mowbray served as publisher of the Post-Dispatch from 2006 to 2013.
Davenport, Iowa-based Lee owns 46 daily newspapers including the Post-Dispatch and has a joint interest in four others.
MADISON — Luring a new Foxconn factory will cost Wisconsin more than eight times as much per job as other job-creation deals in the past year, according to a newspaper analysis.
The Taiwanese company is receiving more than $200,000 in state taxpayer money per job, according to media reports. Foxconn’s incentive package is more than three times as much per job as the next most costly deal.
“Around the country, you just generally don’t see offers this high,” said Tim Bartik, an independent economist who studies economic development. “It’s very, very high.”
Wisconsin is also waiving $150 million in sales tax for the company. The state will pay the company up to $2.85 billion in tax credits if it creates 13,000 jobs and invests $9 billion in the plant in Racine County.
Foxconn’s tax credits accounted for 96 percent of the credits the state awarded in 2017, though the company will only produce 44 percent of the jobs.
Foxconn could also receive lower electric rates, money for roads and worker training, and up to $764 million in incentives from Racine County and Mount Pleasant.
While Lee Enterprises leaves most decisions about the Web sites to each local paper, a few things are mandated: There has to be a certain number of ads in the print editions that promote the Web site, and the Web sites have to be profitable.
Demanding profitability stems from a time when making money online was difficult, but the company is now deriving “substantial revenue” from its online operations, said Greg Schermer, Lee’s vice president of interactive media and general counsel.
Don Farber, new media director for Lee’s Waterloo (Iowa) Courier, said Lee is one of the best newspaper companies as far as its focus on the online side of the business. “The online revenue building and online audience building is part of Lee’s prayer card, or primary objectives,” Farber said. He said Lee’s overall goal is to be No. 1 in its markets as a news source with its newspaper and No. 2 with its online edition.
Madison.com, the Web site affiliated with Wisconsin State Journal and The Capital Times, is Lee’s largest online presence, excluding the Pulitzer acquisition.
Hope JT Publisher Mark Lewis has his LEE Enterprise Prayer Card handy.
What happens when the Foxconn deal doesn’t deliver on those promised 13,000 + jobs at $50K = each?