Dean Singleton has put his MediaNews Group on notice. The chairman and CEO of the Denver-based newspaper company told his staff in a company-wide memo (posted as a text file at LAObserved.com) from himself and other senior execs that he expects online sales to triple by 2012, 50 percent of operating cash flow to come from online compared with 22 percent now, and promised acquisitions with other newspaper companies.
From the memo: “Novelist James Baldwin once wrote about the future being like heaven: ‘everybody exalts it, but no one wants to go there now.’ Well, we in the newspaper business need to go there, and we need to go there.” As for the internet: “This is a growth business for us, and we intend to capitalize on it. It is our future.
Yahoo (NSDQ: YHOO) consortium: The partnership with Yahoo is cited as a “key element of growth.” The first “milestone” is set for this month: the rollout of the full Yahoo HotJobs platform in MediaNews papers. Other aspects en route include Yahoo becoming the primary provider of search on MediaNews’ websites (full web search, sponsored search, content match and placement of the Yahoo toolbar on each site) with the two sharing search revenue; the sites content will be treated preferentially by Yahoo News Search; and all ad serving will move to the Yahoo ad network platform.