Wednesday, April 23, 2025Keeping Afloat Or Selling Out? Eye Popping Decision By ABQ Journal To Sell Large Land Holdings Raises Questions About Future, Plus: An Ironic Veto
You may not have heard this news because media here does not cover other media--even when a tectonic shift takes place--like the sale of the entire 28 acre campus owned by the ABQ Journal in order to generate cash to keep the long struggling newspaper in business. The publisher says:
Repurposing is. . . what we’re doing with it because we’re taking our asset and making it liquid and then using that so that so we can continue on strongly. But the sale is expected to generate millions (the asking price is private), more cash than probably needed for the paper's short-term future. Because the Journal is not a public company we don't know if they have large debt to service or whether this is a prelude to a sale of the state's largest newspaper. The paper says it occupies about 20 percent of the space in NE ABQ. The remainder is leased out but how much of that is vacant was not disclosed. The Journal next year marks 100 years under the tutelage of the Lang family but the sale of their treasured campus, one of the state's premier developments from the 80's, raises questions about that long run continuing. The Journal has been slashing expenses and staff for years but with little to show for it. Subscriptions continue to tank as they do for most printed media. (That's an educated assumption since readership figures are no longer publicly available and have not been for years,) Moving the paper to a smaller and more digitally focused headquarters, as now planned, will keep the concern going but to what purpose? Why not sell the brand to a major chain that has the financial capability to absorb some losses and conduct a turnaround? Maybe that window has closed and there is no buyer out there? Or perhaps the controlling family is cashing out and trying to lure a buyer for a newspaper with a smaller financial footprint. The paper has tried everything to battle the relentless forces that that have now claimed their crown jewels. Like so much about New Mexico these days, the future of locally owned daily journalism is confounding not to mention worrisome. IRONIC VETO Las Cruces state Rep. Sarah Silva comes with a bemusing example of lawmaking from the recent legislative session: It’s ironic that HB143 (which Silva sponsored) would have given us information about who lobbied the governor to veto this bill – and without it, we have no way to know. In other words, (the Governor's) veto demonstrates the need for the very legislation she killed. The bill would have required lobbyists to file an activity report with the SOS on legislation they support or oppose before the end of a legislative session. Silva says she will try again. SAVE ACT New reader Leslie McMurtry writes:Dear sir, I read with interest your blog post about 330,000 unaffiliated voters in New Mexico having the opportunity in 2026 to vote in primaries without having to first change their voter registration to a major party. I wonder if you have considered how the SAVE Act, just passed in the US House, would affect these 330,000 new voters (and New Mexicans generally) should it be passed in the Senate. Here is more information. The House passed the SAVE Act that would require Americans to show proof of citizenship in person to register to vote in federal elections, which critics say could disenfranchise millions of eligible voters. Four Democrats joined all Republicans to pass the measure in a 220-208 vote. The bill would require applicants to present documentary proof of U.S. citizenship such as a valid passport, a birth certificate or other forms of identification that show a person is a U.S. citizen. It's aimed at preventing noncitizens from voting — something which is already illegal and rare. Whether new here or around for years, we welcome your comments, opinions and existential angst. This is the Home of New Mexico Politics. E-mail your news and comments. (newsguy@yahoo.com) Interested in reaching New Mexico's most informed audience? Advertise here. |
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