Wednesday, June 10, 2009
Detroit Daily Press
Mark Stern and Gary Stern, veteran publishers in the newspaper industry, have announced that they intend to create a new daily newspaper for the Detroit market called The Detroit Daily Press.
They expect to launch the new newspaper within 60 days, selling for fifty cents daily and $1 on Sundays.
The Sterns are currently working to secure contracts with two printing plants and lease office space. They are also looking to hire department heads, which given the number of newspaper employees laid off nationally (and locally), should give them many options to consider.
The paper is expected to start small, and then grow based on advertising revenue increases. The Sterns believe their paper can be financially viable as it will not be burdened with the legacy cost issues such as pension funds, old trucks, and facilities, which contribute to the debt problems of existing struggling papers.
The Detroit News and Detroit Free Press have stopped home delivery on Monday through Wednesday, and Saturday, restricting its home delivery to only Thursday, Friday and Sunday. This is leaving an opportunity, the Sterns believe, for another daily publication to fill the market need.