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|Local Newspaper Company Delisted from Stock Exchange|
|Written by Administrator|
|Monday, 27 October 2008 19:53|
GateHouse Media, Inc., publisher of the Patriot Ledger and Brockton Enterprise, was delisted from the New York Stock Exchange Friday.
The New York-based company is one of the largest chains of community newspapers in the country.Â GateHouse holdings include 97 daily newspapers, 400 weekly publications and 260 related Web sites in Massachusetts, New York and the Midwest.
Locally GateHouse publishes the Duxbury Reporter, Pembroke Mariner & Reporter, Kingston Reporter, Marshfield Mariner and the Old Colony Memorial of Plymouth, among other publications.
Under the NYSE listing requirements, stocks that trade below $1.05 over a 30-day average, or fall below the minimum market capitalization of $75 million, risk delisting.
GateHouseâ€™s stock has not traded above $1 since July 23, according to Editor and Publisher magazine. At the end of trading Monday, the stock closed at 0.06 cents a share.
GateHouse is not the only ailing newspaper stock. The New York Times Company, publisher of the Boston Globe, recently announced dividend cuts in the wake of their credit rating being lowered to junk bond status.Â
So far this year, the NYSE has delisted two other newspapers companies, the Sun-Times Media Group and Journal Register Company.