MediaNews Group, headed by Dean Singleton (left), reported net income of $13.3 million in the previous quarter and revenues of $295.3 million, according to a filing with the Securities and Exchange Commission. Those figures were a significant improvement compared to the same quarter a year ago when the company had revenues of $196.6 million and net income of $982,000. The increase is due to the Aug. 2 purchase of the Mercury News and Contra Costa Times for $736.8 million. MediaNews Group already owned several other Bay Area papers including the Oakland Tribune, San Mateo County Times and Marin Independent Journal. In a complex deal, Hearst Corp., owner of the Chronicle, purchased the Monterey Herald and St. Paul Pioneer Press on Aug. 2 for $263.2 and then turned over the management of those papers to MediaNews in exchange for a 30 percent stake in MediaNews’s operations outside the Bay Area. The U.S. Justice Department is reviewing the Hearst part of the deal, and a civil suit challenging the transaction is headed for trial on April 30. Since the deals closed, MediaNews announced it would cut 101 jobs from the San Jose Mercury News, and undisclosed number of jobs at the Contra Costa Times and 40 positions from the St. Paul Pioneer Press.
MediaNews Group reports $13 million profit
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