Moodys: GCI partner MediaNews headed for default

That would add even more pressure on the unfolding Detroit drama, where MediaNews Group under CEO William Dean Singleton (left) owns 5% of the Detroit Media Partnership joint operating agency; Gannett owns the rest.

From trade journal Editor & Publisher‘s just-posted story: “Moodys Investors Services predicted Thursday that William Dean Singleton‘s MediaNews Group will soon be in at least technical default of its credit agreement — with a debt load that is nearly as staggering as the leverage that led Tribune Co. to seek Chapter 11 bankruptcy protection.”

MediaNews disagrees with Moodys, and rejects E&P‘s comparison to Tribune. Gannett and MediaNews are also tied together through the Texas-New Mexico Newspapers Partnership. Meanwhile, Gannett is partners with Tribune in two ventures: employment website CareerBuilder, and website entertainment chain Metromix.

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