Morris Publishing Group clears debt; bounces back from tumultuous period

Morris Communications Co. is bouncing back after a tumultuous period during which the newspaper industry was gripped by both an economic downturn and technological disruption, the chairman and CEO of the family-owned media company said July 28.

William S. Morris III addressed employees and community representatives at the Florida Times-Union offices, where he said the company, which owns the newspaper, has successfully created a new economic model. Morris said it was a significant development considering that the company's newspaper division went through bankruptcy in early 2010.

"Today our company is out of debt," Morris said. "We paid off all our debt in January. ... The newspaper company today has zero debt."

The development means Augusta, Ga.-based Morris Publishing Group, the Times-Union's parent company, can direct funds to upgrade technology and make needed repairs at facilities at its properties, which include 11 daily newspapers and numerous non-daily and free community papers. Other MCC holdings include radio stations, specialty publications and magazines.

In addition to upgrading infrastructure, Morris announced that the company would return an employer match to its 401(k) investment program for its employees.

Derek May, executive vice president of Morris Publishing Group, said the company is demonstrating growth in subscription revenue. Part of that is due to a focus on digital subscriptions, May said.

Print publications that target the spectrum of audiences, from market-extension sections distributed to hundreds of thousands, to hyperlocal sections geared to serve specific neighborhoods and smaller advertisers, also now are part of the company's strategy.

All told, the company and the communities it serves are moving forward, Morris said.

"The worst of the recession is behind us," he said. "Through a combination of digital, unique print and The Florida Times-Union itself, we are now serving the largest audience we have ever, ever had, not only here [in Jacksonville] but in every one of our markets."