We have published Corey Hutchins’ article on the Independent and Colorado Springs Business Journal this week because we feel it is the most balanced news and reporting currently available on this important breaking news story.
It also gives Corey and our readers an opportunity to connect with each other. He is one of the best journalists I know; I enjoy reading his weekly Substack newsletter.
Much remains to be discovered about the future look and feel of the new Pikes Peak Media company. The Indy and CSBJ are very different and have diverse audiences. I am one of the longtime readers and supporters of both and for the most part I am pleased they are returning, but optimistically on the fence.
I do agree with Indy founder John Weiss about concerns over potential conflicts involving the new owners. You don’t have to look very hard or far to find comments, both positive and negative, about the new owners.
I do know that Citizen-Powered Media board headed by Dr. Ahriana Platten worked their tails off for months last year to keep the former publications afloat. They deserve a round of applause and a heartfelt thank-you.
In a statement, Ahriana explained, “The remaining staff took every step possible to mitigate the financial deficit by securing overdue revenues and implementing cost reductions across departments. Additionally, attempts were made to locate a purchaser or investor to acquire the necessary funds for settling outstanding obligations, but these attempts failed.”
Ahriana went on to say, “In mid-January, the decision to cease operations was made by the Board of Directors. Physical assets were liquidated or donated. CPM will continue to collect all pending revenues until March 1, 2024, after which it will issue final payments to address its debts.
“Fran Zankowski, the publisher of the papers, provided financial support to the company to fulfill payroll obligations and went several months without compensation. Following legal consultation, an agreement was reached between the board and Zankowski, allowing Zankowski to acquire the company’s intellectual property rights — including its names, websites, and social media platforms. Zankowski received no cash or physical assets in the settlement.”
They could have taken the full hero’s position.
Here’s where I am rubbed the wrong way a bit: The new owners, who were in negotiations for months, waited until CPM closed the doors in December before returning to negotiating with Zankowski in January.
The new owners secured all the intellectual rights and will sink a lot of money into revitalizing the papers. They also stated that they will not pick up any past debt related to CPM.
In my opinion, they could have taken the full hero’s position and easily taken on or helped to contribute to the financial settlement but, in what may be seen as a business decision, they did not. This is my first red flag.
I hope that we do not have to witness the Millionaires vs. the Billionaires influence in our local media ecosystem.
Zankowski is now hiring the new staff and reporters for the new publications. I really hope that many of the laid-off staffers are offered their jobs back. All this remains to be seen.
As for the PPB, we will continue to focus on our coverage area: Manitou, OCC and the Westside, the Ute Pass communities and Woodland Park.
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