Continuing to chronicle the print pullback in nonmetro Minnesota: the Mesabi Daily News is dropping its Monday edition, according to the Duluth News Tribune.
Last month, the Mesabi paper (which is based in Virginia, Minn.) put its website behind a paywall and began charging non-subscribers $65 a year to get through it. News Tribune reporter Candace Renalls notes that a 21 percent drop in third-quarter revenues likely means Daily News parent American Consolidated Media will violate loan covenants. According to Editor & Publisher, company officials note they are still “cash flow positive,” but so was the Strib and that didn’t keep them out of bankruptcy court.
ACM also owns the Hibbing Daily Tribune and Grand Rapids Herald-Review. No doubt those communities are bracing themselves.
By the way, ACM’s third-quarter revenue plunge ranks somewhere between the New York Times (down 16 percent) and USA Today and St. Cloud Times publisher Gannett (off 28 percent).