Cutting Loose, Coming Home
It’s official, and we can all stop biting our tongues: we’re breaking free.
Rhode Island Monthly, long a subsidiary of the Providence Journal – which is owned in turn by media corporation A H Belo – is going private. John Palumbo, our publisher, is buying the magazine (how much for, only he and ProJo management know). The purchase and sales agreement was signed over the weekend.
It’s fair to say that staff here are pretty pumped. We’ve long been the odd man out in the Belo empire, the lone magazine, forced to follow all sorts of corporate strictures that don’t make sense for a small and would-be flexible outfit like us.
And of course, being held to stock-market profits during a recession is pretty scary for a small company that relies on all the other small businesses in Rhode Island for revenue. It’s been a bumpy ride this past year. We have John to thank for the fact that, alone amongst Belo companies (alack the Projo), we haven’t faced layoffs.
And now, no more struggling to interpret corporate emails with obliquely worded warnings about downsizing and benefit cuts. We all know and trust John – he’s a local guy who lives and breathes the business, loves the state and works fairly and even handedly. We will be free to have fellow small businesses handle our finances, our computer services, our move to Allens Avenue in the fall. Rhode Island Monthly is coming home. Hurrah!