DENVER -- A group of Pikes Peak-area investors say they have gathered $10 million in pledges to potentially purchase The Denver Post and are urging others across the state to join them.
“If the terms are right, we can contribute at least $10 million to the purchase. We are in the process of hiring an investment banking firm to advise us,” said John Weiss, chair of Together for Colorado Springs and owner of the Colorado Publishing House.
The group, known as the Resurrect the Denver Post Exploratory Committee, is reaching out to other Colorado investors following recent staff reductions in the paper’s newsroom. The cuts will leave approximately 70 journalists to cover a metro area of 2.8 million people and a state with 5.6 million.
Although The Post isn’t the group’s hometown paper, Weiss said its members realize the importance of a statewide daily centered in Denver. They believe that The Post would require millions more in working capital to restore its former depth of local coverage.
“For me, the real question is not how much The Post will cost, but how much it will cost to turn it around and bring it back,” Weiss said. “The Post needs TLC not only in editorial but in all departments — circulation, marketing, sales.”