Village Voice Media CEO Schneiderman's memo re folding of alt-weeklies

Date: Wed, 2 Oct 2002 06:49:55 -0700
Subject: Important Announcement from David Schneiderman

To: All Staff
From: David Schneiderman

We have just completed a very significant transaction with New Times. As a result, New Times is ceasing publication of New Times Los Angeles and Village Voice Media is ceasing publication of Cleveland Free Times.

I am very sorry that we will be closing Free Times. It is a well-written, feisty and respected newspaper in the Cleveland community that has been locked in a very competitive battle for some years in which neither side was able to gain the upper hand. It was never our intention to give up that fight, but when the opportunity arose to consolidate and strengthen our position in LA, it was my judgment that the deal was just too attractive to pass up. New Times has assured me that they will be interviewing much of the Free Times staff for positions on their Cleveland paper.

This transaction is consistent with the strategic direction of the company. We feel strongly about the markets we are in and will continue to grow the company, both internally and through acquisitions.