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Jeremy Gulban |
Over the past five years, Gulban has purchased dozens of small newspapers through his company, CherryRoad Media. "Today, the top 30 or so of Gulban’s newspapers are profitable, about 30 post mediocre results and about 30 are losing money. The company had $30 million in revenue last year and wasn’t profitable overall," Sayre writes. "Gulban needs between 15% and 20% of households in his communities to subscribe to be economically viable. . . . Across the company, about 8% of households subscribe now, but that ranges from 2% to 69%, depending on the paper."
Gulban began his foray into print news because he felt "that big tech companies like Meta Platforms and Alphabet’s Google had too much control over the flow of information and commerce for local businesses," Sayre explains. Gulban told her, "If we made the rational business decision, we would take our best-performing markets, say that’s what we’re going with. But that’s not what I want to do. I want to figure out how to make this work.”
Part of Gulban's plan was to hire dedicated reporters who interact with their community. "In some markets, Gulban can’t find reporters willing to do the job," Sayre adds. "The company searched for two years for a full-time reporter at its Crookston Daily Times in Minnesota, offering a salary of $40,000. The newspaper was shuttered in February."
Some people in small towns have reached out directly to Gulban for help. "Kitty Mayo and other residents in the area of Two Harbors, Minn., lobbied Gulban to start a newspaper there after the Lake County News-Chronicle closed in 2020," Sayre reports. "Gulban agreed. The Lake County Press launched in 2022. Mayo said she asked an editor at another CherryRoad newspaper about Gulban before she contacted him. The editor told her: 'This guy, he’s legit. He wants to save small newspapers. It’s kind of crazy. I don’t know if he can do it.'"