Word: geissler
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When Investors Douglas Ruhe and William Geissler bought United Press International in 1982, they hoped that the worldwide information gatherer, which has lost money for more than 20 years, would break even in 1984. The actual news, however, has been disappointing. Tied to a far-flung bureau system with high communication costs and over shadowed by the Associated Press, U.P.I, is still staggering...
...gain a seat on U.P.I.'s board. The Washington-based news agency will slowly restore wages to their current levels by Dec. 15, 1985. "This is the worst agreement I have ever recommended to the membership," said William Morrissey, president of the Wire Service Guild. But Ruhe and Geissler took a less somber view. They expect the agreement to enable U.P.I, finally to turn a profit next year...
...owners have been more aggressive in cutting long-range costs: transferring editorial headquarters from New York City to Washington and financial operations to Nashville; spending $10 million on satellite hookups to save on telephone transmission; marketing computer services to newspapers. To work on the credibility problem, Ruhe and Geissler recruited executives William Small, a former president of NBC News, and Max McCrohon, a former chief editor of the Chicago Tribune. While cutting administrators, U.P.I, has added 20 news and eight photo bureaus and more than 50 editorial staffers, and beefed up its broadcast news-wire service...
...because the company is privately owned, its books are closed).U.P.I, gained a net of six newspapers this year, and says the second quarter was its best ever for new business: $11 million. Predicts Ruhe: "I think we will break even by the first quarter of next year." Contends Geissler: "From a business standpoint, the turnaround of U.P.I, has been done...
Says John Morton of Lynch, Jones & Ryan: "U.P.I, is like a second newspaper-dispensable." In any case, even Ruhe and Geissler admit that U.P.I.'s hopes rest on the question of how many editors share the journalistic judgment of Michael Fancher, managing editor of the Seattle Times. Says Fancher: "We cannot live without A.P, but we equally cannot live with only A.P." -By William A. Henry III. Reported by David Dawson/Memphis and Janice C. Simpson/New York