It was time, said Bruce Brugmann, founder, editor and publisher of the San Francisco Bay Guardian, “to turn things over to the next generation.”

The passing of the torch occurred Tuesday, when the independent weekly, started in 1962, said it is being acquired by the San Francisco Examiner, and that Brugmann and his wife, Co-Publisher Jean Dibble, were relinquishing their roles.

“It’s not an easy thing to do, but it made sense economically, and it made sense to Jean and me,” said Brugmann. “It’s the best way to keep the Guardian intact, and hopefully keep it alive for another generation.”

While the Guardian, which has a weekly circulation of 70,000, has stuck to its mission of “printing the news and raising hell,” it’s had a tougher time paying its bills.

“It’s been hard for us,” said Brugmann, who acknowledged the paper has been losing money, despite a multimillion-dollar antitrust settlement in January 2011 with rival SF Weekly, which was found to have been deliberately selling ads below cost to undercut the Bay Guardian.

Tough time for papers

“Publishing is hard now, advertising is not easy. Not everyone is interested in buying newspapers in this country.”

But the Examiner, which itself changed ownership just four months ago, was interested in the Bay Guardian. “Bruce and Jean built a great franchise, we recognize the value they built,” said Todd Vogt, the Examiner’s president and publisher. “And we’re believers in print.”

Vogt, who last week denied reports of an imminent sale, would not disclose financial details of the transaction (neither did Brugmann), which is set to close next month. He said the two papers would remain editorially separate and the Bay Guardian’s reporting staff of 30 would be untouched. Tim Redmond, a 30-year veteran of the paper, is taking over as editor and publisher.

“We have no intention of changing the editorial voice of the Guardian. If anything, a refreshed progressive voice is needed in the city,” Vogt said.

Both Brugmann and Vogt pointed to cost savings – the Bay Guardian will be printed on the Examiner’s presses, and its staff moved into the Examiner’s offices at 71 Stevenson St. – and to “synergies,” particularly around advertising.

Vogt said the two ad staffs will be kept separate, but “where there are opportunities to cross-sell, we will. I can see working together on advertorials and event sponsorships and so forth. There’s big potential, especially in the arts and entertainment community.”

Examiner is also free

The Examiner, owned by the Hearst Corp. until it bought The Chronicle in 2000, is a free, six-day-a-week paper with a weekday circulation of 75,000 to 190,000 and 255,000 on Sunday. In November, a consortium, SF Newspaper Co. LLC, co-owned by Vogt and other newspaper executives, purchased the Examiner from Clarity Media Group, owned by conservative billionaire businessman Philip Anschutz.

Under Vogt and Editor in Chief Stephen Buel, formerly an editor and part owner of the East Bay Express, the Examiner’s editorial stance has shifted away from its rightist bent under Anschutz. In business terms, Vogt has had to deal with the same financial issues confronting other daily papers.

“It’s been a challenge,” he said. “But our ad numbers have increased, and I really think there’s opportunity for local advertising growth.” An initial round of layoffs occurred soon after Vogt’s group acquired the Examiner, but none involved the reporting staff, he said.

One condition of the acquisition is that Brugmann stays involved with the Bay Guardian “and guides me a little in terms of the politics of the city,” Vogt said. “In my entire experience, nothing compares with politics in this city.”

Brugmann will no doubt be happy to oblige. “I’ll be helping out in any way I can,” he said. “I’ve already threatened to go over to City Hall more often.”

He’ll also be devoting more time to his Bruce Blog on the Bay Guardian’s website, as well as some outside writing. And he’s working with former Chronicle staffer Dick Rogers and others on setting up a brick-and-mortar Northern California journalism museum – a work in progress you can see at norcalmediamuseum.com.

History of journalism

“If someone doesn’t do this, much of the history of journalism in the Bay Area will be lost,” he said. “And I still have a lot of energy.”

Coincidentally, Brugmann’s old working haunt, the 27,000-square-foot Bay Guardian building on Potrero Hill, was sold this week for about $6.5 million to San Francisco real estate firm Union Property Capital. That’s close to a $2 million profit for Brugmann, who paid $4.7 million for the building in 2002, according to the San Francisco Business Times, which first reported the sale.

Brugmann wouldn’t confirm the numbers, but at least he and his wife have the beginnings of a nice little nest egg as they move on to the next stage of their careers, right?

“We also have some debts to deal with,” he replied. “That’s the problem nowadays with this business.”

Andrew S. Ross is a San Francisco Chronicle columnist. Blogging at www.sfgate.com/columns/ bottomline. Facebook page: sfg.ly/doACKM. Tweeting: @andrewsross. bottomline@sfchronicle.com

This article appeared on page D – 1 of the San Francisco Chronicle

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/04/25/BUMS1O8UOE.DTL&type=business

As big banks and Fannie Mae and Freddie Mac [ FMCC 0.373  +0.0145 (+4.04%) ] push foreclosures through the pipeline, the inventory of REO (bank-owned) properties is rising.

That pushes distressed and overall home prices down.

Note in California, median home prices took their steepest dive in May, down 8.2 percent year over year to $280,000, as distressed sales made up more than half the market.

Nobody knows all this better than mortgage giant, government-owned Fannie Mae [ FNMA 0.345  +0.018 (+5.45%) ], which at the end of March had more than 153,000 single family foreclosed properties on its books, worth $14.1 billion.

Fannie acquired 53,549 foreclosed properties in the first quarter, up from just under 46,000 in the previous quarter.

No surprise they are now adding incentives to unload these properties: The expanded incentives offer qualified homebuyers up to 3.5 percent of the final sales price to put towards closing costs.

In addition, selling agents representing the owner-occupant buyer can now receive a $1,200 bonus. The incentive must be requested in the initial offer.

Eligible initial offers must be submitted on or after today, June 14, and must close by Oct. 31, 2011. Investor sales are not eligible for the incentive.

Note, however, that these incentives are only for owner-occupants, not investors.

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Article source: http://www.cnbc.com/id/43396145?__source=RSS*blog*&par=RSS