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Morris Publishing Group has cleared its debt and continues to make strides in growing its digital business less than four years after the division went through bankruptcy, according to the chairman and CEO of the parent of the privately owned media company.
William S. Morris III, who’s led Morris Communications Company since the 1950s, spoke Tuesday to business and community leaders as well as employees at the Savannah Morning News office on Chatham Parkway.
“We really feel this is a new day for us,” said Morris.
“We’re out of debt as a company, and we’re still profitable. We’re building some cash now, and we’re doing some things that we couldn’t do when we were paying off the debt,” he said. “We hope that what we do helps you understand your world and helps you understand your community.”
The extinguishment of debt means improvements can be made to some of the company’s facilities and equipment, said Morris. He told employees the company also would reinstate matching contributions for its employees’ 401(k) program.
“The economy is coming back, but it’s not robust,” said Morris. “We’re leaner and more agile.”
Morris Publishing Group, parent of the Savannah Morning News, 10 other daily newspapers and free community papers, is a division of Morris Communications Company. Morris Communications has a number of diversified media holdings, including magazines, radio stations, visitor publications and a cable company.
In addition to dealing with the recession that began in 2008, Morris said, the company has had to adapt to an increasingly digital society.
Derek May, executive vice president of Morris Publishing Group, said the company is pursuing growth through online digital subscriptions and a focus on mobile technology.
“Across Morris we have 60 apps, and we’ve had 136,000 downloads in the past year,” said May. “When it comes to digital, every product we create needs to be created for the mobile device.”
Morris said the transition from a traditional newspaper model to a multimedia one has allowed the company to reinvent itself.
“Digital has been a real blessing to our company,” said Morris. “It’s an evolving medium, but it’s a great medium.”
He said the company’s evolution allows it to continue its mission to provide accurate reporting.
“The foundation of what we do is exceptional journalism,” said Morris. “We’re committed to good and honest reporting ... and we value and execute the role of freedom of the press.”
View more photos from Morris Publishing Chairman and CEO William S. Morris III and Executive Vice President Derek May’s trip to Savannah.
