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Publisher lands job at hospital

May 7, 2008

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to 2004 acquisition. TIGHTENS graf 5. Moving on general news and financial services.

NEW HAVEN, Conn. (AP) _ The publisher of Journal Register Co.'s flagship newspaper, the New Haven Register, is leaving the company for a post at a New Haven hospital.

Kevin Walsh will become vice president of development at Yale-New Haven Hospital on June 1, the hospital announced Wednesday.

"Kevin's experience as an executive, coupled with the high regard in which he is held as a community leader, offers us a wonderful opportunity to further elevate the role of our development department," said Marna P. Borgstrom, president and chief executive officer at the hospital. "His appointment comes at an important point for the hospital and we are confident that Kevin will bring the vision and leadership necessary to advance our development office and achieve ever greater success."

Journal Register did not return a call for comment about Walsh's move.

Walsh has been publisher and chief executive officer of the Register since 2002. It is one of 22 daily newspapers and more than 300 publications owned by the Yardley, Pa.-based Journal Register, which was suspended from trading last month from the New York Stock Exchange after its stock fell to less than the cost of a single newspaper.

Analysts cite the company's $415 million purchase in 2004 of 21st Century Newspapers Inc., which had four dailies and 87 non-daily publications in Michigan, as contributing to the company's financial problems. A report by Moody's Investors Service at the time described the deal as pricey but in line with valuations of high-quality assets. But the Detroit area economy took a downturn and a severe advertising decline hit the newspaper industry as increasing numbers of readers turned to the Internet for their news.

Last month, Moody's pushed the company's rating deeper into junk status due to falling revenue and a "heightened probability of default stemming from eroding liquidity."

The Register's daily circulation has fallen from 81,800 in February 2007 to 72,600 this year, according to the Audit Bureau of Circulation.

Yale-New Haven Hospital is a 944-bed, not-for-profit hospital serving as the primary teaching hospital for the Yale School of Medicine. The hospital complex includes Yale-New Haven Children's Hospital and Yale-New Haven Psychiatric Hospital, with a combined medical staff of about 2,400 university and community physicians practicing in more than 100 specialties.

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