Jun 9, 2016, 9:16am
Article by Nina Lincoff , Reporter
South Florida Business Journal
Chances are, the best person to fix a problem is someone who has dealt with it before. Which is part of the reason why Fort Lauderdale-based Algon Group has hired Howard Greenberg, former CEO and President of Tribune Publishing’s Florida Media Group, as a senior advisor to help guide the firm’s new product offerings for the publishing industry.
Greenberg, the former publisher and CEO of the Sun Sentinel, retired from his previous post in March. He assumed his role with Algon on June 1, and is looking forward to helping publishing companies big and small fix financial problems. Algon announced the appointment Wednesday.
Howard Greenberg, senior advisor at Algon Group.
“The industry is reinventing itself … we can laugh about it, but it’s tough,” Greenberg said. “Algon works with successful people that have some sort of major problem. In the newspaper industry, there are a lot of successful people, but they have a lot of problems.”
Algon is led by founder and president Troy Taylor, and offers financial advisory services to a variety of industries. The firm has advised on over $18 billion of restructuring and financings, according to a statement.
“We are pleased to welcome Howard to the Algon team as well look to expand our offering of advisory services to the publishing industry,” Taylor said.
Greenberg met Taylor shortly after leaving the Sun Sentinel through a mutual friend. They got to talking about the publishing industry and financial services, and from there, Greenberg’s advisory role developed.
“[The idea] is to help industries and companies … We give advice to an industry that is facing a tremendous amount of headwind,” Greenberg said. And as Greenberg knows, publishing and the newspaper industry is facing plenty of headwinds.
In an industry that is rapidly changing and adjusting, in part due to declining advertising sales, a new digital economy, and other factors, owners and operators can be faced with financial difficulties. Which is where Algon fits in.
“We’re not going in to give operations advice. That’s not what Algon does. It’s to go in and help fix complex financial situations that will enable the owner, the shareholders, the stakeholder, to become successful whatever the problem is,” Greenberg said.
As Greenberg moves forward, he’ll be drawing on his industry knowledge and network to line up potential publishing clients. Small- to medium-sized privately owned publishing companies will likely be ideal fits for Algon’s services, he said.
“But it’s like any business. If you look at the publishing business, no two companies are the same,” Greenberg said. “No two industries are the same. There no preconceived solution to any problem.”