Joe Eisele, the former publisher of Elauwit Media, has been named publisher of the Packet Media Group, the media company has reported. He also is the publisher of the Sun Newspapers, which is now owned by the same parent company as the Packet.
Eisele, who previously worked for the Packet in 1998 and 2010, replaces Perry Corsetti of Broad Street Media. Corsetti, who worked for Packet Media for a brief time, succeeded former Packet owner and publisher James Kilgore, who still holds a 25-percent stake in Packet Media. According to the Packet, Kilgore will stay on as a consultant for Packet Media.
Kilgore, who retained ownership of the Packet properties on Witherspoon Street, sold the properties this fall. The town of Princeton was considering buying the properties for a new public works facility, but officials said the asking price was too steep. Princeton resident Helena May bought the Packet properties.
Packet Media, which once published 13 newspapers, was consolidated last year and was sold to Broad Street Media this spring. Broad Street Media was then sold again a few months later to Richard Donnelly, owner of the Pennsauken-based circular company Donnelly Distribution. Donnelly was a shareholder in Broad Street Media before he bought the company. He purchased Elauwit and Greater Media Newspapers later this year.
According to a Packet report, the Packet editorial staff will be relocated to another office on Witherspoon Street, while the other staff members will be relocated to an office in Monmouth County.
Broad Street Media filed for chapter 11 bankruptcy in Camden in Aug. 30, according to public records. The company owed at total of about $2 million to more than 180 creditors, including $1 million to the Gannett News Journal, $142,000 to independence Blue Cross, $100,000 to the Philadelphia Media Network, $44,000 to FNP Printing and Publishing, and $37,000 in taxes to the State of Pennsylvania, according to public records.
Donnelly, the owner of Broad Street Media since July, owns a 50-percent stake in the New View Media Group and a 75-percent stake in Packet Media, according to the 84-page bankruptcy filing. In 2014, Broad Street media had $8.8 in revenue. In 2015 the company had $7.2 million in revenue. In 2016 the company has $4.3 million in revenue, according to the bankruptcy filings. The company borrowed $60,000 from Donnelly on Aug. 26 to make payroll, according to the filings.