Copyright caymancompass
Local lawyer and Caymanian businessman James Bergstrom assumed ownership of the Compass in 2019. Its parent company was rebranded from Pinnacle Media to Compass Media, but unlike previous owners, he took a backseat at the company, appointing publisher Kathleen Capetta to run the day-to-day business. At that time, Bergstrom thought there had been a real danger of the Compass folding, prompting him to buy the company, and invest in an overhaul of the newspaper and its business model. “There was a sense that the Compass needed a revamp to evolve from a 1980s-style newspaper to a modern media house on a 24/7 news cycle,” he said. “It also coincided with the increase of unverified content being directed at the public by bloggers, social media influencers and other online platforms. To me it was vital to provide news and content which the public could rely on.” Significant institution Bergstrom also felt that the Compass was an important part of the Cayman community. “The Compass is a significant institution as demonstrated by this article celebrating its 60th anniversary,” he said “It is to Cayman what the Royal Gazette is to Bermuda, and what the Gleaner is to Jamaica. It is a part of our social fabric. “I remain a firm believer in a responsible press as the fourth estate, so that was certainly a goal.” Newspaper redesign The newspaper underwent a major transformation to modernise its design and appeal to readers and advertisers, while also enhancing the website and adding newsletters, as well as expanding social media channels. Other revenue streams were added to support journalism, such as the opening of spaces-for-hire at the Compass headquarters on Shedden Road in George Town, and putting on events. In 2021, the company also acquired the four Hurley’s Media radio stations, which moved from Camana Bay to the Compass complex. However, Bergstrom had bought Pinnacle Media from David and Vicki Legge just prior to a turbulent time of world events, which would soon see the COVID-19 pandemic hit the Cayman Islands with immigration restrictions and lockdown orders. Ensuing economic pressures forced the newspaper to cease publishing each weekday, dropping to Friday-only publication, with the newspaper delivered to readers’ residences during government stay-at-home mandates. Decision to sell Despite stabilising the company, Bergstrom made the difficult decision to sell after half a decade at the helm. “Over my five years of stewardship, and despite the pandemic, the goal of transforming the business was achieved, and the financial model was then sustainable,” he said. “So, I knew it would survive, but frankly needed an owner with deeper pockets than I had to really expand the team and to further develop real investigative reporting. “Also, despite having a great management team, it was taking much more of my time than I had anticipated, and I simply did not have the bandwidth to continue.” The company was sold to Dart Media and Entertainment in 2023. “It is gratifying seeing the Compass is in good hands,” said Bergstrom. “It has a great staff, and an owner with a track record of supporting journalists and the resources to ensure its longevity and growth. This is evidenced by the significant investment already made, including the addition of a state-of-the-art TV studio, which is by far the most advanced in the region. “I am confident I will be reading my Cayman news in the Compass for many years to come.”
