In fact, Warren Buffett has said don’t buy newspaper stock at any price. The days of the monopoly newspapers huge readership and advertising revenue are long gone.
The Columbus (Ohio) Dispatch is reducing the size of its newsroom, laying off more than 45 people effective on April 3, management of the newspaper announced today. No foolin’.
“These are challenging times for many industries, including the newspaper industry,” said John F. Wolfe, publisher and CEO, who explained the changes to the staff. He’s the one who owns five suits.
“We avoided staff reductions as long as possible long after many other news organizations took such action.”
While the newspaper readership remains strong and stable, Wolfe said the economy and market forces have pushed advertising revenue steadily downward. And advertising revenue provides the majority of funds needed to pay salaries and buy paper and ink.
Editor Benjamin J. Marrison said the newsroom staff reductions will hasten a restructuring of the newsroom to put a sharper focus on local news, local sports, enterprise reporting, and building a more robust online presence at Dispatch.com. Haven’t we heard that before?
He said the reductions will result in some changes in the news pages in the coming months, which he will explain to readers in his “Inside Story” column as plans for those changes are mapped out.
“We will have a smaller but no less dedicated staff working each day to bring our readers the news of central Ohio,” Marrison said. “Our mission remains the same: to provide compelling, relevant, timely and accurate reports about this community. We’ll be working even harder now to make that happen.”
Maybe there is time for “senior editors” with two suits to get hired on at the Obama comunications/propaganda center for “Fairness.”
Journalists can feel better knowing that soon, the Dispatch won’t be contributing to global warming.
Maybe it can be called a hate crime to layoff reporters?
On another front–the biggest losers in the media game–McClatchy News can’t even get pennies on the dollar for some of the papers they spun off from their horrible investment in Knight-Ridder.
A McClatchy spokesman said the company may not be able to recover $5.3 million owed by newspapers it had sold to companies that have recently filed for Chapter 11. That’s putting it mildly.
The write-off pushes McClatchy’s fourth-quarter loss to $27 million, or 33 cents per share, up from the $21.7 million loss the company reported in February, according to a regulatory filing late Monday.
The company declined to say which papers still owed it money, but three former McClatchy properties filed for bankruptcy protection this year: The Philadelphia Inquirer and the Philadelphia Daily News, owned by Brian Tierney’s Philadelphia Media Holdings, and the Star Tribune of Minneapolis, controlled by the private-equity firm Avista Capital Partners.
The McClatchy stock teeters on the prospect of being delisted by the New York Stock Exchange. You can smell death in the boardroom.
The idea of space travel is fun and provides great entertainment. I’m sure there are many forms of life similar to earth in the universe. But if you do the math, you will see that it doesn’t matter. The space aliens are not going to visit earth and probe Democrat House representatives’ rectums in Cleveland Ohio, or San Francisco like Democrat Dennis Kucinich insists happened to him and friends of his in Hollywood. Nancy Pelosi who like her friend Kucinich, may look like an alien from another galaxy, that’s a fact, but her basic math skills are lacking.
Kucinich heads committees on education? That should be against the law.
We need to increase teaching math, science and economics in our schools. That’s a fact.
Meanwhile the stock market continues to crash today. Investors understand economics and simple math and that spending billions on more government programs is not what drives an economy.
A team led by Jochen Greiner of Germany’s Max Planck Institute for Extraterrestrial Physics determined that the huge gamma-ray burst occurred 12.2 billion light years away. Pluto is 12 light hours away.
Can you imagine man travelling in a vehicle that is 1,000 times slower than the speed of light? It would take 12.2 million years to visit a neighboring solar system. That’s the time equivalent to going back to the days dinosaurs roamed the earth. Planet of the Apes, it would not be. Planet of the volvox colonies.
The concept that a rocket or space craft could ever travel at the speed of light are comic book science, much like man-made global warming. Let’s say man ever could achieve the speed of light of a space craft? Think about the speed and distance.
Mirroring the former Soviet Union’s Communist Party of the 1950s, today’s one party government in the USA (totally in the hands of the Democrat Party) are on a power grab.
Get ready for show trials! Democrat Patrick “Leaky” Leahy, Chairman of the Judiciary Committee, urged a commission as a way to heal what he called sharp political divides under former President George W. Bush and to prevent future abuses.
How about the abuses of Congressional Democrat Party hacks like Leahy?
And what’s with that permenant forced smile, it’s like the Dali Lama’s?
Leahy is an example of the “change” Obama promised? That hack has been around for 40 years.
He compared it to other truth commissions, such as one in South Africa that investigated the apartheid era of tribes hacking each other to death.
Is this a free country? Next, the Fairness Doctrine will be pushed through.
“We need to come to a shared understanding of the failures of the recent past,” Leahy said in a speech at Georgetown University.
Be afraid, but what can we do about it? Next “the Fairness Doctrine.”
Bill Clinton said that there needs to be either “more balance in the programs or have some opportunity for people to offer countervailing opinions.” Clinton added that he didn’t support repealing the Fairness Doctrine, an act done under Reagan’s FCC.
In the past week, a couple Democratic Senators, Debbie Stabenow and Tom Harkin, have both spoken favorably about the Fairness Doctrine, or holding hearings on radio “accountability.” What you don’t know is that Stabenow’s hubby is a big investor in Air America.
No wonder why trust in the media is at record lows, like temperatures.
ABC News’ anchorman of the news and host of This Week with
George Stephanopoulos, is on a daily morning conference call with Rahm Emanuel and others from the old Clinton administration, now in the media. Web site Politico broke the news that
Stephanopoulos is currently conducting private, daily
phone briefings with Obama chief of staff Rahm Emanuel.
This is unethical journalism and a clear
conflict of interest. How can Stephanopoulos participate
in daily briefings about the administration’s strategy and
message and then be charged with reporting on them?
Update: Feb. 4: A White House reporter, so infatuated with the new president, jumped out of line and begged for Obama’s autograph today. At the end of the SCHIP signing, a member of the press corps jumped the rope penning off reporters to get an autograph from POTUS. Secret Service swooped in and stopped him. An Obama aide said the man is still being held by Secret Service. No details yet on the reporter’s name or publication. — Carol E. Lee
The individual in question, whose name I don’t know, showed up in the press briefing room basement under escort of a White House press aide (not the Service at that point) apparently to retrieve personal belongings and make his way out of the complex. — Josh Gerstein
How about tapes of those conversations with major media and the White House? Shouldn’t the public get in on that? It’s our White House, not the Democrat party’s central command for propaganda.
The Media Research Center (MRC) Action Team thas started a campaign to call
ABC News and demand that he Stepanopoulos (Stephy) recuse himself
from reporting on any issues involving the Obama Administration,
thousands of citizens took immediate action!
In fact, the MRC reports that ABC News switchboard
personnel were completely swamped, and couldn’t keep up
with the heavy volume of angry calls.
Don’t Stop Calling!
We are expanding this effort, and have added Stephanopoulos’s boss,
David Westin, President of ABC News and Westin’s boss, Anne Sweeney,
Co-Chairman at Disney. They all need to hear from us.
Here are the numbers to call:
George Stephanopoulos, Washington Chief Correspondent, ABC News
David Westin, President ABC News 212-456-6200
Anne Sweeney, Co-Chairman, Disney Media Networks 818-569-7700
Click here to send emails:
Governor Rod Blagojevich gave a press confernence Dec. 19, at 2 p.m. announcing his side of the story for the first time.
“I’m hear to tell you right off the bat that I am not guilty of any criminal wrongdoing and that I intend to stay on the job and that I will fight this thing every step of the way,” said Gov. Rod Blagojevich (D-Ill.) proclaimed his innocence in the opening volley of a statement delivered at the John R. Thompson Center in downtown Chicago this afternoon.
“I will fight, I will fight, I will fight, until I take my last breath,” he continued. “I have done nothing wrong.”
I believe him. I don’t think he did anything wrong. What about Obama’s chief of staff?
President-elect Barack Obama’s incoming chief of staff Rahm Emanuel had a deeper involvement in pressing for a U.S. Senate seat appointment than previously reported, the Sun-Times has learned. Emanuel had direct discussions about the seat with Gov. Blagojevich, who is is accused of trying to auction it to the highest bidder. — Reported by the Chicago Sun-Times (not the Tribune).
We know now that hundreds of hours of conversations involving Rod Blagojevich and the top levels of the Democrat Party, were secretly recorded by the FBI since Oct. 22, and Tribune jounalists didn’t mention it — not until after the election of course. Wouldn’t the citizens of America have been better served if they knew about the investigation before the election?
But it gets more interesting.
It appears there was a marathon conference call on Nov. 10, with Blago getting all kinds action from the Obama and Chicago Democrat machine. This must have been big. Really big. Because someone tipped off the Tribune to announce to the world about the wire tap and the Obama lock down began. But this was before Blagojevich and Obama’s team exchanged favors, so no crime was committed. The Tribune got a call, from who? Could it be Tony Rezco (the former Tribune editor) to expose the wire tap before Obama’s team made the payoff? Who gave the Tribune the call to spill the beans?
A WSJ report on Dec. 14 states that the Tribune knew about the wire in October and was working with Pat Fitzgerald’s office on withholding the story.
All is well in Crook County, Ill.
Thousands of Avis customers are being billed for “unpaid” Ill tollroad fees that were supposed to be charged to the EZ toll devices. Millions of dollars are going to the corrupt Democrat Chicago machine. That’s chump change. This is Chicago!
Tell us your Chicago stories.
The decline of the newspaper media monopoly never slows. If you have any stock in newspaper-heavy media, it’s too late to get out. As of the end of 2008, 30 daily newspapers are for sale. Buyouts were the good old days. Now there are brutal Christmans-time layoffs. Google the Gannett Blog and find a running count by an ex-Gannetter.
The layoffs and firings that started this week at newspapers owned by Gannett, including at the flagship USA Today, have been especially ruthless, in addition to being timed just weeks before Christmas, they number in the thousdands. But why not? These are mainly socialists and athiests who mock families and call moms breeders.
It’s bloody news for newspaper journalists. Even the sill profitable Gannett newspapers (many still have profit margins at 20 percent) are shedding employees at a breathtaking rate.
This week a Gannett spokesperson said the cuts are being managed locally, at each newspaper, which is why as a company they’ve not released figures on specific jobs other than to say it’s a 10 percent cut companywide. While early figures compiled paper-by-paper totaled 1,700 Gannett jobs cut, it looks like that number may well pass 2,000 by next week.
In just the past week several thousand newspaper employees in America have lost their jobs, Cox Newspapers announced the closing of their Washington, DC, bureau, and the Tribune Co. will lay off more people at their flagship paper in Chicago.
In Chicago the credit analyst Fitch Ratings predicted that the continued decline in advertising revenues will cause some newspapers to default on their debt in 2009, and rated the debt of two huge newspaper companies – The McClatchy Co. and Tribune Co. – ask “junk.” Fitch also predicted that several cities could find themselves without daily print newspapers by 2010.
As many as 1,700 Gannett jobs were cut this week, from assistant managing editors on down, including reductions of up to 31 percent of the staff at one newspaper, The Salinas Californian, according to a reader tally on a blog published by a former Gannett worker, Jim Hopkins.
The most recent E&P (an online Web site on newspapers that ironically ended its print edtions a decade ago) reports that recruitment advertising declined in May. The Newspaper Conference Board, which measures job ads in 51 print newspapers across the country, said its Help-Wanted Advertising Index is 33. It was 38 one year ago.
“This is certainly a more negative picture going into the second half of the year, compared to the beginning of the year,” Ken Goldstein, a labor economist at the Conference Board, said in a statement.
In the last three months, help-wanted advertising fell in all nine U.S. regions.
The Dallas Morning News (a monopoly) said today it’s going to offer buyouts to the newsroom. That means waving a modest proposal of a few extra weeks of severance pay in front of the noses of older employees. Reality check: the UAW buyouts give auto workers 90 percent of their pay and free health care for life.
I was walking my dog this morning at 5:30 a.m. and watched a newspaper carrier in a junk car speeding around my neighborhood to drop a paper at every 20th house or so. Just a few years ago, 40 percent of the homes subscribed to the paper.
Imagine the carbon footprint of that old smokestack medium.