from Economic Principals Blog Archive
The Newspaper that Fired Its Readers:
"A newspaper’s authority derives ultimately from its prosperity. So it was more bad news last week that among the 25 largest US newspapers, only The Wall Street Journal managed to eke out a small gain in circulation during the six months of the financial crisis. The general gloom, however, may be somewhat overstated. A hot-potato game has characterized the industry over the last twenty years, the astute and the distressed unloading on the innocent and reckless. As a result, many important newspapers – in Chicago, Los Angeles, Baltimore, Boston – are in the hands of owners ill-equipped to manage them. Another round of potato-passing, this one finally at the bottom of the market, may improve matters somewhat
Take the story of The Boston Globe, which The New York Times has loudly threatened to close if it doesn’t receive further concessions from its unions. Every unprofitable newspaper is unhappy in its own way. The story of the Globe may be the unhappiest story of them all. I know something about this. I wrote for that paper for many years.."
Tuesday, May 5, 2009
It's not the economy blablabla. It's bad management
at 10:23 AM