(Don’t) Stop the Presses!
Thursday, January 1st, 2009
Seven hundred billion for Wall Street? Check. Another twenty to thirty billion for the Big Three automakers? Well, maybe. A few billion for struggling newspaper and magazine publishers? Don’t hold your breath.
Running a newspaper used to be practically a license to print money; circulation and advertising dollars made it relatively easy for a newspaper or magazine, if well-managed, to stay in the black. These days, though, things are a bit different. The litany of troubled papers and magazines reads like a Who’s Who, or a series of items from a journalism geek’s version of the gossip page: The Miami Herald, the New York Times, the Chicago Tribune Company, and others have all suffered, some forced to cut back, and others being put on the auction block. Granted, the failure of a paper—even The Gray Lady—wouldn’t have the same impact on the economy that the demise of the banking industry, or the automotive industry, would. But there’s still reason to pay attention, and to care. (more…)