Sunday, December 21, 2008

Fishwrap's Epic Fail Continues to Worsen

From The New Yorker

News You Can Lose
by James Surowiecki
December 22, 2008

When the Tribune Company announced that it was filing for bankruptcy, last Monday, Sam Zell, the man who bought the company a year ago, for $8.2 billion, said that its problems were the result of a “perfect storm.” You take readers and advertisers who were already migrating away from print, and add a steep recession, and you’ve got serious trouble. What Zell failed to mention was that his acquisition of the company had buried it beneath such a heavy pile of debt that any storm at all would likely have sunk it. But although Zell was making excuses for his own mismanagement, the perfect storm is real enough, and it is threatening to destroy newspapers as we know them.

Read the rest

Here's a chart I posted back in August showing declining paid circulation numbers for newspapers (data from here).

Looks like the classic 'fail' chart from a comic strip. Funny how the curve was going down sharply and then, in 2000, 'went off a cliff'... hmm. Couldn't have maybe had something to do with consumers losing faith in the print media? Nah.

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