Athenae, So Called Liberal Media

Money Money Money

Newspapers continue to be insanely unprofitable:

Gannett made $117.2 million, or 49 cents per share, compared with $77.4
million, or 34 cents per share, a year earlier. Analysts expected 41
cents per share. Revenue fell 4 percent to $1.32 billion, matching
forecasts.

If only one could make moneyat this journalism business:

Already Moody’s Investors Service sees better indications for the
business. The debt-rating agency raised its outlook on the newspaper
industry to “stable” from “negative,” saying that a recovery in ad
spending will ease revenue declines. The rating change could make it
less expensive for newspapers to borrow money.

But hey, there’s always the iPad to save us!

A.

5 thoughts on “Money Money Money”

  1. I saw a guy reading that article in the Wall Street Journal last week. I was going to send you a link, but I figured you didn’t need the aneurysm.

  2. Of course, Gannett’s profit is due to slashing its staff. Because there’s nothing like telling workers they are hurting the bottom line. Human “resources”? Apparently not! If only workers could somehow join together in some kind of, oh I dunno, some kind oforganization whereby they could let owners and managers know that without them, there would BE no newspaper.
    Hmm …

  3. SB, if their profits are due to slashing staff, one could reasonably ask how much MORE profitable they’d be if they started eliminating CEO and higher management positions.
    I get not all shareholders can give a shit about the inner machinations of every company they own shares in but one does get to the COME THE FUCK ON place pretty quickly in mainlining these stories.
    Even before staff cuts, Lee Newspapers had a better profit margin than Wal-Mart. In the worst economic downturn in 60 years.
    A.

  5. Please, note that in Wikipedia, Moody’s has some real ethical problems. This entity is not reliable. To pretend that it is only lets them continue to make money hand over fist with provable lies.
    Of course, I, also, feel that any CPA firm that was involved in the Savings and Loan rape, the Enron rape and any failed entity that had “clean” CPA reports, within one year of the bankruptcy, should automatically have their damned license to lie, cheat and steal revoked permanently. No reports are better than lies in any investment situation.
    I was enraged when a fellow line worker that did not make over $15,000 per year confided to me that he bought 12 houses on his damned credit card. His brother in law was with a firm that was liquidating a Savings and Loan, apparently with absolutely no supervision.
    That farce enabled Wall Street to know that the taxpayers would bail them out.
    Covering the rich caused the entire balance of the “bailout,” costing the taxpayers over $500 billion dollars. The released data show clearly that the original FSLIC fund would have covered everyone up to $15,000. First they raised it to $100,000 by fiat and no increase in FSLIC funding from the S and Ls.
    Then in the final settlement the rich were given their entire investment from the quiet little bailout fund.
    Both political parties agreed that this would not be an issue in the 1992 election. The entire rape was covered by the noise of the 1992 election, quietly and completely.

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