A Moment of Opportunity for the New Media
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30 October 2008
Big Media is taking a big hit during this global economic avalanche. As New York Times reporter Richard Perez-Pena noted in the October 23, 2008, paper of record, “The New York Times Company reported a 51.4 percent decline in third-quarter profit on Thursday and swung to a loss on continuing operations as deeper-than-expected expense cuts could not keep pace with falling revenue.”
After the release of the earnings report, Standard & Poor’s lowered the Times Company’s credit rating below investment grade, a move that would increase borrowing costs. Moody’s Investors Service said it was considering doing the same. Several newspaper companies have been lowered to junk status.
This isn’t entirely due to the current economic crisis in the U.S. The mainstream media, especially newspapers, have been declining solidly in readership and revenues for a quarter of a century. The industry is withering or, perhaps more appropriated viewed, it’s morphing. News is still in demand; but relative monopolies have been shattered and the power of the elites to set the topics and tones of discussions is ever more diluted. The rise of the internet has so changed the nature of news delivery that most of the big papers are shriveling.
Reader support is crucial to this mission. Weekly or monthly recurring ‘subscription’ based support is the best, though all are greatly appreciated. Recurring and one-time donations are available through PayPal or Authorize.net.
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To send a check or money order:
Michael Yon
P O Box 5553
Winter Haven, FL 33880-5553
I will continue to do my part in telling the stories that are not being told. Readers must also do their part by keeping the cash flowing. Cash is essential .
Thank you!
Michael
Comments
Ironic, Michael? How often has the MSM EVER been interested in good news---that doesn't align with their biases? There are many stories---that I have to seek out---reporting the volunteerism, the small and large successes and the everyday determination and courage of millions of unsung heroes around the world that most americans will never know about.
"In fact, many Americans think that we could lose America as we know it."
I'm one.
Serious times at home, dangerous times abroad. Too many Chamberlains, not enough Churchills.
I hope Michael's brand of journalism thrives.
good luck.
And yeah, things look to be getting worse before getting any better around here, even if gas prices are finally going down, 1500 workers from Chrysler just lost their jobs locally, and if Chrysler and GM merge (which they are trying really hard to do), you can expect about another 2000 or so, as everyone from accountants to engineers will lose their jobs from the merger. Why would anyone want to be president at a time like this?
And yeah, things look to be getting worse before getting any better around here, even if gas prices are finally going down, 1500 workers from Chrysler just lost their jobs locally, and if Chrysler and GM merge (which they are trying really hard to do), you can expect about another 2000 or so, as everyone from accountants to engineers will lose their jobs from the merger. Why would anyone want to be president at a time like this?
Morgage companies, banks, the auto industry. Hell, some states are asking for bailouts.
If the Dem's get control of congress and the white house, I wouldn't be surprised if the gover...ah...taxpayers bail them out. After all, they've proved to be a very reliable mouthpiece for the left over the last few years.
Look out. The US version of Pravda here we come!!!!!.......
The inexpensive venues and arenas to cover will ALWAYS be the less interesting ones. So any outlet that won't risk cash on coverage will NEVER be able to play. ABC's behavior and dilemma is not "ironic"; it's fundamental.
You can't have it both ways. Coverage which is: Cheap, Safe, Good. Pick two.
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