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July 16, 2007
Murdoch: not the threat
It’s interesting to me how the mainstream media have been in dither about Rupert Murdoch’s bid for the Wall Street Journal.
Now, I love the Journal. It may be the best-written and best-edited paper in existence. And I certainly don’t like Murdoch’s politics.
But who is the greater threat to the future of newspapers? Murdoch, or the Wall Street analysts who continually whine about “puny” 20% profit margins of publicly traded newspaper chains?
Those analyst opinions have led to dramatic layoffs and “early retirements” in newsrooms around the country — LA Times, San Francisco Chronicle, San Jose Mercury, Philadelphia Inquirer, Boston Globe and dozens of others.
Wall Street and institutional investors in media companies are a much bigger threat to newspapers than Rupert Murdoch.
Posted Jul 16 2007 @ 06:58 AM