The Death of the Media

Now read this!

The AP reports that McClatchy papers is in bankruptcy protection:

“McClatchy files for bankruptcy protection”: “McClatchy Co.’s 30 newsrooms, including The Charlotte Observer, The News and Observer in Raleigh, and The Star-Telegram in Fort Worth, will continue to operate as usual as the publisher reorganizes under Chapter 11 bankruptcy protection. …

“McClatchy expects fourth-quarter revenues of $183.9 million, down 14% from a year earlier. Its 2019 revenue is anticipated to be down 12.1% from the previous year. That would mean that the publisher’s revenue will have slid for six consecutive years. The company expects to pull its listing from the New York Stock Exchange as a publicly traded company, and go private.”

Go private is a euphemism for private equity buy-out, which means the looting and selling for scrap will commence. McClatchy, as you may recall during the Reign of Error (the Chimpy McStagger years), leveraged Knight-Ridder out of bidness, kept most of the good stuff and sold off the rest. The Knight-Ridder newsroom had the best reporting coming out of the Iraq War, and McClatchy kept it going.

Anyway, I expect this to follow the same path as the Chicago Tribune.

We have a huge need for journalism, maybe greater than ever, but we do not necessarily have a great need for dead tree papers. I don’t know what the answer is, but killing off the news helps no one.

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6 Responses to The Death of the Media

  1. The only real reason that dead tree newspapers are dying is because the parasite capitalist class attached themselves to it.

    Then again, “the parasite capitalist class attached themselves to it…” describes, like 99.99999999% of all the problems in the world. (as we’re sadly about to learn from real life when Mike “xerox the description and issue it to all the precincts” Bloomberg buys his Democratic nom…

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  2. Dennis Cole says:

    Like I said previously here – let’s just do away with Prezinitial Elections altogether, have whatever billionaires are interested form a cabal or a consortium of like-minded fellows who are desirous of a Cabinet position, or maybe an Ambassadorship, and let them pool their resources in order to convince the voting public which group would be least harmful to the 99%. And rather than having debates, they’ll just show ad after ad, ones similar to the new car commercials, that show how fun it is to drive (or be driven) by the latest model. They’ll have to make entertaining, at the very least, so I expect an uptick in the hiring of Graphic Video designers, and the future financial health of the major networks will be assured for generations to come.

    As for newsprint, I prefer to hold an edition in my hands, and turn the pages slowly, savoring every ink stain I garner, much the same as I do with books. I have never had an electronic “reader” and I don’t have plans to acquire one in the future. It’s just not the same, so I’ll remain stuck in my rut, and cling tightly to my Luddite ways.

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  3. laura says:

    Don’t give faceberg and its digital media platforms bullshit a pass on the ongoing, realtime death of traditional media!
    Also, too, IMHO, real is a need for a dead trees paper – national and local. When they’re gone so’s the oversight and accountability that requires a well inform citizenry from school boards governments and even local culture and entertainment.
    Why is everything so awful right now – and how much is private equity directly involved?

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  4. 30-40 years I won’t really care. Is that selfish or what?

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