US newspaper industry struggles for survival
9 Dec 2008 (Tue)TROUBLING TIMES AHEAD. The Tribune Co., the second largest US newspaper publisher in terms of revenue and the third in terms of circulation, filed for bankruptcy Monday in the latest blow to the struggling newspaper industry — according to AFP, as reported on Google News.
The media giant is the owner of the Los Angeles Times, the Chicago Tribune, Baltimore Sun, Orlando Sentinel, Hartford Courant and several other papers. It also operates 23 television stations.
“…factors beyond our control have created a perfect storm — a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt.”
“Like many US newspapers, the Tribune has been grappling with declining circulation, a loss of readership to online media, and a steep drop in print advertising revenue.
“The New York Times reported last week that another debt-ridden major US newspaper chain, the McClatchy Co., is seeking to sell one of its flagship newspapers, The Miami Herald.
“And the New York Times itself has not been immune to the crisis gripping the newspaper industry. The paper reported Monday that the New York Times Co. plans to borrow up to 225 million dollars against its mid-Manhattan headquarters building to ease a potential cash flow squeeze.”
September Update: See also “Dow Jones shutting down FEER” and “Journalists Losing Jobs at Three Times Rate of Average Workers“.
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Posted by J.K. in *Roundups, Business, Media, News, Possibilities, Problems | 8 Comments |
December 13th, 2008 at 12:58 am
Struggle for Survival! When the giants could not cope up with the global financial crunch, surely it will be really a hard time for the small industries. When is this gloom likely to go away?
December 28th, 2008 at 9:30 am
who cares? i mean, it is interesting to note that the way in which we are ingesting our information is changing, but newspapers will eventually go the way of the compact disc and the television/computer separation, will it not?, regardless of how the economy is going.
January 3rd, 2009 at 2:34 am
u have touched a very sensitive issue. good topic. great post.
January 16th, 2009 at 6:58 pm
Well-written. Keep it up.
January 19th, 2009 at 6:41 am
Its crazy to think where the newpapers will be in another 20 years, if they are still around at all! Its kind of sad too because my wifes uncle works for the paper here, and even he says it isnt looking too good!
February 26th, 2009 at 2:53 am
any business or industry may experience this kind of survival no matter what your status in business arena. If they experience to struggle to survive a company they have been lucky because they already manage to go to the top, how much more those other business who is starting to grow and yet get affected by the economic crisis the chance to climb up the ladder is gone. I like this article. It’s great!
April 4th, 2009 at 1:57 pm
The design of this post is really nice. Congratulations. Keep up the good work.
November 27th, 2009 at 12:59 am
I feel very good after reading this article. I think i also need to do something. Thank you very much for the such a valuable article…