Since there was so much interest in this previous post about the WSJ piece on McClatchy, I pass on this link to a previous piece in Forbes. If you already read the WSJ piece, this one will hold no surprises. But here’s an excerpt:
Holy smokes–what happened to McClatchy?
Just a few years ago, industry observers hailed the newspaper company and its boyishly charismatic chairman and chief executive, Gary Pruitt, for growing earnings and producing solid journalism at a time when some of its rivals couldn’t accomplish either.
The peak: March 22, 2005, when the company’s shares hit an all-time, split-adjusted high of $76.05.
Then the industry turned and so did McClatchy’s fortunes…
Or did y’all just talk so much about the McClatchy piece because I wasn’t providing other fodder last week? Either way, enjoy.
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Brad … In all seriousness, what do you suggest, even if you’re not 100% free to say exactly what you think, or should think the risk of saying it not worth taking?
What can we do as readers and customers, to make ourselves heard by the McClatchy Co.’s of the world? … Complain more? Complain Less? Complain to different people? Cancel subscriptons? Sell subscriptions? Subscribe twice, at home and online? Buy McClatchy stock? Sell it? Write angry letters to CEO Pruitt? Or flatter him, like the Wall Street Journal?(Has Murdoch castrated the Journal already? I knew they were in trouble when he promised not to interfere editorially, then criticized them for “too many long stories.”)
Who’s going to challenge these guys, if not the press? Honestly, what can the reporters and editors downstairs do, without getting fired? Could they even report how it feels to work for economic rapists? Why don’t we see editorials about the greed of publishers, who worship Wall Street at the expense of “communities served?” Where are the local reports about economic impact of national newspaper companies that suck money out of our communities, giving little or nothing in return, even as they outsource jobs to India? Or the stories about greed of shareholders, as they abandon yet another industry after cutting its heart out? Or disclosures of political contributions from media companies to candidates? Or the bias of reporters whose pensions and 401Ks are vested in companies they work for, who control our news … Where are the journalists who will write those stories, and who would employ them in today’s newspapers?
How could newspapers restore their integrity, if they were to try. My earlier suggestion that McClatchy set an example by taking the company private again has serious flaws. For one, it assumes that McClatchy would be less greedy if it were privately held. Obviously, that’s not their culture or the nature of original family members who control 80 percent of their stock. In fact, it’s the opposite of who they are, based on their actions. But, at least (I said to myself), they could be held accountable for their actions if they were private, instead of blaming Wall Street. At least (I said to myself), they could be given the opportunity to save an industry they’ve brought to the edge of ruin. At least (self, I said), we could flatter and appeal to their purported sense of public service, while begging more crumbs from their table …
In your post of two years ago, Brad, you seemed resigned to the fact that newspapers are in irreversible decline, to the point where you now have almost complete editorial freedom because that’s no longer important to management (compared to profits). Meanwhile, “The State” has become a withered misnomer with barely enough people to cover Columbia, much less South Carolina, having abandoned its former mission of being “In depth, in detail, and indispensible.”
And so you laughingly asked for half a billion dollars to save one newspaper, where you happen to work (for us, of course). Which is a pretty whimsical approach to saving the Fourth Estate — from itself. … Sounds more like whistling past the graveyard, and we know you’re capable of better than that. And we know it’s not funny, either.
Gordon, I don’t know much about the inside workings of the newspaper business but I do observe things. Just from reading the interplay on this blog and reading the steady decline of the newspaper business, I think I see what’s going on. The publishers and editors of the newspapers have become like the assistant managers at k-mart use to be. They have all the responsibility to make sure the product gets out on time but no power to make sure the product has any quality. It is like when you call a credit card company and the peon you get on the phone acts like a prisoner of war. He or she is only allowed to give out there name, rank and serial number.
I am seriously starting to think that the only way I am going to get the truth out is to start my own newspaper. I don’t have the resources, expertise, education, training or credentials. All I have is truth and desire and maybe along the way, I can find a few brave men.
Perhaps, I can start with a newsletter and the best rates the post office can give me. I will have to come up with a good enlightening name. Maybe, the bloggers could help me with it. Any serious suggestions would be appreciated.
I simply cannot bear to watch the greatest country in the history of the world rot from within and not try to do something about it. As the saying goes, ” if the mountain won’t come to Mohammed … ”
Matt Drudge did it.
He and others have forced out news that the MSN wants to keep bottled up.
Good stuff, Gordon.
Last time I looked (and again tonight) DrudgeReport.com was still a collection of unedited wire service reports. How does that make him any less of a slug than the MSN? And, please, breaking the Monica scandal hardly qualifies him for anything more than a spot on FOX, and even they couldn’t stomach his lies.