AJR: "Business journalists shined a spotlight on serious problems in the U.S. economy"

American Journalism Review gives credit to business journalists who warned the public about a looming financial crisis. The mainstream media have been routinely criticized for playing a significant role in the financial mess by not exposing inconsistencies and sings of trouble to readers and viewers. The Washington Post's media writer Howard Kurtz wrote, "As in the savings-and-loan scandal of the late 1980s, the press was a day late and several dollars short." 

Long-time business journalist and MarketWatch media columnist Jon Friedman complained journalists were too "polite and deferential" to Wall Street CEOs in their coverage. 

But AJR sees things differently:

The business media in 2008 serve as a welcome scapegoat for those who simply want to ignore their own culpability in the financial meltdown. But it's a bad rap. Gone since the tech bubble burst in 2000 are the flattering CEO profiles and the touting of Internet companies with no revenue. The business media have done yeoman's work during the past decade-plus to expose wrongdoing in corporate America. In fact, a review of the top business publications in the country shows that they blanketed the major issues, from subprime loans to adjustable-rate mortgages to credit derivatives, that caused so much economic pain. 

For more click here. 

Documents show CNBC spent money on clothes for Palin

The Washington Post reveals CNBC spent $300 on clothes and footwear for Sarah Palin for an interview in August. The disclosure forms were obtained under the Freedom of Information Act. It turns out Palin reported it as a gift. 

Turns out that the network's Maria Bartiromo sat down with the Alaska governor in August, just days before she became John McCain's running mate. The interview about oil, energy and drilling was conducted in Palin's Anchorage office, where she wore her own suit and high heels, according to CNBC sources. The producers asked to continue the interview in the oil fields; since Palin didn't have outdoor gear at the office, a CNBC assistant raced out to buy a jacket and hiking shoes for the location shoot. 

For more click here. 

Marysville, CA daily gets new publisher

Dave Schmall, former publisher of Creative Loafing in Atlanta, will become the new publisher of the Appeal-Democrat of Marysville, California, where he will be in charge of the daily paper and four biweekly papers.

"Dave has an impressive track record of championing innovative ideas that lead to audience growth," Jon Segal, president of Freedom Communications Newspaper Division, said in a statement. “His expertise in developing and selling targeted multimedia programs on Internet, mobile and print platforms will be a great asset as we expand our audience-engagement efforts within the Marysville community and tri-county area.”

Schmall has also worked at The Dallas Morning News, The Rake, and the Sacramento News & Review.

To read more, click here.

Executives react to API crisis summit

Jeniffer Saba of Editor & Publisher's Fitz & Jen blog recently spoke to several executives who attended the American Press Institute's "crisis summit" last week.
At the event, 50 industry executives met to discuss the future of the industry and trade ideas for innovating the methods by which they gather and distribute the news.

I spoke with several executives who agreed to speak to me on background. Mostly they all felt the same way about the summit: They were thankful that API organized something. They thought it was a good start but there were execution problems. The choice of speakers was too academic, too technical, and they didn't seen to really understand the industry. They wanted more time for round-table discussions, so they could commiserate and share ideas. They wanted to meet again -- and much sooner than six months from now.

The blog continues with quotes from several executives who were glad for the event and the chance to share ideas, but still frustrated and looking to make more progress as an industry.

Click here to read more.

A bailout for journalists

The New York Times reports media start-up Six Apart is offering recently laid off bloggers and journalists free pro blog accounts that normally come with a $150 annual fee. A handful of journalists will also be eligible for additional perks: "professional tech support, placement on the company's blog aggregation site, Blogs.com, and automatic enrollment in the company's advertising revenue-sharing program."

From the story:

Anil Dash, a former blogger and current vice president at Six Apart, announced the program Nov. 14, shortly after the company made its own staff cuts. Mr. Dash fired off a blog post: "Hello recently-laid-off or fearful-of-layoffs journalist! We're Six Apart (you know us as the nice folks who make Movable Type of TypePad, which maybe you used for blogging at your old newspaper or magazine) and we want to help you."

The company has already received 300 applications.  

For more click here. 

AP contract dispute continues

Editor & Publisher reports that more than 500 members of the News Media Guild, AP's largest union, have signed a petition against the current direction of contract negotiations.

In contract talks with the Guild, the AP is proposing a wage freeze, weakened job security, vastly larger prescription drug payments, increased medical plan co-payments, elimination of overtime pay for hundreds of employees, and a reduction of sick leave for new mothers."

A News Media Guild press release stated that its members have worked hard learning to use new technologies and adapt to the changing industry, and should be compensated accordingly.
The Guild represents 1,400 AP reporters across the country. Their contract expire Nov. 30.

Click here to read more.

FBN's Lee and Sullivan to emcee M&A gala

MarketWatch reports Fox Business Network anchors Brian Sullivan and Jenna Lee will co-emcee the M&A Advisor's 7th Annual Awards Gala. The gala will follow the 17th Middle-Market M&A conference being held on Dec. 15 in New York. 

The M&A Advisor is a leading information publisher for middle-market mergers and acquisitions and finance. The conference will explore opportunities and challenges for the year ahead and give attendees insight into the different issues that face the industry. 

The M&A Advisor has been "connecting professionals in the merger and acquisitions, distressed investing and related financial industries" since 1998 through a newsletter, conferences and award galas.

Lee co-anchors "Fox Business Morning" on FBN and reports on business developments throughout the day. Sullivan co-anchors the 10am-12pm ET block. 

For more click here. 

A creative way to save money?

The St. Paul Pioneer Press is offering an unusual option to employees in an effort to save some money without laying off any more employees, according to MinnPost.com.

According to a memo last week from Editor Thom Fladung, the paper has "decided to offer unpaid leaves of absence to all employees." He deferred further comment to PiPress publisher Guy Gilmore.
Spokeswoman Pat Effenberger says the program "provides an option for employees seeking flexibility, along with some limited cost-savings for the company."

The paper doesn't expect high participation, but sees the move as a simple way to save at least a little money in troubling financial times.
It also means the paper can refrain from cutting any more employees. Some worry that the paper's staff is already wearing too thin, putting its status as a daily paper at risk.

Click here to read more.

Creative Loafing editor fired

After more than a decade as the publication's editor, Ken Edelstein was fired from Creative Loafing Atlanta, according to reports from The Atlanta Journal Constitution.
Edelstein called the separation "involuntary."
Recent financial troubles tell part of the story. Creative Loafing's parent company has filed for bankruptcy and two Atlanta staffers were laid off several months ago.
the report says that Edelstein joined Creative Loafing after spending 10 years at the Columbus Ledger-Enquirer writing about business, politics and the environment, eventually becoming the assistant city editor and Atlanta bureau chief.
According to the story, Mara Shalhoup, a senior writer who's worked at the paper for eight years, said the editorial staff followed Edelstein out of the office and onto the ramp outside Creative Loafing’s building Monday morning.
“People were crying; it was a very emotional scene,” she said. “He’s the pillar of the newsroom, and when you take that out, it’s devastating.”

FBN's Sullivan reports his roots

Brian Sullivan, a co-anchor and Fox Business Network reporter, returned to his hometown of Winchester for a piece in an ongoing series, "America: My Hometown."
Sullivan interviewed local business leaders and even bought a new pair of boots from a local merchant.
A piece from the Northern Virginia Daily details Sullivan's hometown reporting.

Blodget as a financial reporter

Wired magazine offers an interesting look at Henry Blodget, a former analyst, hated by many, who has now switched careers to become a financial reporter, writing about the companies he used to cover.
First, he wrote for Slate, then his own blog, Internet Outsider, and now for a new site called Silicon Alley Insider. Will his career makeover garner him respect once again?
From the story:

Alley Insider is one of many tech business blogs that feed news, earnings info, and rumors to investors and corporate insiders. But Alley Insider has one thing that others don't. Blodget. He's smart, he's skeptical, and he's got the kind of self-assured voice that sells well in the blogosphere. As the market sinks, his opinions are even more in demand, though he's still hated by a large portion of his prospective audience.

A conversation with Zell

Portfolio offers an in-depth look at Sam Zell, the real estate mogul who bought the Tribune Company last year. He has called the purchase "the deal from hell."
Since he bought the company, he has slashed staff at three of his flagship papers, the L.A. Times, the Chicago Tribune and the Baltimore Sun.
In an interview with Portfolio editor in chief Joanne Lipman, Zell declares the worthlessness of Pulitzer Prizes and said the newspaper business model is "unequivocally...a failure."
To read the full interview click here.

USA Today to cut 20 positions

Jim Hopkins of Gannett Blog reports that USA Today plans to eliminate about 20 jobs, many or all of which could come from the newsroom.
Gannett announced last month that it planned to cut about 10 percent of its newspaper employees, an effort to make up for decreasing revenue.
This recent round of cuts comes after buyouts earlier this year in many Gannett newsrooms and scattered layoffs throughout the company.
Hopkins tracks the latest Gannett-related news on his blog. Check it out here.

New biz reporter at Post Star

Cision reports that The Post Star (Glens Galls, N.Y.) has hired Blake Jone as its new business reporter. Jones was previously a business reporter at The Garden Island in Hawaii.

From biz reporter to CFP

The Sarasota Herald-Tribune has a story on their site about Helen Huntley, a former personal finance reporter who is now a certified financial planner.
The story says that Huntley took an early retirement option for the St. Petersburg Times in August and with another former newspaper colleague they formed Holifield Huntley Financial Advisers in St. Petersburg.
To read more about Huntley's career transition click here.

Citi rescue helps Bell Canada deal

The New York Times' DealBook blog is reporting that the Citigroup rescue deal is having an immediate unintended consequence:

The federal government’s bailout of Citigroup has sparked a surge of confidence that the $50 billion takeover of Bell Canada — the largest leveraged buyout in history — will close on schedule in December.

A group of private-equity firms is seeking to buy the Canadian communications company, but much of their funding - $11 billion of the $33 billion to be borrowed - would ultimately come from Citigroup.
Now that the U.S. government backing the company, outsiders are more confident that the funding will still be available and that the deal will go through.

To read more, click here.

More problems for Citigroup?

Bloomberg reports Citigroup still faces major challenges despite the aid the company is receiving from the government. Meredith Whitney of Oppenheimer & Co. says Citi "faces further credit losses and share dilution." Whitney has an "underperform" rating on the stock, citing Citi's $120 billion in risky assets as a main concern and potential future source of more woes. 

For more click here. 

Citigroup backstop adds to massive taxpayer burden

According to Bloomberg, the rescue of Citigroup announced Sunday adds even more of a burden to taxpayers already on the hook for a staggering amount of debt.
The rescue, which includes a government guarantee of $306 billion in toxic assets, brings the total amount of money provided by the government on behalf of taxpayers to $7.7 trillion.

The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.

Some members of Congress say the Citigroup rescue is another example of the Federal Reserve overstepping its authority. They argue that there has not been enough transparency in the government's rescue actions.

Click here to read more.

Seven things to know about the Citigroup bailout

U.S. News and World Report blogger Luke Mullins lists seven things he thinks the public should know about Citi's bailout. Mullins also emphasizes the fact that this is actually Citi's second bailout; the banking giant received a "$25 billion capital infusion from the government" just five weeks ago. Here are his main points:

1). Citigroup was too big to fail. The government considered a potential failure "too risky to a financial system already in crisis." 

2). The company's depressed stock price helped secure the $20 billion bailout from the government. The stock plunged partially because of Henry Paulson's remarks in mid-November that he was "abandoning his previously announced plans to buy up troubled, mortgage-related securities." Mullins writes, "Thanks, Hank." 

3). The bailout of Citigroup now exposes taxpayers to "hundreds of billions of dollars of toxic assets." The potential loss may add up to as much as $230 billion. 

4). The $20 billion rescue package may actually not be enough. While Citi's stock skyrocketed on news of government intervention Monday, the money may ultimately not be enough to prevent a further drop in the company's share price. 

5). This may just be the beginning and a start of a "new model." Other troubled banks could "come knocking on [the] Treasury's door" in the very-near future. Banks in similar positions will seek the same treatment.  

6). Congress may not be willing to participate in Paulson's rescue efforts. The criticism of the Bush administration and Henry Paulson in particular may become more intense. 

7). The financial crisis is probably still "far from over." Investor confidence is low and "panic-level fears are still running loose in the market." 

For more click here. 

Citigroup's management questioned

An in-depth article on The New York Times website investigates how Citigroup was able to pile up such massive amounts of toxic assets without anyone inside the company raising alarm.

But many Citigroup insiders say the bank’s risk managers never investigated deeply enough. Because of longstanding ties that clouded their judgment, the very people charged with overseeing deal makers eager to increase short-term earnings — and executives’ multimillion-dollar bonuses — failed to rein them in, these insiders say.

Another move may come back to haunt the company in coming days or weeks: according to the article, as Citigroup built up mortgage-related securities, it moved those troubled assets off its books.
Some analysts worry that the company will have to bring them back on the books, which could hurt the company even more as it tries to recover.
As the federal rescue of Citi moves forward, more information may come out about how the company was mismanaged and how it arrived in the position it now finds itself in.

To read the article, click here.

Citi's rescue boosts airline stocks

MarketWatch reports the government's bailout of Citigroup restored investor confidence in airline stocks and gave the sector a much-needed boost. The Amex Airline Index was up 10 percent Monday and all of its 13 components were "in the green."

Investors apparently saw the bailout as a sign that a long and painful recession that would severely halt travel spending may be averted. The financial sector is also a major contributor to the airline business, especially in trans-Atlantic travel. 

Shares of United Airlines were up about 16 percent while American Airlines rose roughly 15 percent Monday. 

For more click here. 

Virginian-Pilot to cut 10 percet of employees

Denis Finley, the editor of The Virginian-Pilot, said this is the worst week in the history of his newspaper. And he has many reasons to think so.
The Associated Press reports that the paper will cut 10 percent of its staff, a move that could eliminated at least 125 position.
The newsroom will lose about 15 employees in the cuts.
The paper's parent company will also run the business section on Sunday's only, eliminated its its 2-year-old free daily, Link; close or sell three out-of-state military-base newspapers; and trim the flagship paper's size by at least 40 pages a week.
For the full story click here.

Citigroup gets rescued

With its stock plummeting - down 87 percent over the last year - and widespread concerns over its future, Citigroup reached an agreement Sunday night with the federal government over a rescue plan, according to The Wall Street Journal.

Under the plan, Citigroup and the government have identified a pool of about $306 billion in troubled assets. Citigroup will absorb the first $29 billion in losses in that portfolio. After that, three government agencies -- the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp. -- will take on any additional losses, though Citigroup could have to share a small portion of additional losses.

Also under the plan, the government would be able to buy Citi shares, and the company will receive $20 billion in fresh capital in addition to the $25 billion it received as part of the TARP plan.
The markets responded to the news positively Monday, soaring over 400 points by early afternoon. Citi stock was up $2.20, or nearly 60%, at that time.

Click here to read more.

Gannett fills broadcast positions

In a press release today, Gannett Broadcast announced three new executive appointments.
Ken Tonning will assume the role of president and general manager of WTSP-TV, Gannett's CBS affiliate in Tampa-St. Petersburg, FL.

“Gannett is fortunate to have the depth of talent that allows a transition like this to occur so smoothly,” said Dave Lougee, president of Gannett Broadcasting. “Ken’s experience running our Denver station, then managing our duopoly in Jacksonville, makes him an ideal choice to replace Sam in Tampa.”

It was also announced that Dodie Cantrell-Bickley will take over for Tonning as president and general manager of both of Gannett's stations in Jacksonville.
Finally, Anthony Diaz will become Gannett Broadcast's new president of sales strategy and development.

Click here to read more.

Interactive ad spending increases again

The Interactive Advertising Bureau released figures today for the amount spent on advertising online in the third quarter, according to Editor & Publisher.
Third quarter online ad spending increased 11 percent year-over-year, amounting to the second highest total since 2000.
However, the report carried some bad news as well:

"The growth of interactive advertising that we've been experiencing over the past few years has stabilized due in large part to the difficult economic climate," Randall Rothenberg, president and CEO of the IAB, said in a statement.
David Silverman, a partner with PricewaterhouseCoopers said the flagging economy will challenge all forms of media though Internet advertising is expected to hold up better "given its ability to combine performance-based advertising along with broad-based branding.

Online spending in the third quarter only rose two percent over totals from the second quarter, one of the slowest gains on record.
If this revenue growth rate continues to slow, many news organizations will have a difficult time making up for the losses most are experiencing in their print operations.

To read more, click here

High-end products advertised in WSJ

Bloomberg reports The Wall Street Journal is invading The New York Times' "advertising turf" as economic conditions continue to deteriorate.

Saks Inc., a Times advertiser since 1924, recently chose to promote a new Chanel boutique and made-to-measure men's suits in the Journal. Owner Rupert Murdoch's expansion of general news coverage and a new lifestyle magazine are starting to attract wealthy consumers and create ad space for retailers, said Milton Pedraza, chief executive officer of Luxury Institute LLC. 

The Wall Street Journal is increasingly becoming an outlet for luxury brand advertising in recent months. High-end Italian fashion designer Dolce & Gabanna and LVMH Moet Hennessy Louis Vuitton SA have also launched advertising campaigns in the WSJ. 

Murdoch is clearly "fighting for a piece of a shrinking U.S. ad market." And for him, it does not stop at print. He is also "pressing the fight online." 

For more click here. 

Print ad revenue keeps falling

Editor & Publisher reports print advertising revenue declined 17.2 percent in October. As a result, total revenue at The New York Times is "down 9.4 percent compared to October 2007." 

Total ad revenue was down 16.2% for the month, while circulation revenue firmed 3.9% on single-copy and home delivery price increases. Retail advertising across the chain fell 15.9% while national dipped 10.3% in the month. In October, classified ad revenue plunged 34.7% on continuing weak performance in its three biggest categories. Year-to-date, the Times Co. said, classified help-wanted is down 46.5%; real estate is down 33.8%; and automotive is down 35.5%.

For more click here.

AP might lose 10% of staff

Editor & Publisher reports The Associated Press President and CEO Tom Curley told employees the company could  "lose" 10 percent of its staff by the end of 2009.  But the staff reductions will most likely be the result of attrition and not layoffs.  AP spokesman Paul Colford confirmed the remarks and issued the following statement on behalf of the company:

"The Associated Press, like virtually every business in the world, is defining strategies in these complex and difficult financial times. All areas and ways of doing business are being reviewed. The AP, which recently instituted a strategic hiring freeze, may need to reduce staff over the next year. If so, it hopes to achieve much of the reduction through attrition."

The AP employs approximately 4,100 people worldwide. 

For more click here. 

Some speculate newspaper stocks have reached capitulation

A silver lining among all the bad financial turmoil for news organizations may have shown through yesterday.
Mark Fitzgerald of Editor & Publisher's Fitz & Jen blog says that newspaper stocks on Wednesday may have reached capitulation, the stage where many investors give up and sell the stocks, leaving bargain hunters to pick them up and start driving prices up again.

In a series of Securities and Exchange Commission (SEC) filings, Harbinger Capital Partners Master Fund disclosed it had reduced its stake in Media General Inc. -- which it amassed in its successful proxy fight to put its representatives on the board of directors -- and it was throwing in the towel on some long bets on the New York Times Co. stock.
The Street reacted Wednesday by chopping 30% of the value of Media General (NYSE: MEG) in just one day. MEG ended at an all-time low. Times Co. (NYSE: NYT) closed at a price the market hasn't seen since the summer of 1988.

With shares like Media General, Gannett Co., and the New York Times Co. all falling between 10 and 30 percent yesterday, many companies are hoping the analysts are right.

Click here to read more.

Worst day in decades for shares of NYT and Media General

Yahoo! Finance reports shares of New York Times Co. and Media General Inc. dropped to their lowest level in decades Wednesday. The steep declines occurred after an "activist hedge fund that holds seats on both companies' boards limited its interest in the newspaper publishers." 

Shares of New York Times Co. fell 6.6 percent to close at $6.61. The stock fell to its lowest levels in decades when it hit $6.54 earlier in the session.

Shares of Media General dropped 30 percent, or $1.27, to $2.93. This was the company's "lowest point in decades."

The New York Times owns The Boston Globe, the International Herald Tribune and, of course, The New York Times. Media General publishes The Tampa Tribune and the Richmond Times-Dispatch. 

For more click here. 

McClatchy releases October revenue report

The McClatchy Company released its October revenue report in a press release today.
Not surprisingly, the numbers painted a fairly dire picture, due in part to the continuing effects of the financial crisis and slowing economy.
Consolidated revenue was down 17.8 percent year-over-year, and overall ad revenue fell 20.4 percent.

Pat Talamantes, McClatchy's chief financial officer, said, "October advertising activity turned out to be similar to recent months. The economic slowdown continues to hurt consumer confidence and as a result negatively impacts our advertising customers in the local markets we serve. Online advertising continues to be a bright spot for the company, with online advertising up in all categories except employment advertising.

That turned out to be one of the bright spots for the company. Online ad revenue increased 12.4 percent year-over-year.
Non-employment advertising rose 57.6 percent, reflecting both the importance of employment advertising to the company' overall ad revenue and the number of companies tightening their workforce across the country.

Click here to read more.

San Diego County paper lays off newsroom staff

Editor & Publisher reports the North County Times has laid off 25 reporters and editors. The move reduces the editorial team by about 20 percent.  The layoffs are the result of "an ongoing slump in advertising revenue." Publisher Peter York said, "The layoffs were needed to keep the northern San Diego County paper viable." 

York added the paper's financial performance is falling shy of expectations. "We're not losing money, but we're not doing as well as we ought to," he said. 

For more click here. 

Time spent on newspaper websites falling

Editor & Publisher compiled a list today comparing time spent on top news websites to their totals from the same month last year.
While rising numbers of unique visitors help newspapers with advertising, the results for time spent, in most cases, will not.

Following the same trend in September, the average time spent per person on newspaper Web sites declined in October year-over-year as monthly uniques soared.

The New York Times was once again far and away the leader. The paper saw its average time spent increase from 35 minutes to 40 minutes.
Politico.com more than doubled to 18:44, good for fifth highest in a list otherwise made up entirely of newspaper websites.
However, most other papers saw their average decline. Time spent on the New York Post's site fell 30 percent, from 12:36 to 8:52.
The Arizona Republic fared even worse - time spent plummeted 77 percent, from 39:16 to 9:01.

For the complete list, click here.

San Jose's ME resigns

The San Jose Mercury News reports that is managing editor, David Satterfield, announced his resignation and departure from the news business after a 27-year career.
Satterfield, who was named managing editor of the paper in 2003, is leaving to launch the Silicon Valley office of the strategic public relations firm Sitrick and Co.
From the story:

The Mercury News "has suffered a big loss" in Satterfield's departure, Editor David Butler said in a note to the staff. "I don't know a nicer editor — nor do I know anyone who cares more about quality journalism."

Reed's bids drop to $1 billion

The offer for Reed Business Information has dropped to $1 billion, according to reports from Bloomberg.
The report says the sale will either be cancelled or a bidder will be chosen in the next few weeks for final talks in coming weeks.
From the story:

Reed Business Information, which publishes film-industry journal Variety, was put up for sale in February, and analysts estimated it would fetch about $2 billion. Bidding has been hampered by the economic slump and frozen debt markets. Reed Elsevier said last week it may be unable to sell the unit in the current climate. The company is selling Reed Business Information to become less dependent on ad revenue and economic swings.

New president of FiLife

All Things Digital reports that the personal finance site FiLife has hired Ezra Kucharz as its new president.
The site, which is geared toward young adults, is owned by IAC and Dow Jones and Kucharz will replace Dave Kansas, who will continue working with the site as an editor-at-large.
Kucharz is a former executive at online games company Oberon Media and at NBC’s iVillage.
For the full story click here.

NAREE annouces Bivins fellows

The National Association of Real Estate Editors awarded $5,000 Bivins Fellowships to two mid-career journalists, freelance writer Lisa Prevost and Jeff Ostrowski, a real estate and business reporter for the Palm Beach Post.
From the announcement:

Professor George Harmon of the Medill School of Journalism at Northwestern University judged the Bivins Fellowship applications. He said: “Lisa Prevost, a contributor to the New York Times, Boston Globe and other publications, has proved herself to be a lively writer and reporter who can produce stories that catch readers' attention.” Prevost will use the fellowship funds to help underwrite research on a book about a housing development trend sapping the New England economy. Ostrowski will use the Bivins Fellowship for in-depth studies in financial analysis. Harmon said: “This would give Ostrowski some added expertise in deconstructing financial statements. Many business reporters are finding that courses offered by the profession of financial analysis are a valuable tool for enterprise reporting.”

Startup sites try to fill investigative void

Faced with shrinking ad revenues and declining circulations, most newspapers and news organizations across the country have been forced to cut budgets.
A news outlet's investigative reporting operations are often a frequent target of such cuts, as they can be resource- and time-intensive.
The New York Times is reporting a new trend, in which local websites attempt to do the investigative reporting that larger news outlets can't always afford.

Their news coverage and hard-digging investigative reporting stand out in an Internet landscape long dominated by partisan commentary, gossip, vitriol and citizen journalism posted by unpaid amateurs.
The fledgling movement has reached a sufficient critical mass, its founders think, so they plan to form an association, angling for national advertising and foundation grants that they could not compete for singly. And hardly a week goes by without a call from journalists around the country seeking advice about starting their own online news outlets.

Some of the sites, including VoiceofSandDiego.org and MinnPost.com, are non-profit organizations. The fact that they are growing in resources and influence may point the way for successful news ventures by other startup operations around the country.

Click here to read more.

Editor & Publisher explores falling online ad revenue

Online ad revenue for newspaper websites fell in the second quarter of 2008 for the first time since the Newspaper Association of America began making measurements in 2003, according to Editor & Publisher.
In a special report, E&P examines why revenue has started falling, what's being done about it, and what might happen in the next few years.

...one of the main reasons for the downturn is an over-reliance on classified advertising and combo sales packages. About 60% to 70% of online revenue for the industry as a whole comes from classified, confirms Randy Bennett, the NAA's senior vice president of business development. He believes Q2 declining results are "primarily tied to classifieds and the dramatic drop in classifieds overall, and newspapers' reliance on classified dollars to drive online."

According to the article, another part of the problem hindering online growth is the unreliability of audience measurement metrics. The overall public perception of the newspaper industry amid months of bad news and falling stock prices hasn't helped, either.
In addition, the article looks at potential solutions that may drive revenue up again in the near future.

To read the full report, click here.

Chicago Tribune hires new ad chief

The Chicago Tribune on Monday named advertising executive Bob Fleck as its new vice president of advertising.
He takes over for Jack Whisler, who had worked at the Tribune for the past eight years.
Tony Hunter, President of the Chicago Tribune Media Group, praised Fleck's leadership skills in a note to the staff:

"His versatility, knowledge of client needs and ability to close deals through innovative solutions make him the best person to lead the advertising department in this challenging time."

Fleck has worked at the Tribune since 1992, and will fill his new position immediately.

Click here to read more.

Knoxville paper revamps its product

After laying off 50 employees, the Knoxville News Sentinel revamped its paper to cut costs this week, according to reports from the Associated Press.
Separate local news, national news, sports and features sections were merged into two sections in Monday's paper. And most of the stock tables are now available only online.
The reports says, "Editor Jack McElroy said in his Sunday column that the changes "frankly, are intended to reduce costs" but should make the paper "more engaging."
For more click here.

Forbes scales back

Mediaweek reports that Forbes is cutting 43 jobs, mostly on the business side of its operation, but the cuts also include a few editorial positions.
The story says that editorial cuts are part of the shutdown last week of ForbesAutos.com and the scaling back of ForbesTraveler.com.
From the report:

Observers have credited the Web/print separation with Forbes.com’s development into a robust digital business, but many media companies have moved to combine print and online sales efforts as advertisers increasingly ask for integrated packages. “It just doesn’t seem to be viable anymore,” a Forbes spokesperson said of the company’s longstanding practice of separation. “You call on people, and they want to know what the whole package is.”

New editor at Kiplinger's Personal Finance

Washington Business Journal reports Janet Bodnar will replace retiring editor Fred W. Frailey of Kiplinger's Personal Finance magazine in Washington D.C. Bodnar joined the magazine in 1979 and has been the deputy editor since 2005. 

Kiplinger's Personal Finance has approximately 800,000 subscribers. It was founded in 1947 and focuses on " helping average Americans achieve financial security."

For more click here. 

Segal to be added to NYT's biz section

A memo to The New York Times business journalists posted on Jim Romenesko's Web site reveals the Times will hire David Segal of The Washington Post to write for its business section. He will "pursue long-form online features built around narratives about compelling people and issues in the business world." Segal's stories will also run regularly in the paper's print edition. 

Segal is currently a senior Style writer for The Washington Post. He worked for the Post's business section from 1994 to 2000.  

For more click here. 

Rupert Murdoch optimistic about newspaper industry's future

Rupert Murdoch, chairman and CEO of NewsCorp, broadcast a speech Sunday called "The Future of Newspapers: Moving Beyond Dead Trees."
In it, he remained optimistic about the industry, calling pessimists "misguided cynics who are too busy writing their own obituary to be excited by the opportunity."

"I like the look and feel of newsprint as much as anyone," he said. "But our real business isn't printing on dead trees. It's giving our readers great journalism and great judgment.
"It's true that in the coming decades, the printed versions of some newspapers will lose circulation. But if papers provide readers with news they can trust, we' ll see gains in circulation — on our Web pages, through our RSS feeds, in e-mails delivering customized news and advertising, to mobile phones," Murdoch said.

He also talked about the idea that newspapers should change the way they offer content online and interact with readers.
As an example, he pointed out NewsCorp's The Wall Street Journal's website, which is planning on offering three tiered levels of content.

Click here to read more.

Newspaper websites show traffic jumps

Editor & Publisher today compiled a list of the top 30 newspaper websites by number of unique visitors. The list shows some promising October gains.
Papers with surging hit counts included the Orlando Sentinel and the Boston Herald:

The Orlando Sentinel increased its monthly uniques 148% in October compared to the same period a year ago. The Boston Herald grew 167% to 1.9 million unique readers in October.

Most papers on the list gained between 25 and 50 percent over the previous October.
Only two papers in the top thirty saw their unique monthly visitor count drop. The Seattle Times and NJ.com lost 7 percent and 2 percent, respectively.

To read more, click here.

Tampa biz editor departs

Cision reports that Mark Guidera has left his post as senior business editor at The Tampa Tribune.
Guidera has been with the paper since 2003. A replacement for his position has not yet been named.

Journal Register Company says two of its papers are not for sale

MarketWatch reports that the Journal Register Company does not plan to sell The New Haven Register or The Macomb Daily, as previously reported by Editor & Publisher.
The company has begun the sale for some of its publications, but has not identified which ones. It has said, however, that The New Haven Register and The Macomb Daily are not for sale.
In addition, the story states that in a separate online article, Crain's Detroit Business erroneously identified additional publications as being a part of the sale process.
For more click here.

TheStreet.com closes San Francisco office

Portfolio reports that TheStreet.com is shutting down its San Francisco office, but its still unknown how many jobs will be eliminated as a result.
A spokesperson told Portfolio that an ad sales presence in San Francisco will remain and that some reporters might still contribute to the network of sites.
From the story:

The spokeswoman added that the decision was consistent with the discussion during the company's third-quarter earnings call of the need for belt-tightening measures. "This is really part of an overall effort we talked about and it shouldn't be too surprising given the environment that we're in and the unprecedented times that we're in that we're taking a hard look at our costs."

Tribune Co., Morris downgraded

Editor & Publisher reports Standard & Poor's Ratings Services downgraded Tribune Co. and Morris Publishing Group Friday. The downgrades moved both companies "deeper into junk territory." S&P warned that lenders "should expect to see little or no money" if the companies default on their debt. 

S&P rated Tribune debt as CC, which is two notes lower than the CCC corporate credit rating it assigned Tribune earlier this week -- while warning the corporate rating could be lowered further. By S&P's definition, a CC rating means the debt "is currently highly vulnerable to nonpayment." 

S&P lowered Morris's credit rating from CCC+ to CCC. According to S&P, "lenders can expect little or no recovery if Morris defaults on its subordinated debt."

For more click here. 

News Corp. might lose president/COO

Peter Chernin, president and chief operating officer of News Corp., is currently in talks with the company over a possible new contract, according to the Los Angeles Times.
Sources close to Chernin say that he is considering passing up a new contract in favor of starting a different venture or moving to a different company.

Given the state of the economy, it may be an awkward time for News Corp. to lose Chernin. The company's stock is trading near record lows, closing Thursday at $7.61 a share and down 63% this year. In a recent report, Merrill Lynch media analyst Jessica Reif Cohen cited Chernin's possible exit as a risk factor for the company's shares.

According to the article, it may not be a good time to leave for Chernin, either. He would have a difficult time commanding the same salary and benefits at another company.
The Times quotes Rupert Murdach as saying, "I would characterize [the contract talks] as constructive and friendly."

Click here to read more.

Friedman: Portfolio can survive

MarketWatch columnist Jon Friedman says Portfolio is not necessarily doomed. But he advises the magazine to take some dramatic steps.

Friedman emphasizes the need for good management. In this case, he says if Conde Nast, the magazine's publisher, decides to replace Joanne Lipman, the founding editor, it should look for leaders "that epitomize the kind of wit (Wired) and pedigree (The New Yorker) that Portfolio desperately aspires to." 

He also says the magazine has to produce "at least one killer story or cover design to show progress and take the pressure off its highly public woes." Friedman adds Portfolio's stories must have "mammoth water-cooler appeal" and incorporate an element of surprise. 

Finally, he calls on critics to give Portfolio "a break."

Maybe the gossip hounds can ease off for a bit and give this troubled magazine an opportunity to find its footing. I don't exactly feel sorry for a magazine that reeked of arrogance early on and all but anointed itself with the undeserved gold dust of Vanity Fair, Fortune, Wired and The New Yorker. But enough's enough. 

For more click here. 

Competing TV stations to start sharing footage

In a move that's being compared to the wire services newspapers have used for decades, two local broadcast stations in Philadelphia are rolling out a plan to share news footage, according to The New York Times.
The stations, owned by NBC and Fox, created an independent group last summer to gather news footage and provide it to both stations, saving each a significant amount of money.

The plan is for the service to begin operations in Philadelphia by January and then to expand it to other cities where both companies have stations, like New York, Los Angeles, Chicago, Dallas and Washington.
Mr. Abernethy said the idea has already attracted interest from competing stations. “We expect to have a template that we could roll out nationally,” Mr. Abernethy said. “Take what we learn in Philadelphia and begin a business around the country.”

While each station using the service would save a lot of money, they would not be able to gather extra footage or interviews, but would instead be forced to use whatever the independent crews send them.
With the current economic crisis hitting local TV stations, too, that may be a limitation they're willing to live with.

To read more, click here.

Key AP style change

The Associated Press reports it is "adopting a universal style for referring to all heads of state." 

From the AP advisory:

Effective Thursday at 3 a.m. EST, the AP will use the title and first and family names on first reference: President George W. Bush, not just President Bush; President-elect Barack Obama, not just President-elect Obama; President Nicolas Sarkozy, not just President Sarkozy. 

For more click here. 

More layoffs at Baltimore Sun

Washington Business Journal reports more layoffs are on the horizon at The Baltimore Sun. The job cuts, according to union officials, are expected within a few days. Officials said the cuts will affect newsroom staff  and it is unlikely any buyouts will be offered. 

The paper eliminated 100 positions in August and recently abandoned its standalone Maryland and Business sections "as part of overall redesign."

For more click here. 

Rep. Boehner supports Bloomberg lawsuit

Los Angeles Times reports House Republican leader John Boehner of Ohio is backing Bloomberg News in its lawsuit against The Federal Reserve. Bloomberg filed a federal suit against the Fed last Friday seeking disclosure of the names of banks that were granted emergency loans by the Fed. 

In a statement, Boehner said the Federal Reserve "should comply with this Freedom of Information Act request, and in the interest of full and fair disclosure, they begin providing lawmakers and taxpayers all information about how they are using federal tax dollars." 

For more click here. 

Newseum enjoys record traffic

Editor & Publisher reports traffic to the Newseum Web site has skyrocketed since Barack Obama was elected president. The Web site posts snapshots of front pages from newspapers around the world. 

Paul Sparrow, vice president for broadcasting and education at Newseum, said a new daily record was set on Nov. 5, one day after the election, with 229,000 visitors. The Web site typically attracts 58,000 visitors daily. 

In the week following the election, approximately 919,300 visitors logged onto Newseum. This record traffic is nearly double the 406,000 weekly average. 

For more click here. 

New York Times facing troubling deadline

Henry Blodget at The Silicon Alley Insider published an article today examining the financial future of The New York Times Company.

Specifically, the company must deliver $400 million to lenders in May of 2009, six months from now. The company has only $46 million of cash on hand, and its operations will likely begin consuming this meager balance this quarter or next.

According to Blodget, there are several things the company can do to help it make this deadline, but it probably won't like any of them.
They include selling off some of the company's assets, draw from a $366 million credit line it has available, and making "major cash-saving cost cuts, including eliminating (or severely cutting) the dividend."

Click here to read more.

11 Connecticut weeklies face possible closures

The Hartford Courant is reporting that 11 weekly newspapers in Connecticut may be forced to close down if a buyer cannot be found before Jan. 12th.
The papers, owned by the Journal Register Company, cover the towns of Canton, Burlington and Harwinton.

Journal Register has been the subject of speculation all year as sagging revenues and its massive debt pushed its credit rating into junk status. The company's stock, which traded as high as $23.86 a share a decade ago, and as high as $2.82 in the last year, now goes for about a penny and was removed from the listings of the New York Stock Exchange in April.

Falling revenues have not helped matters. According to the article, ad revenue declined by 13 percent year-over-year in the third quarter.

To read more, click here.

Baker: WSJ's deputy editor-in-chief

Gerard Baker was recently appointed Deputy Editor-in-Chief of The Wall Street Journal and Dow Jones, according to a letter from the paper's Robert Thomson that's posted on Jim Romenesko's blog.
Baker, who has worked at the BBC, the Financial Times and The Times of London, will step into his new position in January. Thomson said of Baker, "he will bring considerable energy and wit to the Journal, and assist me in overseeing the transition of the paper, the website and Newswires."
Baker's background summary, from the letter:

From 1988 to 1994, he worked at the BBC, initially as a producer in London and New York, and then as Economics Correspondent. In 1994, he joined the Financial Times, where he was Tokyo Correspondent, US Economics Correspondent, and Washington Bureau Chief and Associate Editor. Four years ago, he joined The Times, where he also oversaw the development of the paper’s US Edition and its successful American website.

Kansas City Star to lay off 50 more

The Associated Press reports that employees at the The Kansas City Star are going through yet another round of layoffs.
This time, 50 employees will be laid during a period that's described by the newspaper's publisher, Mark Zieman, as "one of the most challenging years in Star history."
From the story:

The layoffs affect workers in several departments, including news, advertising and circulation. Zieman's memo said employees will receive severance pay, continuation of benefits and outplacement services.The newspaper cut 120 positions in June as part of 1,400 jobs being eliminated by The Star's parent, The McClatchy Co. In September, 65 workers either accepted buyouts or were laid off.

Colarusso will leave Portfolio.com

As the layoffs at Conde Nast continue, Portfolio's Dan Colarusso has already determined that he won't be staying in his role, that's according to reports from The New York Observer.
Colarusso, the editor of portfolio.com, said he's staying with the magazine until the end of January to help a new managing editor take over the site.
From the story:

Portfolio.com was recently gutted amid larger cuts at the magazine, and its staff of 45 has been whittled down to only a handful. Remaining players include Market Movers blogger Felix Salmon and Mixed Media blogger Jeff Bercovici. But Mr. Colarusso, who was offered a job to stay, won't be hanging around the new skeleton site. "I have some talent—I think," Colarusso told The New York Observer. "I have a fairly good reputation. I'm not afraid of walking into the heart of darkness. Would I like to walk into a editorial stable job? Yes. Does one exist? No."

Bloomberg sues Fed

Bloomberg reports it has filed a federal lawsuit against The Federal Reserve. Bloomberg is sueing the Fed in order to obtain the names of the banks and companies that received $2 trillion of emergency loans funded by taxpayer dollars. Bloomberg is also seeking information regarding the "troubled assets the central bank is accepting as collateral."

From the story:

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return. 

For more click here. 

Time Inc. employees offered voluntary buyouts

All Things Digital reports Time Inc. has asked its employees to volunteer for a buyout program. The buyouts are part of  plan to cut 600 jobs at the company. Time Inc. owns several prominent magazines, including Fortune and Money. 

Fortune sent a memo to its staff, asking employees in the "writer-editor, writer-reporter, designer, editorial assistant and copy coordinator" categories to take buyout offers. The memo also stated that if enough employees do not step forward, the company will "need to begin a process of involuntary layoffs." 

For more click here. 

Tribune Co. reports quarterly debt, ad revenue losses

Editor & Publisher is reporting that Tribune Company has released discouraging quarterly statements.
In particular, the company was hit hard in advertising, which fell by $111 million in the third quarter.

At the end of Q3, Tribune's debt was $11.8 billion; at the end of the same period last year, it was $9.4 billion. The company cited the increase due to “financing the going-private transaction” completed at the end of 2007.

In a statement, Tribune Co. chairman and CEO Sam Zell said that the company is being hit hard by the downturn in the economy and the effects of the financial crisis, adding that the company is still pushing forward with its operating strategy.

Click here to read more.

Washington Times expands White House coverage, offers new wire service

The Washington Times announced it is launching a beta test of a unique wire service called The Washington Times News Service, according to Editor & Publisher.

"It is an a la carte wire service where you can go in and look at everything and buy want you want," [Executive Editor John Solomon] says. "There is also a [pay one price] buffet option."

In addition, The Times announced recently that it will be expanding its White House beat team from one reporter to three.
The move, in part, is designed to help the paper cover the incoming administration, but may also be in response to The Washington Post's doubling of its own White House team from two to four last week.

To read more, click here.

Los Angeles Times D.C. bureau chief leaves position, becomes columnist

Doyle McManus, Washington D.C. bureau chief for the Los Angeles Times, has left his position to become a Times columnist, according to Editor & Publisher.
The move came on the same day that Cissy Baker took over as the bureau chief for Tribune Company's combined D.C. bureau.

"During his Time tenure, Doyle McManus has reported from Los Angeles, Tehran, Beirut, Central America, New York and Washington. He was State Department correspondent and then White House correspondent before becoming Washington bureau chief in 1996 and is one of the most decorated journalists in the profession," the release added. "He has won a Pulitzer and written three books, along with having recently been a moderator for the Jan. 31, 2008, The Times/CNN debate between Hillary Clinton and Barack Obama."

Other staff members at the Tribune Co.'s D.C. bureau are awaiting the final word on organizational and staffing changes.

Click here to read more.

Local online ad sales could slow in 2009

The rate of increase in ad spending in local newspaper websites could slow dramatically in 2009, according to a Borrell Associates report featured on Editor & Publisher's Fitz & Jen blog.
The report, which looks at all aspects of advertising in the media, predicts that ad spending in "local interactive media" will increase 7.8 percent in 2009, a steep drop from a 47 percent increase in 2008.

Advertising, no matter what the form, can't grow in leaps and bounds forever. The report points out that Interactive advertising is no different and even when the turn around occurs, the rate of growth won't be nearly what it used to be.

The report also predicts a 4.7 percent decrease in ad spending in newspapers, and a 65.2 percent increase in spending on streaming audio and video ads.

To read more, click here.

New managing editor at Money

The New York Observer reports Craig Matters will replace Eric Schurenberg as managing editor of Money magazine. Schurenberg was laid off Thursday. 

Craig Matters previously held the position of managing editor at Fortune. Editor-in-Chief John Huey wrote the following in a memo announcing the new pick:

Craig knows personal finance and investing. He knows the web. He knows Money Magazine, its audience and all the edit players. He is a change agent and an aggressive, entrepreneurial editor.

For more click here. 

NY Times Co. to reduce retirement benefits

Portfolio reports New York Times Co. plans to slash the retirement benefits of non-union employees. Employees retiring on or after March 1, 2009 "will no longer receive medical coverage after they turn 65, whey they become eligible for Medicare." In addition, The Times Co. also said it has "decreased the formula for pension benefits." 

The pension cuts will save the Times Co. approximately $24 million in 2009 alone. 

Portfolio urges employees who are "thinking about retiring from [their] job at The New York Times Co." to "do it soon." 

For more click here. 

Tribune Co. appoints new D.C. bureau chief

Tribune Company has appointed Cissy Baker as its new chief of staff, according to Editor & Publisher.
The move comes amidst staffing turmoil at the bureau, which is awaiting final word on a series of cutbacks and layoffs that have been in the works since at least February.

"This bureau has a great team of experienced print and electronic journalists who understand power and politics and know how to work together to deliver the best, most comprehensive news coverage for our readers and viewers," Baker said in a release. "It is a privilege to lead this talented group, especially as we prepare to cover a new administration."

Baker has worked for CNN and Fox News service over the course of her career.
She will replace former chief Michael Tackett and current acting chief Naftali Bendavid.

Click here to read more.

Scripps to cut 400 jobs

Bloomberg reports that E.W. Scripps Co. is cutting 400 jobs and suspending dividend payments, a move that will save the company about $15 million.
Cincinnati-based Scripps is the publisher of the Rocky Mountain News and will have fewer than 4,000 employees by the end of the year.
The article states that, "newspaper publishers have been trying to trim costs at a time when the decline in print ad sales has steepened and online ads aren't making up the difference. U.S. newspaper circulation fell 4.6 percent in the past year, and the price of newsprint has risen at a record pace."
For the full story click here.

Globe launches "Top Places to Work"

On Sunday The Boston Globe will launch its first "Globe 100's Top Places to Work" magazine, a publication that reports how Massachusetts employees feel about their workplaces and also ranks the top organizations in the state.
A release from the New York Times Company says more than 120,000 employees from 600 Massachusetts organizations participated in the Globe 100 analysis by completing opinion surveys about their workplaces.

"There's no better way to find the smartest and most progressive employers than to ask the employees," said Shirley Leung, business editor of The Boston Globe. "We were amazed by the creative ideas and practices that these companies are using to navigate difficult times, and to find and keep the best talent."

For more click here.

AP forms new crisis team

Cision reports that the Associated Press has compiled a new team to cover the financial crisis. Leading the team will be White House correspondent Terence Hunt. Other members include:
* Economics reporters Jeannine Aversa and Chris Rugaber
* Economics correspondent Martin Crustsinger
* Business Reporter Stevenson Jacobs
* Financial impact initiative reporter Daniel Wagner

News Corp. cuts profit forecast

Bloomberg reports shares of Rupert Murdoch's News Corp. dropped 16 percent Thursday after the company cut its 2009 profit forecast. Profits are expected to fall due to "shrinking ad sales at [News Corp.'s] Fox stations and newspapers."

Fiscal 2009 profit will drop in the "low to mid teens" in percentage terms, New York-based News Corp. said on a conference call yesterday after U.S. markets closed, citing falling advertising sales and the stronger dollar. The company previously forecast a gain of 4 percent to 6 percent.

For more click here. 

Top editor to depart Money

The New York Times reports Erin Schurenberg  a top editor of Money magazine, will leave the publication this month. The move is "part of the shake-up" at Time Inc. Schurenberg has been managing editor since 2004. The Times reports the news was first revealed by executives at the publication who asked to remain anonymous. 

They said that in light of expected layoffs, and talk within the company of a new editorial direction for Money, Mr. Schurenberg and John  Huey, editor in chief of Time Inc., had made a mutual decision that Schurenberg would go. 

Money is the nation's best-selling finance magazine. 

For more click here. 

Murdoch optimistic about paid content

Editor & Publisher's Fitz & Jen Blog reports Rupert Murdoch, News Corp.'s  chairman, told analysts online subscriptions to The Wall Street Journal bring in $100 million in revenue. "And that certainly is over $100 million in advertising on that one Web site," Murdoch added. 

This may, at least for a while, put a stop to the idea that Murdoch will decide to "[tear] down the paywall" at the paper's site. It looks like "people are happy to pay" for the WSJ's online content. In fact, Murdoch said people may even be willing to pay more for both print and online subscriptions. 

For more click here .

API to help newspapers come up with reinvention plan

Editor & Publisher reports a "Crisis Summit" for newspaper CEOs, hosted by The American Press Institute (API), will take place Nov. 13. The conference will be "a facilitated discussion of concrete steps the industry can take to reverse its declines in revenue, profit and shareholder value." 

The discussion will be led by a "former turnaround" CEO James B. Shein. Shein said, "The critical role of journalism can only be preserved if the newspaper industry can come through its current crisis." He added that newspapers need to understand "how far along the 'crisis curve' they've traveled" and find effective means to "reverse that journey." Ultimately, Shein hopes the conference will help CEOs and executives "lay out the steps they will need to take to begin the renewal process." 

For more click here. 

A good day for newspapers

MSNBC reports that newspapers across the country struggled to keep up with the demand for Nov. 5 editions, which announced Barack Obama's White House victory. The customer demand drove nearly 800 sellers to offer copies Wednesday evening on eBay.
The report states, "Print newspapers have seen declining readership in recent years, forcing newsroom cutbacks, as more readers turn to Internet sources for news. But on such a historic occasion, traditional newspapers had their day."
For the full story click here.

News sites attract record traffic

TechCrunch is reporting that online news services saw enormous amounts of traffic on election day.

According to Akamai, which is the content delivery network for most major news sites including CNN... NBC, Reuters, and the BBC, global visitors to news sites peaked last night at 11 PM [ET] with 8,572,042 visitors per minute.
That is double the normal traffic level, and 18 percent above the previous peak of 7.3 million visitors per minute achieved during the World Cup back in June, 2006.

According to a separate article on the site, CNN.com alone attracted 27 million unique visitors and 276 million page views, or roughly five to six times its normal traffic.

Click here to read more.

Copies of local newspapers sold out across Chicagoland

Chicago Tribune reports newsstands in the area have ran out of newspapers. According to Hemant Patel, owner of Gateway News, Chicagoans are "snatching up" the papers to have something to "keep for history." Newsstand owners report "barren shelves" Wednesday and are waiting for more copies as demand shows no signs of weakening. 

A newsstand near Obama's home on the South Side of Chicago reports it has sold 300 copies of the Chicago Tribune and 350 copies of Chicago Sun-Times.

For more click here. 

Election Night ratings winners

Mediaweek reports ABC was the ratings winner on Election Night. According to Nielsen Media Research, ABC led all other networks "with coverage of the Presidential race at an average 9.3 rating/13 share in the overnights from 8-11 p.m." NBC came in second and CBS took the third spot. 

Combined, the Big 3 networks totaled a 22.5 rating/32 share in the overnights in prime time. But CBS, of course, finished in the distant No. 3 spot. Four years earlier, coverage of the 2004 Presidential election totaled 26.9 rating/37 share in the overnights in prime time, with NBC first (11.1/15), followed by ABC (9.5/13) and CBS (6.3/9).

For more click here. 

Time Inc.'s restructuring will be expensive

All Things Digital reports Time Inc. has announced the company's latest round of layoffs will cost somewhere between $100 and $125 million in "restructuring charges" this quarter alone. Time Warner has already incurred significant restructuring costs this year. The new expenses bring the total restructuring charges for 2008 to "somewhere between" $280 and $310 million.

For more click here. 

Portfolio's Obamanomics

Portfolio launched an interactive graphic on its site today called, "Who Can Put the O! in Obamanomics?"
The graphic allows its readers to shuffle through potential candidates for the U.S. Treasury Secretary. Readers can chose from a pool of potentials like Sheila Blair, Hank Paulson and Ken Griffin, moving their candidates through a series of brackets to the final slot.
Check it out here.

U.S. News & World Report goes monthly

MediaBistro's Fishbowl reports that U.S. News & World Report magazine will move from a biweekly magazine to a monthly publication, after struggling to compete with competitors like Time and Newsweek.

The page count in U.S. News' monthly issues will increase (as it did when the magazine went bi-weekly) and it's likely that many of the issues will prominently feature a "Best Of" feature. With these changes, the magazine hopes to continue its website improvement and expansion, increasingly moving its content online (you may have noticed that the magazine has already boosted its Health, Business, White House, and Opinion sections).

Two staffers leave Oklahoman's biz desk

Cision reports that two staffers have left The Oklahoman's business desk. They departures include Nancy Darnell, assistant business editor, and Jim Stafford, business reporter.

Darnell served as the assistant business editor since late 2003 and previously served as the assistant city editor for the news desk. Stafford returned to the paper as a business reporter in June 2003 after a three year stint at Oklahoma Christian University. He served as the paper's business editor from 1992 to 1998 and originally started at the paper in 1983 as a copy editor at the sports desk.

Audit Bureau of Circulations may change rules for papers

Circulation numbers are vital for newspapers, because they help determine how much the paper will receive for its ad space.
Exactly how the paper reports those numbers, and what they end up totaling, may change in the near future, according to Editor & Publisher.

In a statement, Merle Davidson, the newly elected chairman of the [Audit Bureau of Circulations] board and director of media services at J.C. Penney, said: "Many newspapers and their advertisers are under increasing economic pressure. The ABC board is finalizing the implementation of a broad set of sweeping rule changes that will help to lower costs, streamline audits, better define circulation categories, and provide greater pricing and marketing flexibility for publishers."

Among other things, the new changes mean that newspapers will no longer be required to differentiate between how many copies they sold for at least 50 percent of the basic price, and how many copies were sold for less.

Click here to read more.

Seattle Times announces another round of staff cuts

The Seattle Times Co. reports it will cut its staff by 10 percent. About 130 to 150 staff positions will be eliminated. The cuts will be a combination of buyouts and layoffs. Similar cutbacks were announced seven months ago. 

According to Publisher Frank Blethen and President Carolyn Kelly, the cutbacks are due to "industry changes and the worldwide financial crisis." They added, "the company needs to adjust to structural changes that have reduced advertising revenue in all media." 

For more click here. 

Gannett's CEO takes a pay cut

According to Gannett Blog, Gannett Co.'s CEO, Craig Dubow, has voluntarily taken a 17 percent pay cut. The 17 percent cut is approximately $200,000 of his $1.2 million annual salary. The move is said to be a reaction to the mass layoffs taking place at the company this year. 

For more click here. 

Newspaper sites try to attract local advertising

In an attempt to expand online revenue, many newspapers are trying to attract more advertising from local businesses, according to The New York Times.

Local advertisers are expected to spend almost $12.9 billion online this year, almost five times what they spent in 2004, according to Borrell Associates, a firm that researches local media. But while newspaper sites received 44 percent of local Internet revenue in 2004, that figure dropped to 27 percent this year, according to Borrell.

Some companies, like the E.W. Scripps Company, are trying to get some of that revenue share back by putting a renewed focus on local ads and changing how online advertising works.
Rusty Coats, vice president of interactive for E.W. Scripps' newspaper division, says that he expects Scripps web sites to sell enough advertising to support their papers by 2012.
With print revenues declining at most papers around the country, and online revenues slowing in their growth, such an accomplishment would provide a welcome model for the newspaper industry.

Click here to read more.

Online news outlets expect traffic surge

According to the New York Times, Yahoo! News is preparing for an unprecedented amount of traffic on and after election night.

The site had 80 million page views on election day in 2004 and 142 million the day after, when John Kerry conceded to George W. Bush. “We expect to do twice and perhaps three times as much traffic in 2008,” [Vice President for Programming and Development Neeraj] Khemlani said.

By comparison, The New York Times website drew 20 million visitors in all of September. The Times, however, has high expectations of its own, according to Reuters:

As does CNN, the New York Times expects to have record traffic on election day, said Jim Roberts, associate managing editor at the paper, who added that the site has come a long way since the 2004 U.S. presidential election.
"Our imagination is bigger and our tool box is much bigger," Roberts said.

Newspaper sites like The NY Times would love to draw as much traffic as possible away from aggregators like Yahoo! News, which present obstacles to newspaper's ability to earn money from the content they create.

For more, read the New York Times article and the Reuters article.

TV stations expecting, hoping for massive audiences

According to the Los Angeles Times, TV news stations are expecting enormous viewing audiences for tomorrow's election coverage. Stations are doing everything they can to attract as many viewers as possible:

CNN will use hologram technology to beam three-dimensional images of its field correspondents onto its Election Center set. NBC News will project a U.S. map on the Rockefeller Plaza ice skating rink, where the states will turn blue and red as the votes come in. ABC News will put the results up on three massive screens in Times Square.
Anticipating massive viewer interest, the broadcast and cable television networks are pulling out all the stops for Tuesday's election, seeking to outdo one another with technological wizardry and scores of political analysts.

According to the article, this election season is notable because of a rise in viewers of cable news networks as opposed to the more traditional broadcast networks like NBC, CBS, and ABC. Some cable stations saw "triple digit ratings spikes."
NBC, however, enjoyed the largest number of viewers during the political campaigns. In the continuously-competitive world of television news, stations stand to make or lose a lot of money based on their ratings Tuesday.

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BusinessWeek TV will be cancelled

BusinessWeek TV, a half hour program on local stations around the country, will be cancelled at the end of this year, according to Mediabistro's TVNewser.
The report includes an internal memo sent by BusinessWeek president Keith Fox. Here's a portion of Fox's comments:

"As we compete for both readers and ad revenue it is critical that we focus on our core assets that best serve and reach global business professionals. As a result, we have decided to concentrate on developing digital video content and will exit BusinessWeek TV at the end of the year. We believe this is the best approach to fulfill the needs of our highly-engaged, global audience."

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$1 million to put documents online

This year's Knight News Challenge has prompted ProPublica and The New York Times to pitch a $1 million project that would launch an online repository of primary-source documents to enhance greater information sharing among news organizations and their audience, according to the Neiman Foundation.
From the report:

The project, which is called DocumentCloud, would let news organizations upload their materials for public consumption and analysis. (”Readers will also be able to quickly search, annotate and bookmark documents — and for the first time link directly to specific pages or passages.”) The proposal relies on a piece of software called DocViewer, which was developed by the Times’ Interactive Newsroom Technologies team.

A discussion: The Future of Journalism

In the wake of the announcement that it will produce a daily online publication, The Christian Science Monitor will hold an interactive conversation about "The Future of Journalism," according to reports from MarketWatch.
The report says the conversation on Nov. 6 among media experts, readers and journalism students will try to determine how excellence in journalism can be expanded in the digital age. Participants will include thought leaders from the Massachusetts Institute of Technology (MIT), the Project for Excellence in Journalism (PEJ), Columbia University, as well as journalism students from top journalism schools from across the country.
The Monitor has become the first news organization of its reach and reputation to treat its Web site as its primary publishing format.
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