Outsourcing NYT biz section?

On "Blogging Stocks," Douglass McIntyre writes that maybe The New York Times should consider outsourcing coverage for its business section to save some cash.
He says, "one of the sections of The New York Times that must be costly to run is its business section. Looking at all the bylines, the staff must be in the dozens. But, a great deal of what runs in the business pages is not unique. Most of its is covered by Reuters, Bloomberg, Financial Times, or The Wall Street Journal. "
McIntyre suggests the Times could make a deal with Bloomberg or the Financial Times to handle its business coverage.
To read the full post click here.

Top 2008 biz journalism events

On his business journalism news blog, Chris Roush has compiled his own top ten list for 2008.
Roush lists the top business journalism events of the year, which include the cutting of newspaper's standalone business sections, the continued strength of The Wall Street Journal and major business journalists crossing over.
To read his full list click here.

Richmond editor retires

News Editor Andrew C. Taylor III retired recently after three decades in the newspaper business, the last 12-plus years at The Richmond Times-Dispatch.
According to reports from the paper, Taylor joined The Richmond News Leader as business editor in 1989 and became business editor of The Times-Dispatch in 1994, editing a section that was named among the best in the nation by the Society of Business Editors and Writers.
He was named metro editor in 1996 where he oversaw coverage that included the hammering Virginia got from Hurricane Isabel in 2003, the Harvey and Tucker/ Baskerville murders in January 2006 and last year's Virginia Tech massacre, the worst mass shooting in U.S. history.
For the full story click here.

Sirius XM drops FBN channel

TV Newser reports that on Saturday Sirius XM has dropped the Fox Business News channel.
The satellite radio provider still has other business news from CNBC and Bloomberg on designated stations.
The report says the station may have been dropped "due to the Sirius-XM merger and the lack of channel space."
For more click here.

Colorado's top biz stories

Colorado's the Daily Camera published its list of the top 2008 business stories.
Making the cut -- the recession, the gas price roller coaster ride and the struggles of footwear maker Crocs Inc.
To check out the list click here.

Part of the story

Ketzel Levine, a senior correspondent for NPR, was working on a series about how Americans were handling economic pressure when she found herself suddenly part of the story.
The New York Times reports that Levine was midway through her reporting earlier this year when she learned she was part of a 64-employee cut at NPR.
The story says that, "Ms.Levine, who has worked at NPR since 1977, said she decided the final episode, and her final piece for NPR, should be about her own situation."
To read the full story click here.

Missouri Paper Cuts Sunday Business

Editor and Publisher reports that The St. Joseph (Mo.) News-Press has lost its Sunday business section. The final edition of the weekend section was published December 28. The content from the cut section will now be folded into the daily business section. Business Editor Susan Mires wrote, in her weekly column, "It's a good business plan. But it still kind of hurts. Especially difficult is the end of the agriculture page, which I started several years ago."
Read more here.

Ocala Business Journal Goes Square

The Ocala Business Journal in Florida is moving to a new paper, of a different size, and will now only print once a month rather than every four weeks.
Editor Richard Anguiano made the announcement Monday. He wrote that the new look is slightly wider and a bit shorter, but he assured readers that no content has been cut.
Anguiano explains the changes: “If you're doing business in late 2008, or if you have been following the ongoing saga involving the news profession over the past decade, you have a good idea why already:
It's a cost-cutting move.”
Read more here.

Baltimore Sun Editor heading to IU

Baltimore Sun Editor and Senior Vice President Tim Franklin will join Indiana University's School of Journalism in January.
Franklin will be the Louis A. Weil Jr. Endowed Chair and will direct a new sports journalism program.
From the release:
"He has distinguished himself in a variety of roles at some of the best news organizations in the country, and I'm confident he will make a very good mark when he returns to Ernie Pyle Hall," said Paul Tash, editor of the St. Petersburg Times and chairman and CEO of the Times Publishing Company.

Brady exits Washingtonpost.com

Jim Brady, executive editor of the Washington Post's Web site, is leaving the paper, according to reports from The Wall Street Journal.
From the story:

Mr. Brady has run Washingtonpost.com since 2004 and built it into one of the most popular and lauded newspaper Web sites. But Mr. Brady says he saw his role diminishing under a new management team that plans to merge the print and online newsrooms. "I think it's something we need to do," Mr. Brady said in an interview. "It just limits the options as someone who comes in as a pure digital guy."

Wastler: tips hat to AP for bank coverage

Allen Wastler, the managing editor of CNBC.com, writes that sometimes reporters get too close to public relations executives that work for the companies they cover.
And that's why he's so impressed with a recent Associated Press story that details, "the refusal by the nation's leading banks to detail what they are doing with all the taxpayer money they've received."
A public relations executive for the bank tried to get the AP reporter not to report that the bank was offering no comment. That didn't work.
To read more click here.

Sun and Post to share content

CNN Money reports that The Washington Post Co. has entered a partnership with The Baltimore Sun to share content beginning Jan. 1.
The story says the agreement will be primarily focused on daily news coverage of Maryland and sports, and the papers will begin using each other's national, international and feature stories contributed to the Los Angeles Times-Washington Post News Service.

"For example, instead of sending its own reporter to write about a Washington Redskins football game, (Baltimore Sun Editor Timothy) Franklin said the Baltimore Sun will publish the Washington Post's game coverage. In other areas where the two papers compete head-to-head - Maryland state politics, University of Maryland sports and exclusive stories - each newspaper will continue news coverage on its own. Franklin also said his paper will continue to cover important news events, even if their coverage overlaps with the Post's."

WSJ.com enhances tech coverage

The Wall Street Journal Online today announced the revamp of its Technology section, upgrades that will include several new columns and blogs.
A new Digits blog will cover all aspects of technology and Walt Mossberg's Personal Technology column is the centerpiece of a new section called Personal Technology.
For all the changes, read more here.

Geewax named biz editor at NPR

Marilyn Geewax is leaving Cox Newspapers to join National Public Radio’s National Desk as the new Senior Business Editor, according to a release from Harvard's Nieman Foundation.
Geewax was previously a national economics correspondent for Cox Newspapers’ Washington Bureau.
Before coming to Washington in 1999, she worked for the Cox flagship paper, the Atlanta Journal-Constitution, first as a business reporter and then as a columnist and editorial board member.
For more on Geewax click here.

CNBC's Dunn promoted to DME

TVNewser reports that Nick Dunn was named CNBC's Deputy Managing Editor of Business News, a newly created position.
In this new role, he will help coordinate and manage news coverage including story development, reporter assignments and specials planning.

The Seattle Times: days off with no pay

The Associated Press reports that The Seattle Times has asked 500 managers and nonunion workers to take a week off without pay in the face of mounting financial troubles at the newspaper.
The Times has already cut nearly 500 positions in the past year, leaving it with about 1,410 full and part-time employees. Executives have warned that more job cuts could be coming next year.
For the full story click here.

Fighting to save The Rocky

The Rocky Mountain News, a Scripps publication, had $11 million in losses in nine months this year. The paper was put up for sale and employees knew that without a buyer their paper could shut down.
The New York Times reports that the staff decided to do something to help control the paper's fate. They had a meeting and then launched a site, iwantmyrocky.com, so that readers could voice their support for the paper and employees could publicly make the case for its survival.

The group of about 30 met for two hours trying to figure out how they could save one of Colorado’s oldest businesses, which has been churning out news here since before the Civil War. “The overall attitude at the meeting was that they weren’t going to sit around and do nothing,” said David Milstead, the paper’s finance editor.

FT: new roles for Morrow, Swann

Doug Morrow, who previously served as The Financial Times' Global Production and Distribution Director, will step into the role of Global Operations Director of Newspapers.
The switch puts Mhairi Swann, who was previously in charge of operations and production of Business publications, in the position of Global Operations Director of Magazines.
From the release: “As the Financial Times continues to increase its reach and influence around the world, these two veterans will play integral roles in helping to build and better-serve our loyal readership. Their vast industry expertise will deliver immediate results and ensure the FT’s continued market leadership," said Global Circulation Director Greg Zorthian.

Trib to print WSJ & Barrons

The Chicago Tribune reports that the they have a new deal with Dow Jones to print daily and weekend editions of The Wall Street Journal and the weekly Barron's in the Midwest.
In a statement included in the story Becky Brubaker, Tribune senior vice president of manufacturing and distribution, said "We're thrilled to be growing our business relationship with Dow Jones."
For more click here.

Sloan: King of print

Jon Friedman of MarketWatch lists his choices for the "best journalists of the year" in print, broadcast and online.
For "King of Print," Friedman chose business journalist Allan Sloan, a senior editor at large for Fortune.
The financial crisis, he says, brought out the best of Sloan
Friedman notes that Sloan stands out "because his pieces always include all of the finest qualities of journalism -- in any age -- analysis, clarity, curiosity, depth, empathy and a point of view."
From the story :

Journalists everywhere should note that Sloan doesn't get his points across with fancy writing. If anything, he reflects Main Street more than Wall Street in his simple, straight-forward imagery: "Hello? Eight years of dead money in the broad stock market? How can that be, given that Ibbotson Associates says the S&P has returned an average of 10.3% a year, compounded, since 1926? Think of it as a six-foot man drowning in a pond with an average water level of six inches -- if you step in at the wrong place, the water can be eight feet deep."

Sloan reminds me of a veteran baseball pitcher who gets the batters out by drawing on his ample knowledge and experience, not because he has the best fastball in the
league.

Cramer depicted as the Grinch

Jason Linkins of The Huffington Post writes about Fox Business News' Christmas card, which was used as "a platform to make fun of CNBC and Mad Money host Jim Cramer."
The card depicts Cramer as the Grinch Who Stole Christmas.
And then a "war of words begun"
Check it out on Linkins blog and also through coverage from TV Newser.

Paulson leaves USA Today

The editor of USA Today is leaving the newspaper, according to reports from the Associated Press.
Ken Paulson, who was named editor in 2004, is leaving his post on Feb. 1 to become president and chief operating officer of the Newseum and the Freedom Forum. A replacement for Paulson has not yet been named.
From the story:

Paulson, who is also an attorney but practiced law only briefly, said he wanted a chance to work daily on First Amendment issues. "A lot of people seem to take these core freedoms for granted, and I feel strongly we need to turn that around," Paulson said in an interview. "It's disturbing that America's free press, which does good and noble work every day, is held in such low regard by the American public."

Many publications for sale; few buyers

A story in the Financial Times says that about 30 US newspapers are currently up for sale, many at rock bottom prices, but buyers for these publications are hard to find.
For grabs is the 149-year-old Rocky Mountain News and the San Diego Union Tribune, but few buyers have emerged.
The trend may continue for some time.
From the story:

Meanwhile, advertising revenues at newspapers are expected to continue their double-digit declines, now expected to fall 17 per cent and 7.5 per cent in 2009 and 2010, according to Barclays Capital. Topping the list of most high-profile candidates under review is The New York Times’ Boston Globe, which just two years ago was valued at $650m by a consortium of buyers led by Jack Welch, former General Electric chief executive, and included former advertising executive Jack Connors.MrWelch’s original offer was rebuffed by Arthur Sulzberger, Jr, chairman and publisher of the Times, who vowed to keep the company intact at the time and the flagship title under the family’s control.

Biz reporter warned investors about Madoff in a 2001 article

Business reporter Erin  Arvedlund wrote a piece for Portfolio in which she recalls her investigation into Madoff  while covering the asset management business at Barron's. The piece, "Don't Ask, Don't Tell," ran on May 7, 2001. 

Arvedlund recounts the various oddities she discovered about Madoff and his business practices. 

From the story: 

It was one of these option traders who brought up Madoff. A strategist at a major investment bank and trading firm, he insisted we talk in person. On an April morning in his company's cafeteria, he told me he'd been asked to run some figures on behalf of a client who was thinking of investing with Madoff. "The numbers don't make sense," he said. "I've been replicating this strategy six ways to Sunday and I can't make the returns come out right." 

Arvedlund set out on a quest to find somebody who could explain this anomaly. However, despite her efforts, no one could replicate the results or even "come up with the source of Madoff's returns" because options were not yielding such high profits in 2001. 

The article ultimately questioned why Madoff didn't charge the typical hedge fund fees and why he asked investors to never reveal that they had money invested with his firm. 

Once published, Arvedlund's article did not receive much attention. In fact, "there was nothing, silence." While rumors ran rampant about Madoff, "he remained a hot commodity in the hedge fund world" and was placed in the same category as Julian Robertson and George Soros. 

For more click here. 

Losses in Madoff scheme

Financial Times has an interesting graphic that shows the estimated losses incurred by investors in the Madoff case. According to the graphic, the biggest institutional victims include Fairfield Greenwich, Santander and Tremont Capital Management. The graphic also shows approximately $25 billion of the money lost by Madoff's venture is unaccounted for. 

For more click here. 

Madoff's beneficiaries

Not everyone connected with Bernard Madoff, the man who confessed to fraud on the order of an estimated $50 billion, lost money.
Keith Epstein of BusinessWeek's Election 2008 blog writes today that several politicians and lobbyists benefited from Madoff's fortunes.

Since 1991, Bernard L. Madoff Investment Securities spent $372,100 in campaign contributions – mostly to Democrats – and $590,000 in lobbying – mostly to the firm of Arlington, Va.-based Lent, Scrivner & Roth, which has represented oil, telecom and pharmaceutical companies. Among issues lobbied on Madoff’s behalf, according to lobbying records: money from Interior, National Park Service, and housing appropriations for a “tenement museum” on the lower east side of New York City.

He also says a lobbying firm called Dow Lohnes Government Strategies lobbied on Madoff's behalf for the passage of the TARP bailout program.
In addition, he writes that records show the political beneficiaries of some of Madoff's donations include Hillary Clinton, Charles E. Schumer, and Charles Rangel.

Click here to read more.

Big changes at Detroit dailies

After more than a week of rumor and speculation, it's now official: the Detroit Free Press and The Detroit News are instituting fundamental changes to the way they deliver news, according to a series of articles on the Detroit Free Press website.

Detroit Media Partnership CEO Dave Hunke, publisher of the Free Press, said that starting in spring 2009, both the Free Press and the Detroit News — also operated by the partnership — would deliver to homes only on Thursdays, Fridays and Sundays, the heaviest days for advertising and the most popular papers for readers. But the newspapers will remain available seven days a week at stores, newsstands and coin boxes across Michigan.

The move will allow the papers to focus more on the digital delivery of their respective content.
The papers each hope to improve their online content delivery and attract more readers to their websites as they transition away from the print-and-paper business model.

To read more, click here.

Madoff coverage questioned

Matthew Goldstein of BusinessWeek's Investing Insight blog put up a post today questioning the media coverage of the Madoff fraud case.
He wonders why the issue is getting such immense coverage by the media, especially compared to similar schemes that have come to light recently.

But as a reporter who recognizes just how big a scandal this is, I still marvel at the level of coverage the Madoff affair has gotten. I think it’s fair to ask how much of the wall-to-wall coverage is driven by the fact that some of Madoff’s main investors were the rich and famous. Or is the coverage driven in part by the fact that the scandal originated in New York, where so much of the business press is located.

He compares the Madoff scheme to a similar scheme uncovered in the midwest earlier this year which, while smaller in terms of damage, received very little national coverage.

Click here to read more.

Huffington Post follows those affected by Madoff scheme

The Huffington Post today followed the trail of many of the victims in the Madoff fraud case. The range of those affected is large:

The Bernie Madoff ponzi scheme is hitting both individual investors like Senator Frank Lautenberg, owners of the NY Mets and the Philadelphia Eagles as well as major markets throughout the world. Even one of Steven Spielberg's charities has been exposed to the Madoff scandal.

The article also lists one of Nobel laureate Elie Wiesel's charities, politicians, world financial markets, and England's HSBC as others affected by the scam.

To read more, click here.

Madoff scandal coverage highlights

Here are the latest coverage highlights of the Madoff Ponzi scheme: 

• The Wall Street Journal offers an extensive look into the fallout with stories highlighting the victims of the scheme and how the scandal may impact European banks and Hedge Fund indices. WSJ bloggers are all over the story, offering important lessons that may be learned from the scandal, why this may actually be a "good thing" and the new questions that should be raised about the effectiveness of the SEC.
• MarketWatch is keeping an eye on how the scandal is affecting financial markets. Despite the string of bad news in recent weeks, the markets remained "resilient" Monday as the Dow Jones Industrial Average ended the day down about 65 points. 
• CNBC looks deeper into the growing list of high-profile investors affected by the scheme. Big banks, hedge funds and celebrities have allegedly been hurt the most. Former chairman of the SEC, Harvey Pitt, said "There were a lot of very sophisticated people who were duped." 
• Bloomberg is investigating the story further, and has found that Madoff may have also ran "an unregistered money-management business alongside his firm's brokerage and investment-advisory subsidiaries." Investigators are also wondering why Madoff's wife's name appeared on several documents. Thus far, Ruth Madoff has not been accused of any crimes related to this matter.  

The potential "largest Ponzi scheme in history"

The New York Times reports 70-year-old Bernard L. Madoff may have pulled off the "largest Ponzi scheme in history" with losses estimated at $50 billion. According to sources, the list of "prominent fraud victims" is long. The victims may include owners of the New York Mets, chairman of GMAC and the former owner of the Philadelphia Eagles. Madoff remains the only one to be arrested in the scandal so far. 

NYT takes readers inside the 17th floor "epicenter" of Madoff's once "busy stock trading operation" housed in the Lipstick Building, a 34 story red granite building on Third Avenue in Midtown Manhattan. Today, following Madoff's downfall, the Times describes the 17th floor as "an occupied zone" where "investigators and forensic auditors try to piece together what Mr. Madoff did with the billions entrusted to him by individuals, banks and hedge funds around the world." 

But what exactly is a "Ponzi scheme?" NYT's "Deal Book" has that covered as well and describes, in great detail, the "time-honored swindling technique." 

It's called a "Ponzi scheme," a term that refers to Charles Ponzi, who was arrested in 1920 for conning investors through his Old Colony Foreign Exchange Company. In a Ponzi scheme, potential investors are wooed with promises of unusually large returns, usually attributed to the investment manager's savvy, skill or some other secret sauce. And the returns generally get paid, at least for a time, but out of the new investors' principal, not from profits. This can continue as long as new investors line up with cash, and old investors don't try to withdraw too much of their money at once.

The U.S. Securities and Exchange Commission has a simple definition of a Ponzi scheme: "rob-Peter-to-pay-Paul." Moreover, "money from new investors is used to pay off earlier investors until the whole scheme collapses." It's an illegal pyramid scheme. 

Changes to Star-Bulletin's biz section

As part of a content reorganization for the paper, the Honolulu Star-Bulletin is cutting its daily business section.
The section will become part of the Hawaii section and there will be one page of stock and mutual fund prices, instead of two.
But the paper does plan to amp up coverage in its Sunday business section, adding two pages of additional coverage.
For more click here.

Bogdanich interacts with readers

Walt Bogdanich, an investigations editor at The New York Times, will be answering readers questions this week in the paper's interactive series, "Talk to the Newsroom."
Bogdanich won the 2008 Pulitzer Prize for Investigative Reporting for his series "A Toxic Pipeline, which tracked how dangerous and poisonous pharmaceutical ingredients from China have flowed into the global market.
The series was also awarded first place in the 2007 Reynold Center's Barlett & Steele Awards for Investigative Business Reporting.
To learn more click here.

After the business beat

Poynter's Steve Myers has a story today that details the transformation of Scott Barancik, a business reporter who was laid off from the St. Petersburg Times and has now reinvented himself.
Baranick has recently begun building a business researching court cases for media clients.
From the story:

Rather than write a story, however, Barancik puts together a summary of key points and contacts, takes photographs of court documents and posts it all to his password-protected Web site, BayLawsuits.com. Perhaps once a week, maybe more, he sees a local television or newspaper story based on his research."All I did was take something I already knew how to do and tried to monetize it," he said. "I still don't know if it's going to work or if it's going to be a real living."

Detroit papers make home delivery cuts

The New York Times reports that the Detroit Free Press and The Detroit News will be one the first major daily newspaper to cut back on print editions.
The publications are planning to stop home delivery on most days of the week, delivering to subscribers on Sunday and either Thursday or Friday or both. On other days, they will still print slimmer single-copy editions.
The changes will be accompanied by staff cuts.
An announcement on the new business model will be made tomorrow.
For the full story click here.

WSJ to boost online offerings

The Wall Street Journal is looking to boost its online offerings and find new ways to charge readers for them by incorporating better customization and search options, according to reports from The Associated Press.
From the story: "The real challenge for us will be to understand the potential," said Robert Thomson, the Journal's editor. "For us, one of the most important tests will be in how we allow readers anywhere in the world to customize our content to suit their needs and frankly, how we charge them for that."
For the full story click here.

Blagojevich's Tribune insider named

The Chicago Tribune is reporting that it has discovered the identity of the Tribune Co. employee who was allegedly asked by Gov. Rod Blagojevich and Chief of Staff John Harris to pressure the paper into firing members of its editorial board.
The man is Nils Larsen, an executive vice president at Tribune Co. who is described as Tribune Co. owner Sam Zell's "point man" in trying to sell the Chicago Cubs to the city.

Blagojevich, upset with editorials that were critical of his actions, allegedly hatched a plan to get editorial writers fired. In November, Blagojevich and Harris reached out to Larsen, identified in court records as "Tribune Financial Adviser."
According to the criminal complaint, Blagojevich instructed Harris to tell Larsen changes needed to be made to the editorial board or the governor would block money for Wrigley Field renovations.

The article reports that the one editorial writer who was named specifically by Blagojevich was not fired, and still works for the paper. No other writers were fired, either.
It is not yet known how much pressure, if any, Larsen applied in an effort to remove the writers from the editorial board.

To read more, click here.

J-School receives $2 million grant from Reynolds Foundation

Editor & Publisher reports the Donald W. Reynolds Foundation has awarded a $2 million grant to the University of Missouri School of Journalism "to establish a new endowed chair in business journalism." Donald W. Reynolds earned his bachelor's degree from the university in 1927. 

"The new chair will allow for the expansion of business journalism course offerings at the undergraduate, mater's and doctoral levels," the announcement states. "It will also provide for the development of course offering for working professionals through Missouri's online master's programs."

The chosen candidate will take over in fall 2009. 

For more click here. 

Newsweek to lay off staff, cut circulation

The Wall Street Journal reports Newsweek will offer voluntary buyouts to roughly 111 employees this spring. However, vice president at Newsweek parent Washington Post Co. Ann McDaniel said these buyouts will not be nearly as "generous" as the ones previously offered. The magazine is also planning a major "overhaul" that will "subtract anywhere from 500,000 to one million copies from its current guarantee of 2.6 million."

From the story:

A circulation cut would align with changes to the look and feel of the magazine and its Web site that the company says it will unveil in February. Newsweek is expected to introduce a more contemporary look to the magazine, featuring more photos and opinion, and devote more resources to distributing its content on the Web and through other digital platforms.

Despite rumors, McDaniel says "Newsweek isn't going all-digital or becoming a biweekly." 

For more click here. 

Rumors persist about Detroit dailies' futures

Rumors continue to swirl about the futures of the Detroit Free Press and The Detroit News.
Several variations seem to be circulating, but most involve plans for the papers to cease daily publication and only publish on Thursdays, Fridays, and Sundays, according to Editor & Publisher.
E&P says Detroit Media Partnership CEO David Hunke addressed the rumors on Thursday:

Here is what Hunke wrote: "In the past 24 hours you have no doubt heard a lot of rumors and several news reports about significant changes at the Detroit Free Press and The Detroit News. Clearly, over the past months we have been exploring various scenarios to reposition the companies for growth and to ensure two strong newspaper voices in the community. We plan to share details early next week with you, as well as with readers, advertisers, unions and the community. In the meantime, let's continue to focus on doing the best job we can and on building the strongest relationships we can among ourselves and with our customers."

They note that Hunke did not deny the rumors. Mark Fitzgerald of E&P's Fitz & Jen blog says these rumors originally began circulating in Crain's Detroit-Business in August.

For more, click here and here.

Atlanta daily to cut 156 positions

The Atlanta Journal-Constitution announced yesterday that it will eliminate the equivalent of 156 full-time positions, according to BizJournals.com.
The paper will also draw back its circulation. It will no longer deliver to 22 counties that previously received the paper.

“Like many other media companies, the AJC faces unprecedented economic challenges,” Robert W. Eickhoff, AJC senior vice president of operations, said in a news release. “We are committed to making our operations as efficient as possible, and these changes support that goal."

This is the third such cutback at the Journal-Constitution since early last year. The paper's circulation fell nearly 14 percent year-over-year in September.
However, the paper said its combined print and online audience is up 3.4 percent year-over-year in October.

Click here to read more.

Gannett revenue down. More layoffs?

Forbes reports that Gannett Co., the nation's leading newspaper publisher, predicted its full-year sales would fall about 8 percent, a forecast that's largely in line with analyst expectations.
Gracia Martore, the company's chief financial officer, said revenue for 2008 should be about $6.8 billion, down from $7.4 billion last year.
For the full story click here.
Additionally, the Washington Business Journal is also reporting that the reduction in revenue could mean more job cuts for Gannett employees in 2009. The company just completed a massive company-wide staff reduction this December.

NPR to cut staff by 7 percent

Reuters reports that NPR is cutting 7 percent of its workforce and eliminating two shows due to a $23 million budget shortfalls. The story says "Day to Day" and "News & Notes" will be cut and many of the jobs reductions will come from the shows. The Reuters report is based on an internal memo from Dennis Haarsager, NPR's CEO and interim president.
From the memo:

"All our revenue sources are under pressure," wrote Haarsager in the memo. "All industries, including the financial, automotive, and media industries, historically our biggest underwriters, are cutting back significantly."

Forbes.com redesigns key elements

B2B reports that Forbes.com has redesigned its story pages, Video Network, stock quotes and “executive tear sheets.”
From the story:

“We are the world’s leading business site and are working very hard to keep it that way,” said Forbes.com editor Paul Maidment. “These best-of-breed enhancements to Forbes.com should enrich the experience of our discerning user base, while maintaining our leadership position in the marketplace.”

Swartz to lead Hearst

The San Francisco Chronicle reports that Steven Swartz will become the next president of Hearst Newspapers, replacing George Irish who is retiring after a 29-year tenure.
Swartz, 46, has been executive vice president of Hearst Newspapers since 2001. He began his career with the Wall Street Journal in 1984, serving as a reporter in Philadelphia and in New York and as a page-one editor.
In 1991, he was founding editor of SmartMoney Magazine, a joint venture of Hearst and Dow Jones & Co., and he later went on to become the magazine's chief executive.
For the full story click here.

New Murdoch biography is released

Michael Wolff, author of the new biography on Rupert Murdoch, "The Man Who Owns the News: Inside the Secret World of Rupert Murdoch," invited 50 people from News Corp to his book party, but not one showed.
This is according to a report in The New York Observer, which also points out that there was no sighting of Murdoch himself either.
The book was released Dec. 2.
To read more click here.

Reed sale is off

Dow Jones Newswires reports that the sale of Reed's business information unit is off.
The reason: the company couldn't find a high enough bidder.
The company put its information unit up for sale in February. But the story says, "asset prices have fallen since then as buyers worry about a global recession and as tight credit markets have hindered financing for a deal."
For the full story click here.

Who will follow Tribune?

The Associated Press reports that the Tribune Co. it is hardly alone in facing the deadly combination of high debt and declining advertising revenue.
The story says to get a sense of who might be next look at publishers that have put individual papers up for sale or have had trouble meeting their debt contracts. Fact is, most publishers fall into that category with the exception of Gannett and McClatchy.
And the report points out that a few papers have already missed payments, including The Star Tribune and the investor group that owns The Philadelphia Inquirer and the Philadelphia Daily News.
For the full story click here.

Bishop rings closing bell

The Economist's Business Editor Matthew Bishop rang the NASDAQ Stock Market closing bell today.
Bishop just recently launched his new book, "Philanthrocapitalism: How the Rich Can Save the World."

N.Y. Times outlines plans to "weather" 2009

In a media conference in New York, The New York Times Co. CEO Janet Robinson once again asserted that the company is not looking for buyers, according to Editor & Publisher.
Instead, she said the company recognizes that 2009 will be a difficult year, and steps are being taken to cut costs, minimize financial risk, and increase financial flexibility.

Executives at the presentation outlined how they were cutting costs including consolidation in areas like general administration, production, technology, circulation sales, and distribution. The company is trimming its benefits and decreasing the pension for non-union members as well as cutting back on newsprint -- eight of its regional papers are scheduled to shrink.

The company does not expect to raise its ad rates or newsstand/subscription prices. It also predicts that online revenue growth will slow in the coming quarters.

Click here to read more.

Tribune Co. bankruptcy hearings begin

The initial hearing in the Tribune Co. bankruptcy case took place on Wednesday, according to the Los Angeles Times. This marks the first stage of the company's Chapter 11 reorganization.

Tribune, which also owns 23 television stations and the Chicago Cubs baseball team, is the first major newspaper publisher to file for bankruptcy protection since the Internet plunged the industry into a struggle for survival.
[Attorney James] Conlan told the judge that with the exception of two stock pledges, the Tribune operating companies have no secured debt, which leaves the company in "a strikingly good position" to reorganize intelligently.

Conlan also said the biggest reason the company was forced to file for Chapter 11 protection was the enormous decline in advertising the industry has experienced over the past several quarters.

To read more, click here.

Pulitzers expand to include online only

The Pulitzer Prizes in journalism have been expanded to include many text-based newspapers and news organizations that publish only on the Internet. The Pulitzer Board also has decided to allow entries made up entirely of online content to be submitted in all 14 Pulitzer journalism categories.
"This is an important step forward, reflecting our continued commitment to American newspapers as well as our willingness to adapt to the remarkable growth of online journalism," said Sig Gissler, administrator of the Prizes. "The new rules enlarge the Pulitzer tent and recognize more fully the role of the Web, while underscoring the enduring value of words and of serious reporting.”
To read the full release click here.

Post launches "On Leadership"

Washingtonpost.com has launched "On Leadership," a new feature on the site that's meant to "serve as an open and lively forum for an discussion of what makes for great leadership."
Hosting the site is Ben Bradlee, the vice-president and former executive editor of The Washington Post and Steve Pearlstein, the newspaper's Pulitzer Prize-winning business and economics columnist.
The feature includes videos, commentary and interactive forums.
From the site, "The world is also full of successful leaders who have developed their own sense of what works and what doesn't. Our aim is to tap into that knowledge, understanding and experience and apply it, in real time, to an online conversation about real world developments."
To check it out click here.
And here's a story from MarketWatch about the feature.

Top PR Blunders

Fineman PR has released this year's "Top 10 PR Blunders List," a list that's meant to serve as a reminder that public relations is critical to businesses and organizations.
Making the list is AIG, a company that spent nearly half a million dollars on a lavish executive retreat just days after receiving a $85 billion federal bailout and the Big Three Detroit automakers who flew to Washington in separate corporate jets to ask Congress for $25 billion ... without a turnaround plan.
For more click here.

What does bankruptcy filing mean for Tribune employees?

Editor & Publisher talks to experts about what may be in store for Tribune Company employees. While CEO Samuel Zell assured employees "it's business as usual" in a memo Monday, experts are refraining from painting such a rosy picture. 

Former Merrill Lynch stock analyst Lauren Rich Fine agrees that "companies operate under Chapter 11 often." However, she stresses "its not usual for companies to come back out again."

The problem appears to be rooted in the current financial environment  where many newspaper companies find themselves "on the brink." According to San Francisco-based consultant Alan Mutter, "The outlook is not great for newspaper advertising... as bad as everybody thought it was going to be, it's actually worse." This puts the industry in a very difficult situation. 

While more layoffs may be on the horizon before the end of the year, Zell says employee 401(k) plans "are unaffected by the filing." Existing benefits in pension plans are also said to be safe. 

For more click here. 

It's official: Tribune Co. files for bankruptcy

The New York Times reports the Tribune Company has filed for bankruptcy protection in federal court. The company has struggled to "cope with rising debt and falling ad revenue" in recent years. NYT's "Deal Book" calls the filing the "biggest sign of duress for the newspaper industry yet." 

From the story:

In a court filing, Tribune said it had nearly $13 billion in debt, compared to $7.6 billion in assets. Most of that debt was taken on when Mr. [Samuel] Zell acquired the company- a deal he struck using mostly borrowed money. All of the now privately help company's equity is owned by an employee stock-ownership plan, which is likely to get wiped out. 

For now, Tribune officials said they have enough cash "to keep operating as usual." One of its existing creditors, Barclays, has agreed to help the company maintain regular operations during the bankruptcy proceedings. Top creditors listed in the filing include JPMorgan Chase, Merrill Lynch and Deutsche Bank. 

Tribune has retained Alvarez & Marsal, the current advisers to Lehman Brothers, as consultants.

For more click here. 

More changes for Denver Post biz desk

Kimberly Johnson, a business reporter for The Denver Post, is leaving the paper to cover the automotive industry for The Associated Press, according the Denver Public Relations Blog.
In February, the paper eliminated its standalone business section due to lack of advertising support.

CBS News partners with BusinessWeek

The Associated Press reports that CBS News and BusinessWeek plan to collaborate on stories and segments to be broadcast on CBS Evening News with Katie Couric and appear in the magazine as well as on the companies' Web sites.
CBS News, a unit of CBS Corp., and the business magazine said Friday the special reports will be cross-promoted using online links, on-air acknowledgments and ads in BusinessWeek.
For more click here.

Tribune may file for bankruptcy this week

The Tribune Co., which owns eight major daily newspapers, may file bankruptcy as early as this week, according to reports in The Wall Street Journal.
From the story:

Tribune has been on wobbly footing since last December, when real-estate mogul Samuel Zell led a debt-backed deal to take the company private. Tribune has stayed ahead of its $12 billion in borrowings with the help of asset sales. Now, however, shrinking profits are tightening the noose. The company's cash flow may not be enough to cover nearly $1 billion in interest payments due this year, and Tribune owes a $512 million debt payment in June.

Restrictions on biz reporting?

The UK's Press Gazette is reporting that the Treasury Committee has announced it is conducting an investigation into the banking crisis and said it will be examining "the role of the media in financial stability and whether journalists should operate under any form of reporting restrictions during banking crises."
Media bodies including the Periodical Publishers Association and the Newspaper Society are currently preparing evidence to submit to the inquiry.
Daily Mail City editor Alex Brummer and BBC business editor Robert Peston have both said that any legal restrictions on financial reporting would be harmful.
Brummer told the Press Gazette: "I think in this particular crisis the journalists have done the public a huge service. If they’d have had to rely on official sources for their information they’d have got duff information. Responsible financial journalism is a very important part of reporting a financial crisis, and journalists are being responsible."
For the full story click here.

Downie to join ASU faculty

The former longtime executive editor of The Washington Post, Leonard Downie Jr., is joining the faculty of the Walter Cronkite School of Journalism and Mass Communication at Arizona State University.
Downie, who led his newspaper to more Pulitzer Prizes than any editor in American journalism history, will be the Weil Family Professor of Journalism at the Cronkite School and will hold the faculty rank of professor of practice.
He will begin his post in August at the school’s new downtown Phoenix campus, teaching courses and working with advanced students at the Carnegie-Knight News21 Journalism Initiative, Cronkite News Service, the Knight Center for Digital Media Entrepreneurship and other new school programs.
“I am honored and excited about the opportunity to join Dean Christopher Callahan and the outstanding journalists and educators he has assembled at the Cronkite School,” Downie said. “I look forward to working with them to prepare tomorrow’s professional journalists at a time of extraordinary change and challenge in the news media. I hope to play a role in ensuring that enterprising and ethical journalism that holds the powerful accountable will survive and prosper in the new media age. As a state university graduate who owes much to public education, I am also pleased to help carry on that mission for a new generation of students at ASU.”
For more click here.

Job cuts at Newsday

Newsday announced it will eliminate 100 jobs, or 5 percent of its work force. The publication also plans to raise newsstand prices for the weekday and Sunday editions. The moves are the result of deteriorating economic conditions.  

The cuts will include an "undetermined number" of photographers, reporters and researchers and three sports columnists in the Albany bureau. Employees who stay should expect a slight change in roles. 

According to sources, "most of the affected workers would be offered a buyout package and have two weeks or so to decide whether to accept it." Newsday hopes to have completed the cuts by the end of 2008.  

Budget reductions have also impacted freelance work, travel, entertainment and supplies. 

For more click here. 

Dow Jones to close plant

Editor & Publisher reports Dow Jones announced it plans to close its Orlando, Fla. plant by next year and transfer the printing of The Wall Street Journal and Barron's "to an unidentified contract printer in central Florida." According to Operations Vice President Larry Hoffman, Dow Jones is moving the printing operation to a contract printer "to take advantage of spare press capacity in the central Florida area." 

Hoffman [said] the Orlando operation has always been well run and "consistently scored high in print quality." The plant was the first in the company to transmit full pages by sattelite. It also was the site of Dow Jones's first electronic pagination system - one of the industry's earliest such efforts.

The move is expected to happen just after Jan 1. 

For more click here. 

"Bailout application leaked"

Vanity Fair has found the "uber-top secret Federal Bailout application." It's called "EZ-CASH." Actually, its a creative and fun form of commentary on the government's bailout.
From the story:

If you’re like most of us on this first day of December 2008, you’re probably looking at your bills and your gift lists and the endless list of people you have to tip this month, thinking, "Hmmmm, I could use some of that federal bail out money just about now." But how do you get your hands on some of those billions? How do you apply?

Vanity Fair urges readers to click on the link, fill out the form and send it in. Soon, "you too can be rolling in cash again."
To see the form click here.

WSJ tries new ways to attract advertisers

"Advertising Age" reports The Wall Street Journal is running a cover wrap Thursday for the first time in the newspaper's history. The move is part of an ongoing effort to attract new ad revenue. The wrap features a Dell ad that covers one-third of the front page and the entire back-side. While wraps are a common practice for the New York Post and Daily News tabloids, WSJ "has traditionally declined to obscure its front page with overlaid ads."

Michael Rooney, chief revenue officer at Journal parent Dow Jones, said the move was part of an ongoing series of recent changes, and not just since Rupert Murdoch's News Corp. bought the company. "We launched the Weekend Edition, we launched Personal Journal," he said. "There's lots that has happened over the last five years."

For more click here.

CNBC's Rebecca Jarvis talks about covering her first financial meltown

New York Daily News has a story on how CNBC's 27-year-old reporter and co-anchor Rebecca Jarvis is handling her first financial meltdown. She says, " I take it very seriously, knowing that things we talk about can have an impact on every single person who turns on CNBC." She also notes the chaotic nature of the current situation: "There's been a new [financial term] every single day." She says the key to successful coverage is "being on an even keel and understanding the impact of what a small change can have."
Jarvis was once a financial journalist in Chicago but is probably best known for being a contestant on "The Apprentice." Jarvis was the runner-up on Season 4. She joined CNBC in 2006.
Jarvis says that despite the financial mess and her action-packed schedule, she loves her job:"It's such a great feeling to wake up in the morning and do this job, and actually want to do this job."
For more click here.

CNBC long form unit VP to depart

"Broadcasting & Cable" reports vice president of CNBC's long form unit, Josh Howard, will leave the network when his contract expires next week. Sources say Howard did not seek contract renewal because of "cuts looming at CNBC."
The long form unit was formed three years ago to produce investigative pieces and "[offer] viewers a deeper dive with single-topic documentaries." The unit just received its third Emmy award Tuesday for an episode of the newsmagazine "Business Nation" that examined Brazil's new status "as the world's new farming superpower."
But even in its short history, the long form unit has experienced some problems. It was downsized when "Business Nation" was canceled. The unit continues to produce documentaries on a monthly basis but the high cost of producing these pieces will inevitably force CNBC to look to the unit when trimming its budget "as part of a $500 million across-the-board slash at NBC Universal."
Howard joined CNBC three years ago after his abrupt departure from a long career at CBS News. Howard was asked to resign after a report aired on "60 Minutes II" about President Bush's service in the Texas National Guard during the Vietnam era. Howard was the executive in charge of the piece.
For more click here.

Virginia-Pilot sale halted

In an article on its website, The Virginia-Pilot reports that for the foreseeable future, its parent company will no longer be actively seeking offers from potential buyers, although it will remain open to the idea if approached.
Landmark Media, which owns the paper, was also seeking to sell several other media properties before taking them off the table for the time being.
Landmark Vice Chairman Richard Barry III explained to the paper:

Most of the prospective buyers, stymied by the credit crunch, could not get financing, Barry said. But Landmark continued negotiations for The Pilot with a buyer who Barry said was "encouraged about obtaining financing."
On Tuesday, though, Landmark announced that it was suspending the sale process for the newspaper.

Landmark still hopes to sell the paper at some point, along with its other media properties. However, it may have to wait until the economy, or at least credit markets, improve.

To read more, click here.

Credit rater gives dire prediction for newspaper industry

Fitch Ratings has released a report which says that several U.S. cities could be without a daily paper by 2010.
Citing frozen credit markets, a worsening economy, and falling ad revenue, the agency predicts many newspapers and news organizations will be forced to default on their debt, according to Editor & Publisher.

"Much of the business risk for the media sector is likely to continue to be concentrated within the newspaper sub-sector," the report says. "Fitch expects newspaper industry revenue growth will be negative for the foreseeable future as both ad pricing and linage will be under pressure within each of the four main components of newspaper companies' revenue streams: circulation and local, classified and national advertising. Newsprint costs could rise, and it could be difficult to offset revenue declines with cost cuts."

The report also says a severe global recession lasting throughout 2009 may make it extremely difficult for papers to avoid facing declining ad revenue for the foreseeable future.

Click here to read more.

Business & Financial Reporting Emmys

The National Academy of Television Arts and Sciences announced the winners of its 6th Annual Emmy Awards for Business & Financial Reporting.
David Schlesinger, editor-in-chief of Reuters, clinched The Lifetime Achievement Award in Business & Financial Reporting.
Grabbing two awards each this year were CBS, ABC, PBS and Bloomberg.
For a complete list of the winners click here.

Financial Times moves forward with buyouts and salary freezing

Robert MacMillan of Reuters reports that The Financial Times is offering buyouts and freezing salaries for employees that earn more than $50,000 a year. The publication is also offering some of its staffers the opportunity to work three- or four-day weeks
The freeze and reductions are in response to the publication's customers and advertisers that are suffering from the economic downturn.
In a memo Chief Executive John Ridding wrote, "We continue to perform well against the competition, taking market share in advertising, readership and circulation. But with our customers and advertisers being affected we need to prepare for difficult times. We need to act early and decisively to reduce costs so that we can sustain our investment and our success."
To read the full story click here.

Gannett's massive layoffs

This week, Gannett Co. began a series of massive layoffs at its newspapers across the country. The cuts are an effort by the media giant to cut 10 percent of it's newspaper's workforce before the end of the year.
Jim Hopkins of Gannett Blog has been keeping a real-time running tally of the number of employees laid off by the company. So far, the number has passed 600. The layoffs are expected to continue today.
As employees lose their jobs, Hopkin's blog has provided a forum for constant interaction between Gannett workers. T
hrough a series of comment strings, employees are posting the number of layoffs from their newspapers and also asking questions about what's to come.
A story from Reuters talks about the blog's influence and rising traffic.
To visit the blog click here.

Bloomberg scores two Emmys

MarketWatch reports Bloomberg TV has won two Emmy Awards that recognize the network's excellence in business reporting. The two investigative pieces honored were "401K Hidden Fees" and "Deadly Brew: The Human Toll of Ethanol." 

"401K" exposed hidden charges that can reduce investment returns by half over the life of a retirement plan. "Deadly Brew" investigated the abuse of Brazil's migrant population that harvests sugar cane for ethanol production.

The awards were announced Tuesday at the 6th Annual Emmy Awards for Business & Financial Reporting held in New York City. 

For more click here. 

WSJ's site redesign = soaring traffic

Marcelo Duran, an Associate Editor for Newpapers & Technology, has a story today that details The Wall Street Journal's redesigned site.
The new look, according to the report, has sparked a consistent increase in traffic.
Duran writes, "Not only does the site, which debuted Sept. 16, deliver more content, it’s offering its distinctive mix of news and information to both subscribers and non-subscribers alike. That’s a radical departure from the old WSJ.com, which restricted the majority of its content behind a paid wall."
For the full story click here.

A conversation with Michael Anerio

A blog titled "Unquenchable Thirst: The Business and Politics of Water" has an interview with Michael Aneiro, a reporter for Dow Jones Newswires.
The blog, which is compiled by a graduate journalism student, details Anerio's experience as a young reporter assigned to cover the credit markets during the financial meltdown.
To check it out click here.

Shared content causes "uneasiness" in WSJ newsroom

Politico reports there is growing tension between The Wall Street Journal and  the New York Post over shared content. Both publications are owned by News Corp. which has resulted in a "synergy" as the papers share an increasing amount of stories.

 On Nov. 29 the same story about Citigroup that featured an "exclusive interview" with Robert Rubin, senior counselor and director,  ran in both newspapers. While the story was co-written by WSJ's "Money & Investing" editor Ken Brown and reporter David Enrich, the byline in the Post "did not indicate the reporters were from the Journal." Making matters worse, the reporters were never told the story would run in both papers. 

Despite the controversy, WSJ staffers say they expect even more "synergy" in the very near future. 

For more click here. 

3 Florida papers extend content-sharing deal

The three largest newspapers in south Florida are about to expand their content-sharing deal, according to Editor & Publisher.
Part of the expansion will be the inclusion of Florida International University students, who will be able to work at one of the papers and publish stories that can appear in all three.

The news service to be run out of classrooms at FIU's School of Journalism and Mass Communication formalizes even further the news content-sharing arrangement between the Sun Sentinel, The Miami Herald, and The Palm Beach Post that was launched in late August. Under that arrangement, the three dailies can publish stories from each other's print newspaper and online news sites.

The students will focus mostly on local coverage, including courts, police, and local government.

Click here to read more.

CNBC sees best ratings ever, still faces challenges

"Broadcasting & Cable" features a story that discusses CNBC's "shortfall season" and the challenges the network may be facing despite record ratings. Marisa Guthrie reports the network is currently in the process of reducing its budget by roughly 10 percent. As a result, people at the network are generally uneasy. According to a memo sent to employees in October by NBCU President and CEO Jeff Zucker, the budget reductions will affect promotional expenses, discretionary spending and staffing costs.

It is a different kind of corporate irony: As CNBC enjoys a new level of visibility and is about to launch a massive new marketing campaign to capitalize on the momentum, it must do so while navigating through the same flailing economy that has sent the network's proverbial stock soaring.

CNBC has enjoyed  record ratings since the financial crisis began "thanks to everyone from anxious office drones to stay-at-home moms who wouldn't necessarily know Libor (London Interbank Offered Rate) from a Labrador, all tuning in to monitor the nation's financial meltdown." CNBC averaged over 500,000 viewers in October, up 66% in the fourth quarter over last year's figures for the same time period. Interestingly, the ratings reflect only television sets tuned to CNBC inside homes and do not take into account the sets on trading floors, airport lounges or similar commercial space. 

For more click here. 

McClatchy, Christian Science Monitor strike foreign correspondence deal

In a press release today, The McClatchy Company announced it has reached a deal with the Christian Science Monitor in which the two news organizations will share news stories delivered by their respective foreign correspondents.

The Monitor and McClatchy will make edited stories by Monitor foreign correspondents Mark Sappenfield, based in New Delhi, and Sara Miller Llana, based in Mexico City, and McClatchy foreign correspondents Shashank Bengali, based in Nairobi, Kenya, and Tyler Bridges, based in Caracas, Venezuela, available to one another when they're ready for publication.

After three months, the companies will assess the success of the agreement and make decisions to continue, change, or cancel it accordingly.
The move allows both companies to expand their foreign coverage at a time when many news organizations are contracting it due to budget concerns.

To read more, click here.

A sneak peak inside new book about Rupert Murdoch

Editor & Publisher reports Politico has obtained an advance copy of the upcoming Michael Wolff book that profiles Rupert Murdoch. The passages released today reveal Murdoch's views on Fox News and its staff members and describe the reasoning behind his purchase of The Wall Street Journal. From the story:

"Wolff describes Murdoch as not wanting News Corp. to be defined by Fox News. And so last year's purchase of The Wall Street Journal, he wrote, 'was in no small way about wanting to trade the illiberal - the belligerent, the vulgar, the loud, the menacing the unsubtle - for the better-heeled, more magnanimous, the further nuanced."

The passages released also revel Murdoch dislikes Bill O'Reilly, but has kept him on board "because of the business upside."

For more click here. 

Newspaper ad revenue falls again

Newspaper advertising in print and online declined more than 18 percent in the third quarter of 2008, according to Editor & Publisher.
The drop is the single biggest since the Newspaper Association of America started keeping track of quarterly ad revenue in 1970.

Though the 30.85% decline in third-quarter classified ad revenue was no surprise, given the drumbeat of poor earnings reports in recent weeks -- online turned negative for the first time since NAA has kept separate statistics. The revenue total of about $750 million was 3% behind the year-ago period.

Quarterly ad revenue has been declining for six consecutive quarters now. It was down nearly 13 percent in Q1 2008 and more than 15 percent in Q2.

For more, click here.

Conflicting reports

News reports offered conflicting accounts as to whether Microsoft Corp. was in talks to by Yahoo Inc.'s search business for $20 billion, according to MarketWatch.
The Sunday Times of London was the first to report the deal, but a later story in All Things Digital called the Times article "total fiction."
For more click here.

Reporter mentioned in FERC filing

Jay Hancock, a business reporter for The Baltimore Sun, says its every energy reporter's dream to be immortalized in a filing at the Federal Energy Regulatory Commission.
For Hancock, then, the mention of his coverage in a brief on the Constellation Energy/MidAmerican Energy merger submitted last week by the American Public Power Association, made this reporters dream come true. In fact, he titled this most recent blog entry on the subject, "Better than a Pulitzer."
Read more at Hancock's blog.

CNN launches new wire service

The New York Times reports that CNN is offering a wire service to newspapers, an effort to provide an alternative to The Associated Press.
This week, editors from about 30 newspapers will travel to Atlanta to learn more about the service, which could provide coverage of local, national and international events on a smaller scale and at a lower cost than the AP.
The story says, “The reality is we don’t have a lot of relationships with newspapers,” said Jim Walton, president of CNN Worldwide. “We have relationships with TV stations around the world.” Mr. Walton said the meeting this week, which CNN has billed the “CNN Newspaper Summit,” is “kind of a get-to-know-you.”

Who's to blame? Maybe its not the media

American Journalism Review has a story by Chris Roush that details business journalists' coverage of the saga that led up to the financial crisis.
It argues that the media didn't fail to see beneath the surface, but that government regulators and the general public weren't paying attention.
Andrew Leckey, director of the Donald W. Reynolds National Center for Business Journalism, said the situation was like an unwanted Christmas present wrapped in shiny paper and a bow, a present that nobody wanted to open to see what was inside.
In the story he offers this advice:

Leckey believes that one way to get readers to pay more attention would be for regulators to require greater transparency regarding the quality of loans that lenders are making and that investors are purchasing. That will allow business journalists to more fully investigate the loan market and inform readers of the true creditworthiness of homebuyers. He believes that will give stories the power they need to resonate with readers. "It wasn't loud enough to alter anyone's behavior," Leckey says. "The information was out there, but I don't think we knew the level of the subprime that some of these companies like Merrill Lynch had on their books."