CNBC's Burnett in "Emmy Magazine"

Emmy Magazine profiles CNBC anchor Erin Burnett and describes her elevated status in the financial reporting industry. Burnett, who anchors "Squawk on the Street" and "Street Signs," is one of CNBC's most recognizable faces. She is described as a "reporter and a digger" who is constantly on the go.

"Erin really knows the material," says Jonathan Wald, CNBC's senior vice-president of business news, when asked about Burnett's passion for financial news. "She follows it like a sport. To her, it's very natural to talk about it all the time." 

The article also explains how the financial crisis has contributed to Burnett's growing fame. As CNBC enjoyed its best ratings in October, with viewership up 90 percent over the previous year, Burnett found herself "in a crucial role at an extraordinary time." Burnett said, "We've been able to be a key part of getting both the factual information and the analysis out in a way that is contributing to the public dialogue." 

When asked about her role as a journalist, Burnett said she enjoys covering business and is happy to be in her niche. But it seems, in the future, Burnett may be looking to expand her career. "When you talk about telling broader stories, yeah, I'd have to say I'd like to do that," she said. 

Read the full story here. 

New York Times to launch citizen journalism sites

The New York Times plans to launch two citizen journalism sites on Monday, according to Editor & Publisher.
Combined under a section called "The Local," the sites will cover three neighborhoods in New Jersey and two in Brooklyn.

Most of the contributions will come from local residents, with a Times staffer overseeing each site.
"They have each recruited initial contributors and the mission of their sites will be to encourage and instigate people in their communities to do their own reporting and contribute their own creativity to the community we are trying to build online," said Jim Schachter, Times editor/digital initiatives.

The City University of New York Graduate School of Journalism will partner with the Brooklyn site as well to help teach the citizen journalists.

To read more, click here.

Newsday website to begin charging for content

Newsday, purchased from Tribune Co. last year by Cablevision for $650 million, may soon become one of the few national news organizations to charge for its content online, according to Editor & Publisher.

Cablevision COO Tom Rutledge said on the call, "When we purchased Newsday, we were aware of the long-term issues facing the traditional newspaper industry. We plan to end the distribution of the free Web content and make our news gathering capabilities a service to our customers."
...Publisher Timothy Knight said, "We are in the process of transforming Newsday's Web site into an enhanced, locally focused cable service that we believe will become an important benefit for Newsday and Cablevision customers. More particulars will be forthcoming over the next few months."

According to the article, the website has experienced year-over-year declines in unique visitors over the past three months, falling 60% year-over-year for the month of December.
Details of the new model were not revealed.

To read more, click here.

FBN's Alexis Glick profiled in "Our Town"

Our Town, a New York publication that caters to the East Side of Manhattan,  has an article about FOX Business Network's Vice President of Business News and anchor Alexis Glick. The piece offers a look into Glick's typical day at FBN which starts around 4 a.m. The real "go-time" is 7 a.m. when she co-hosts FBN's "Money for Breakfast."  

Before being selected by Rupert Murdoch to launch FBN in 2007, Glick was a reporter for CNBC and The Today Show. But Glick also has experience in the financial world that prepared her for her current position. Prior to joining the media business, Glick ran trading operations on the floor of the New York Stock Exchange for Morgan Stanley. 

For the full article click here. 

Today's final Rocky Mountain News

Today's front page of the Rocky Mountain News' final edition says, "Goodbye, Colorado." This is the last day the nearly 150 year-old paper will be published before it closes for good.
From the paper's Web site:

"It is with great sadness that we say goodbye to you today. Our time chronicling the life of Denver and Colorado, the nation and the world, is over. Thousands of men and women have worked at this newspaper since William Byers produced its first edition on the banks of Cherry Creek on April 23, 1859. We speak, we believe, for all of them, when we say that it has been an honor to serve you."

To read the full story click here.

FT launches China Confidential

Guardian reports that The Financial Times is launching China Confidential , a high-end specialist investment title that will combine consumer research with economic debates and market trends.
From the story:

The new FT print and online publication will be available globally and pitched at analysts, investors, consultancies and fund managers. The FT will also exploit its database of 1.2 million business people across China, registered with its Chinese website, to inform consumer research.

Corrigan to lead LA Times biz section

John Corrigan has been promoted to business editor of the Los Angeles Times.
Corrigan, who joined the business team in 2001, has been the deputy business editor for the past two years.
From the announcement:

"Over the past eight years, John has compiled an impressive body of work in the Business section. As deputy, he was in charge of the daily report and oversaw the launch of the new Sunday section, which focuses on personal finance. He was the project editor for the 2003 series "The Wal-Mart Effect," which won the Pulitzer Prize for national reporting. As markets editor, John directed the 2006 series "Retirement at Risk," which won first place in business writing from the Associated Press and The Times' own editorial award for explanatory journalism."

For the full story click here.

Fortune apologizes for plagiarism

New York Observer reports that Fortune magazine has issues an apology to readers for an article in its March issue that plagarized an article from the New York Times Magazine.
From the story: “

"In our Feb. 2 issue we published a story about Lukoil and its president titled “Russia’s King of Crude,”” the apology will read, a copy of which was obtained by The Observer. “We have since discovered that several passages were lifted from “The Triumph of the Quiet Tycoon,” written by Peter Maass and published in the New York Times Sunday Magazine on Aug. 1, 2004. Fortune apologizes to Mr. Maass and the New York Times Sunday Magazine.”

Gannett Co. cuts dividend

Gannett Co. announced today that it was lowering its quarterly dividend for the first time ever, according to The Chicago Tribune.
The new payment will be four cents per share, down from forty cents per share last quarter.

With the reduction, the dividend will now be a penny lower than when Gannett made its first split-adjusted payment of 5.4 cents per share in October 1967.
Gannett will save about $325 million annually with the move, but it may give investors one fewer reason to hold on to the company's sagging stock.

According to the article, three other large publishers have gone further and eliminated their quarterly dividend entirely in order to save money.
Gannet Co.'s debt obligations totaled $3.8 billion as of the end of last year.

Click here to read more.

Friday marks last day for Rocky Mountain News

The Rocky Mountain News, one of the two major dailies serving the Denver area, will run its final edition Friday, according to The Denver Post.
Owner E.W. Scripps made the decision after it failed to find a buyer for the paper, although at least one interested party advanced a proposal.

Scripps said it has been working with Denver Post owner MediaNews Group to negotiate a plan for dissolving the joint operating agreement in Denver.
Loss of subscribers, declining advertising revenue, the rise of the Internet and general economic weakness all have contributed to the plunging fortunes of newspapers, particularly those that compete in the same cities for shares of shrinking income.

According to the article, the paper lost $18 million in 2008 alone.

To read more, click here.

Santelli's "rant" prompts anti-stimulus protests nationwide

CNBC's Rick Santelli probably wasn't expecting to have such an impact when he made his now-infamous "tea party" remarks on air last week. An Atlanta-based NBC station, 11Alive, is reporting tea parties are planned for this weekend in more than a dozen U.S. cities to protest the government's stimulus plan. The protests were promoted by  Santelli's recent "outburst" that has now gotten over a half-million hits on YouTube. Santelli said the "the government is promoting bad behavior" and urged viewers to plan a national tea party in Chicago this summer to protest the government's stimulus package.

This Friday, protests are planned in Atlanta, Washington D.C., Chicago, Orlando, Forth Worth, Houston, Pittsburgh, San Diego, Tulsa, Nashville, St. Louis, Portland, Kansas City, Cleveland and Denver. 

For more click here. 

Doubledown Media files for bankruptcy

Reuters reports that Doubledown Media LLC, which published Trader Monthly and other glossy magazines aimed at wealthy and aspiring Wall Street bankers and traders, has filed to liquidate under Chapter 7 of the U.S. bankruptcy code. The closely-held company, which also published Cigar Report, Corporate Leader, Dealmaker and Private Air, on Wednesday filed for protection from creditors with the U.S. bankruptcy court in Manhattan.
For the full story click here.

Hearst to use citizen journalists

The Boston Business Journal reports that Hearst Corp. has struck a deal with Helium Inc., an online writing community.
Helium will provide local and lifestyle stories written by its citizen journalists to the Hearst Newspapers chain. Hearst says the deal allows their newspapers to have local content at a lower cost than using staff resources.

"The deal gives the newspaper publishing arm of New York-based Hearst Corp. access to Andover, Mass.-based Helium’s marketplace of freelance writers. The marketplace enables Hearst to essentially put out to bid stories for competition on a range of topics. Freelance writers can submit content through the site, and Hearst then chooses the best stories and compensates the writers."

Click here for the full story.

Tribune Tower no longer for sale

Tribune Co., in an effort to start climbing out of $13 billion in debt, set plans in motion last summer to sell the Tribune Tower in Chicago, as well as the Los Angeles Times' headquarters.
Now those plans are being shelved, as the staggering real estate market makes it difficult for the company to sell the property at a decent price, according to Crain's Chicago Business.

Finding a buyer for the 940,000-square-foot gothic tower at 435 N. Michigan Ave. would be unlikely in a market where no big downtown office building has sold since last July...
“Impossible,” Robert Six, executive vice-president with Chicago-based real estate investment firm Zeller Realty Corp., says of the tower’s chances of being sold any time soon.
He notes the site includes the tower and a one-acre parking lot. “It would take tremendous patience and deep pockets to be able to acquire the site and wait for the next uptick in the commercial real estate market.”

The sale of the Chicago Cubs, also pursued in an effort to pay down debts, is still moving forward.

Click here to read more.

Berkeley seeks investigative journalists

UC Berkeley's Graduate School of Journalism is seeking applicants for its year-long fellowships in investigative reporting.
The two fellowships, which will help to develop a new generation of investigative reporters, is open to all working investigative journalists.
The fellowships will be awarded in May and the deadline to apply is April 3 for a term that will begin September 1.
For more information and instructions on how to apply click here.

SF Chronicle could close

The San Francisco Chronicle is the latest paper to announce that if it does save money quickly it will seek a buyer and if no deal is made the paper will close.
The Chronicle, which is the Bay Area's oldest paper and has a readership of 1.6 million, lost more than $50 million in 2008 and cuts could include significant staff reductions, according to reports from the paper.
From a statement by Frank A. Bennack Jr., Hearst vice chairman and chief executive, and Steven R. Swartz, president of Hearst Newspapers:

"Given the losses The Chronicle continues to sustain, the time to implement these changes cannot be long. These changes are designed to give The Chronicle the best possible chance to survive this economic downturn and continue to serve the people of the Bay Area with distinction, as it has since 1865.
"Survival is the outcome we all want to achieve," they added. "But without specific changes we are seeking across the entire Chronicle organization, we will have no choice but to quickly seek a buyer for The Chronicle, and, should a buyer not be found, to shut down the newspaper."

Portfolio finds its voice

MarketWatch's Jon Friedman writes today about the growth of Portfolio from the "magazine the media loved to hate" to the magazine that has "found its calling."
Friedman says despite its early naysayers, the magazine has been one of the"most dogged chroniclers of the meltdown of the financial system. In fact, no magazine has done a better job of reporting, explaining and analyzing the U.S. financial crisis than Portfolio."

Read the full article here.

Journal Register Co. seeks bonuses for executives who reduced staff sizes

The Journal Register Company, which filed for Chapter 11 bankruptcy protection earlier this month, ran into some opposition recently when it asked the bankruptcy court to approve bonuses to be paid to executives who reduced staff sizes in a timely manner by firing or laying off employees.
According to Editor & Publisher's Fitz & Jen blog, 31 executives were to receive a total of roughly $450,000 on Dec. 31.

Journal Register also wants to give bonuses to these favored 31 if they expeditiously shut down "several" daily newspapers and "many" non-dailies in the next few weeks.
E&P's Web site reports the attoney general of Connecticut, home of the New Haven Register, intends to intervene in the bankruptcy case to oppose the "shutdown bonuses."

According to the Journal Register Co.'s Management Incentive Plan, the two future bonuses would be paid out if objectives are met by February 28 and some time during the first quarter 2009, respectively.

For more, click here.

Financial Times to implement "creative" cost-cutting

Editor & Publisher reports the Financial Times is encouraging employees to take three-day weekends. According to The Guardian,  FT is also giving employees the option to buy "an additional seven days leave and to extend annual leave at 30 percent pay." The move is part of an ongoing effort to cut costs but is completely voluntary. 

For more click here. 

Minnesota jobs program to give funds to two papers, j-school

The Minnesota Job Skills Partnership, an organization that brings together schools and businesses in order to train members of the workforce, has turned its attention to the newspaper industry, according to the Duluth News Tribune.

For the first time in Minnesota — and perhaps in the nation — a journalism school has received a grant to help two daily newspapers adapt their products to an increasingly Internet-based industry.
The Minnesota Job Skills Partnership program has given the Duluth News Tribune, the St. Paul Pioneer Press and the University of Minnesota’s School of Journalism and Mass Communication a total of $238,000 to help retrain the newspaper staffs.

According to the article, News Tribune Executive Editor Rob Karwath expects the money to be used to help rethink how news and ads are delivered to the news audience.
One of the expectations of the MJSP board was that the papers and school use the funds for innovation in the industry.

Click here to read more.

Chernin will leave News Corp.

The Wall Street Journal is reporting News Corp. President and Chief Operating Officer Peter Chernin is leaving the company. His contract is set to expire at the end of June. 

From the story:

Earlier this month, News Corp. Chief Executive Rupert Murdoch demurred when he was asked about the status of contract talks with Mr. Chernin. "Peter and I are continuing our conversations. They're private, that's all there is to it," Mr. Murdoch said on an earnings conference call. In a similar conference call three months earlier, Mr. Murdoch had characterized the talks as "constructive and friendly."

For more click here. 

Atlanta paper eliminates stand-alone biz section

The Associated Press reports The Atlanta-Journal Constitution will merge its Tuesday-Saturday stand-alone business section with "an expanded A section" in order to cut costs as advertising revenue continues to decline. 

From the story:

In an open letter published in Sunday's editions, Publisher Doug Franklin said the changes were aimed at "balancing our financial need against what we have learned about you, our readers, value most." Franklin said the newspaper already has cut staff, frozen pay and retreated from delivering newspapers to costlier areas.

The changes are scheduled to be implemented in mid-March. 

For more click here. 

TV coverage of the stimulus

The Associated Press has an article that examines television coverage of the latest stimulus plan. The article cites findings by several organizations that tracked and studied the coverage in detail. The findings show the stimulus may have been treated "like just another political battle." 

According to Media Matters of America, only 6 percent of the 681 guests who appeared on "a dozen cable news and four network Sunday morning talk shows in the three weeks that ended last Sunday" were economists. The organization's spokesperson said, "That count alone indicates a lack of effort in tracking down what was most important about the story." 

Media Research Center, which tracked "interview subjects on the most-watched newscasts," found only "13 percent of the people interviewed on economic recovery between Obama's election and final passage of the bill were economists." 

From the story:

To a certain extent, networks could be accused of unimaginative bookings, going to people they know very well. Media Matters counted 19 separate appearances by CNN financial correspondent Ali Velshi during the three weeks. The three people who opined most about the bill on Fox News Channel were regulars Morris, Rove and Juan Williams, the group said. 

But, according to ABC executive producer Ian Cameron, this pattern may just be the result of "24-hour cable's need to draw contrast and promote verbal battles" rather than "unimaginative bookings." 

For more click here. 

New biz column on "The Big Money"

"Business Wire" is reporting  The Slate Group's business site, "The Big Money," is launching "Making Payroll," a weekly column that will focus on entrepreneurial issues during the economic recession. The column will be written by Jonathan Weber, the publisher and CEO of New West Publishing. 

The column will explore "how policy affects small business, the credit crunch, marketing in an economic downturn, special opportunities just for Web entrepreneurs and how to overcome Twitter-phobia and take advantage of social media." 

The column will also facilitate reader participation through a comments section and online discussions. 

Weber is described as "one of the foremost journalists covering the tech boom of the 90's." He previously served as a business writer and editor for the Los Angeles Times. 

For the press release click here. 

Special series on "NBC Nightly News" focuses on financial crisis

CNBC is reporting it will partner with "NBC Nightly News with Brian Williams" for a special series this week, "The Meltdown: Making Sense of it All." Brian Williams was on "Power Lunch" Monday to promote the series that will delve into the financial crisis and offer an "understandable" look into the chaos for the "lay audience." While the series will focus on a broad range of issues such as the struggling American homeowner and the origins of the crisis, Williams cautioned it is not intended to be a "survivor's guide." 

The first part of the week-long series premieres Monday on NBC.  

E.W. Scripps posts 4th quarter loss; will cut pay

E.W. Scripps released its fourth quarter results on Thursday, revealing a 6.2 percent year-over-year decline in revenue.
In all, the company lost $19.4 million in the quarter, prompting plans to decrease spending over the next year, according to The New York Times.

Scripps, which owns a chain of local newspapers and TV stations, told employees Wednesday that it was cutting most salaries at newspapers and in corporate offices by 3 to 5 percent, suspending its matching 401(k) contributions and planning to freeze pensions later this year.
The moves are expected to save $20 million this year.

Rich Boehne, president and CEO, reflected on the results in the press release:

"It became apparent toward the end of the year there's nowhere to hide from the national economic crisis. Despite our geographic diversity and multiple sources of advertising revenue, we're feeling the pain as the recession rolls its way through our local markets and media businesses."

Click here for the Times story, and here for the press release.

Top 30 news sites show positive growth

The list of top 30 global news sites, as measured by unique monthly visitors, contained some good news for the month of January, according to Editor & Publisher.
The list, compiled by Nielsen, showed many sites still sustaining strong year-over-year growth. The Huffington Post, for example, attracted 152 percent more unique visitors in January than it did in January 2008.

MSNBC tops the list in January with 44 million uniques. The top newspaper Web site in the list is The New York Times at 21 million uniques.
Other sites that experienced big increases include the N.Y. Daily News Online, up 150% to 7.7 million uniques. The Telegraph in the U.K. increased its monthly unique visitors 139% to 5.1 million.

Only six news sites saw year-over-year declines. The largest was USA Today, which fell 14 percent to 10.5 million.
While the news is positive for most of the sites listed, many are still struggling to increase online ad revenue to the point where it can cover ad revenue lost elsewhere.

To read more, click here.

Santelli's now infamous "rant" on CNBC keeps getting attention

On Thursday's "Squawk Box" on CNBC, reporter Rick Santelli made some strong remarks from the floor of the Chicago Board of Trade that quickly caught the attention of bloggers, opinion columnists, journalists and now, even the White House. In the five-minute clip that is now being hailed as "Rant of the Year," Santelli bashed the Obama Administration's new plan to bail out distressed homeowners. Santelli said the government's plan is "promoting bad behavior" when it should "reward the people that carry the water, instead of [the ones who] drink the water." He challenged the computer-savvy Obama team to set up a Web site where the American public can vote on whether they "really want to subsidize the losers' mortgages."

The Santelli "rant" was met with cheers and applause from the traders around him. One trader even added, "How about we all stop paying our mortgage." Santelli then outlined his plans to organize a "Chicago Tea Party" to protest the government's actions. 

The Wall Street Journal reports the video clip, which is becoming hugely popular on the Web, even got reaction from White House spokesman Robert Gibbs Friday, who said Santelli "doesn't know what he's talking about." Gibbs further encouraged Santelli to join him at the White House and read the president's plan. Gibbs offered to buy Santelli "a cup of coffee - decaf." Santelli quickly accepted the invitation while on the air but added, "I do prefer tea." 

To view Santelli's clip click here. 

Two more dailies cut back production days

The Daily Mail and the Register-Star, two daily papers in New York, have joined the small but growing number of papers cutting back on their production days, according to Editor & Publisher.
Both papers will no longer produce Sunday or Monday editions, and will work together to create a shared Saturday edition.

“This publishing frequency will help us manage the increasing costs of delivery and printing without having to pass the added expense along to readers and advertisers,” Publisher Roger Coleman said in a prepared statement. “This schedule will also enable us to produce the most compelling and useful local newspaper that fits the community’s lifestyle and support level.”

The remaining editions of the papers will still have all of the features and sections they currently contain.
The statement did not address the issue of possible layoffs.

Click here for more.

Treasury ordered to comply with FBN's FOIA request

The FOX Business Network is reporting a U.S. District judge has ruled the U.S. Treasury Department must comply with FBN's Freedom of Information Act request and release details about the government bailout. 

The Treasury is required to comply with FBN's requests by March 23 and must release the requested Vaughn index, which lists the documents that were withheld, by April 6. 

From the press release:

The initial request, filed in November, sought actual data on the use of the bailout funds for American International Group and the Bank of New York Mellon, and an additional request, filed on December 1, sought similar data on the bailout funds for Citigroup, Inc. FBN has been asking for the Treasury Department to identify, among other issues, the troubled assets purchased, any collateral extended, and any restrictions placed on these financial institutions for the participation in this program. 

FOX News Executive Vice President Kevin Magee said the network was "thrilled that this information is finally, and rightfully, going to be made available to the American public."

Bartiromo, Cavuto, Kudlow rank among "25 people who will affect your finances in 2009"

CNBC's Maria Bartiromo, the FOX Business Network's Neil Cavuto and CNBC's Lawrence Kudlow are all included on a list of the top 25 politicians, CEOs and financial gurus US News & World Report thinks will "move the markets" in 2009. 

Bartiromo, Cavuto and Kudlow rank twenty-second, twenty-third and twenty-fourth, respectively. 

Bartiromo, who anchors "Closing Bell with Maria Bartiromo" and is the managing editor of "Wall Street Journal Report with Maria Bartiromo," is being hailed as "the first face of financial news during one of the worst downturns in history." 

Neil Cavuto, a regular on both the Fox News Channel and FBN, "has seen his profile rise as the financial crisis rages and the economy swoons." US News & World Report describes him as the "network's unapologetic free-market voice at a time when defending capitalism has become a tougher sell."

US News & World Report is betting on Lawrence Kudlow to openly disagree with any future tax increases on the rich by the Obama Administration. He is described as "a long-time banner-carrier for the tenets of Regan's supply-side revolution."

For more click here. 

Obama and multimedia

The Financial Times details why Barack Obama is truly a multimedia president.
This week, the White House launched Recovery.gov, a site that tracks where stimulus money will be spent. This comes after a revamp of the White House's own site, which added blogs, behind-the-scenes photos and video addresses from the President.
From the story:

He has also popped up on less traditional podiums, such as a Sunday night all-star basketball game and an ESPN documentary for black history month, hosted off-the-record briefings for newspaper columnists and provided access to magazine feature writers for endless cover stories. “He’s doing what every CEO of every company should be doing. You’ve got to be talking to people, because when you stop talking to people they start to assume the worst,” said Antony Young, of Optimedia, the Publicis-owned media planning group.

Will Peter Chernin stay at News Corp?

BusinessWeeks' Ronald Grover explores if Rupert Murdoch's No. 2 man at News Corp, Peter Chernin, will leave the company this year.
His contract expires on June 30 and there has been buzz that Chernin might decide to retire.
Chernin's story dives into what the future could bring for Chernin and what it will mean for News Corp.
For more click here.

New biz editor at Arizona Daily Star

The Arizona Daily Star is reporting it has named a new business editor. Norma Coile will replace Tim Steller who will return to a senior reporter position. Coile, who joined the Star in 1997, has been the Sunday editor since 2005. 

For the story click here. 

WSJ to hosts: Future of Finance Initiative

Marketwatch reports that The Wall Street Journal will host the "Future of Finance Initiative," a working session that brings together top leaders and thinkers in global finance to identify the basic principles on which a new financial system must be reconstructed.
The Journal's financial editors and reporters will moderate the discussions, which will be held March 23-24 in Washington, D.C.
For the full story click here.

Gannett Blog unites, informs employees

A story by Dow Jones offers a look Jim Hopkins, a former USA Today reporter and editor who now runs Gannett Blog.
The blog has become a mecca for Gannett employees who want the latest information on company news. It also gives staffers a place to exchange ideas, experiences and talk about the future of their newspapers.
From the story:

Jim Hopkins, 51, former Gannett reporter and editor for more than 20 years, operates Gannett Blog, a one-man show that tracks all-things Gannett, ranging from layoffs, furloughs and newspaper home delivery cutbacks. With the economy stuck in a recession, unemployment rising and the newspaper industry declining, Hopkins has become a voice and outlet for current and former Gannett employees to express their emotions about corporate news and the industry's troubled state.

Green biz reporter leaves LA Times

Abigail Goldman, a "green business" reporter, annoced that she's leaving the Los Angeles Times, according to reports from LA Observed.
The post says that Goldman was the last remaining member of the four-reporter team that won the Pulitzer Prize (and a Polk Award) in 2004 for a series on the global impact of Wal-Mart working at the paper.
For more click here.

On CNBC: Bankruptcy may be only option for US automakers

On CNBC's "Street Signs," guests discussed the options for the "Big Three." But it turns out Detroit may not have too many options. Guests Frank Lorenzo, former CEO of Continental Airlines, and Paul Ingrassia, a former Dow Jones executive, agreed that bankruptcy may be the best solution for American automakers and the U.S. government. 

Both guests believe the automakers should seek protection from creditors through Chapter 11 bankruptcy or a similar program. Lorenzo believes the public will be understanding and, with proper safeguards and guarantees in place, will continue to purchase cars from a company that is in bankruptcy protection. 

As a former airline CEO whose company successfully emerged from bankruptcy, Lorenzo has "little doubt" that GM and other automakers will be able to make it through this difficult period. 

On CNBC: Zuckerman talks about economy, turnaround

On a day when President Obama prepares to sign the newest stimulus into law and the financial markets are testing November lows, CNBC is getting reactions from the financial world. During "Power Lunch," real estate billionaire Mort Zuckerman joined the discussion about everything from real estate to executive compensation. 

Zuckerman is not optimistic and suggests the marketplace should get ready for a "bumpy ride" despite government intervention. He believes that limits on executive compensation are "totally crazy" and acknowledged the real estate market is "spooked" as the confidence in the market has undergone major changes. 

Zuckerman cites the decreased confidence as one of the major problems and roadblocks to recovery. He suggested he may sit on the sidelines until signs of a turnaround begin to emerge. Zuckerman is looking for specific signs of a turnaround including increasing employment, a rise in housing prices without government intervention and "reasonable" availability of credit to small businesses. 

Star Tribune attempts to restructure union deals

The Minneapolis Star Tribune, which entered Chapter 11 bankruptcy protection last month, is close to several agreements with different unions representing many of its employees, according to MinnPost.com.

The Star Tribune is moving apace on a key component of its reorganization in bankruptcy court: seeking new deals with its labor unions.
Teamsters Local 638, which represents drivers, could decide as early as tonight on an offer from the company, said the local's business agent Mark Rime.
Two other Teamsters locals also are well into considerations of new contracts.

The paper was forced to file for Chapter 11 protection after net earnings fell by nearly 50 percent in 2008.
According to the article, some of the unions are arguing that the paper's debt obligations, and not labor costs, are responsible for the present financial situation.
However, it appears they will have to make more concessions to help keep the paper running.

Click here to read more.

A hint to journalism's future?

A report from James Rainey of The Los Angeles Times offers a closer look at the Voice of San Diego, a non-profit news services that's producing investigative journalism on the cheap.
Could this model for news-gathering offer a glimpse into the future of American journlism?
From the story:

Where's the anxiety? Why isn't anyone trolling those websites that obsess about the latest layoffs in the news business? Where are the sidelong glances when someone gets stuck too long in the editor's office? All of that was missing when I visited the Voice of San Diego ( www.voiceofsandiego.org), which in just four years has unearthed a nice batch of political scandals, shown how investigative journalism can be done on the relative cheap and, yes, put a bounce in the step of one corner of the Fourth Estate. With several big-city dailies facing closure and the cover of Time last week pondering the fate of the American newspaper, I listened to young Voice of San Diego journalists talk about their work with words like "exhilarating," "fulfilling" and "fun." My tiny, ink-sotted heart soared.

How did reporters miss the biggest story?

Dean Starkman, a former reporter for The Wall Street Journal, wrote a piece for this month's Mother Jones analyzing why reporters - about 9,000 print reporters alone - could have missed the biggest economic story on their beat.
From the story:

"There was a handful of heroes at the major publications who tried to get the word out. But the good, hard-hitting, arm's-length stories will have to be compared to what else was gushing out of the 30-inch business-news drainpipe—those Citigroup earnings stories, those edgy-yet-flattering profiles of Merrill Lynch's Stan O'Neal, Lehman Brothers' Dick Fuld, et al., the pieces noting how Countrywide Financial's Angelo Mozilo liked to dress well, etc., not to mention the Home Depot marketing stories, the personal finance columns, and all the cheerleading and Flip That House fluff that diverted resources from the real task at hand. What was really the business-press message? It was certainly not that mortgage lenders and Wall Street had linked up to flood the market with defective products."

CNN Money: Where will the stimulus money go?

As every news outlet tries to dissect the new $787 billion rescue package, CNNMoney.com offers a simple and clear explanation of how the money will be appropriated. 

Here is the breakdown:

• $212 billion will be used for tax relief mainly for individuals but will also help some businesses.
• $308 billion will go towards discretionary spending including $30 billion that will be used for "energy related infrastructure projects." 
• $267 will go to direct aid in the form of increased unemployment benefits and food stamps.

The segment also strives to answer one question that's on the minds of many Americans: How does this impact me?

The news stimulus offers several perks including a $400 credit per worker, a temporary expansion of the child tax credit, added incentives for car buyers and home buyers and an increase in the higher education tax credit.

Fox News Channel programming focuses on recession

Even with the U.S markets closed Monday, the recession and the federal bailout were key issues spotlighted on the Fox News Channel. Fox Business Network's Jenna Lee was on hand to discuss some specific topics. 

Oil and gasoline prices: 

The global recession has put extreme downward pressure on the price of crude oil. But as oil prices continue to fall, the average price of gasoline in the U.S. is slowly creeping up. 

With oil trading at about $36 per barrel Monday, the average price of gas climbed to $1.97. Lee explained that while gasoline prices should theoretically move in tandem with the price of oil, the recession has forced gasoline refineries to scale back and reduce supply. Analysts expect the price of gasoline to rise to about $2.50 per gallon by summer. 

Companies performing well during recession: 

Even in the current recession, there are companies that are actually enjoying positive returns and predicting future growth. Lee cited Lego, coal exports from Alaska and Kentucky Fried Chicken as examples. Lego reported a large jump in sales in 2008 and predicts that sales may continue to rise in 2009. Coal exports from Alaska to places like Latin America and Asia are also on the rise. And, KFC anticipates it will open between 200 and 300 new stores that will create about 9,000 new jobs in the next five years. 

NYT: Business journalists are looking for hope in bad economy

The New York Times' David Carr examines why business journalists are trying to find "glimmers of hope" and "the horns of a bull on two ferocious bears" even as the markets and the economy continue to deteriorate. Carr specifically references a CNBC segment where two guests, "hailed as visionaries for having foreseen the financial crisis," explain why the recession may be long and painful. But the CNBC anchors were not buying into the dire forecasts. Dennis Kneale did everything he could to get the guests to say something positive. 

According to Carr, business journalists are trained to deliver good news because "doomsayers generally don't make good television." While the news media is routinely accused of being too pessimistic, Carr does not think that's the case. Right now, business journalists are looking for "signs that the worst is behind us" and continue to strive to find something positive about the financial crisis. CNBC's managing editor Tyler Mathisen said, "We are looking for the crocuses and daffodils."

But Carr acknowledges business journalists need to "act like things are changing all the time" even when the fundamental lessons remain the same in order to engage audiences. According to one financial columnist, "You aren't doing your job right now if you don't have an in-box full of hate mail."  

For the full story click here. 

On FBN: Psychologist weighs in on subsidized mortgages

Psychology clearly plays a major role in investor confidence and behavior. The Fox Business Network asked Dr. Jeff Gardere to evaluate how the possibility of government subsidized mortgages may affect the housing market. The plan, scheduled to be outlined by the Obama adminstration next week, would help struggling homeowners with their mortgages by lowering interest rates, reducing principal or extending the term of the loan.

Dr. Gardere believes the plan  "may be a move in the right direction." But the doctor also explains that it's important for the government to devise a precise eligibility test that will keep taxpayer confidence high and prevent people from abusing the system.  Because the housing crisis is a major component of the financial turmoil, keeping people out of foreclosure will most likely have a positive effect on the economy. Overall, he believes this is a psychologically sound idea that will boost the morale and confidence of the American public. 

According to Dr. Gardere, the only drawback is the fact that the plan has taken too long to implement. 

When saving is bad for the economy

A CNNMoney.com article explains why now is not the time to save money. It may seem counterintuitive for Americans who are trying to prepare for more tough times, but economists say "with the economy underwater, it's the worst time for that." While experts agree that saving is the best "long-term" plan for consumers, an economic revival relies heavily on consumer spending. 

By comparison, Americans are some of the worst savers in the world, but the savings rate in the US has "moved sharply higher" in the last few months. The rate rose from 0.8 percent in August to 3.6 percent in December. According to Mark Zandi, chief economist for Moody's Economy.com, the sudden rise in the savings rate is "the difference between an economy that is growing and one that is struggling mightily." 

The problem right now appears to be rooted in the fact that everyone is saving money at the same time. Spending has come to a screeching halt. 

"Saving is a good thing and paying debt is a good thing, but not overnight," said Zandi. "If we go from zero to 10% in a year or so, you'll have a severe downturn that can become self enforcing." 

For more click here. 

Parade CEO/chairman steps down

Parade magazine Chairman and CEO Walter Anderson will retire after 31 years at the magazine, according to Editor & Publisher.
The announcement was made Thursday by S.I. Newhouse, chairman of Parade publisher Condé Nast.

"One of Walter’s greatest achievements was his creation of the ‘modern’ Parade” Newhouse said in a statement. “He transformed the Sunday magazine with new columns, ideas, and a higher level of reporting and writing....Walter has played a major role in Parade being one of the most successful publications in the company...

Anderson will continue performing his duties until a replacement is named.
He became CEO of Parade in 2000 after 21 years as its Editor-in-Chief.

Click here to read more.

Chicago Sun-Times Media Group institutes management changes

The new board of directors for Chicago Sun-Times Media Group, Inc. appointed several new people to management positions Wednesday, according to the Chicago Tribune.

The new chairman is Jeremy Halbreich, former general manager of the Dallas Morning News and one of three directors elected last month when a dissident shareholder's succesful proxy fight ousted all but one of Sun-Times Media's sitting directors. As chairman, Halbreich succeeds Raymond Seitz, who lost his seat in January in the proxy fight.

Halbreich was named CEO for the time being, as well. Other positions filled include vice chairman of the board, president, and publisher.
The changes follows the company's closure of 12 weekly papers and comes amidst attempts to cut back expenses and debt.

To read more, click here.

Journal Register Company continues closing papers

The Journal Register Company, owners of 20 daily papers and hundreds of weeklies around the country, continues to struggle under falling revenue and mounting debt.
On Wednesday, the company announced that it will be closing eight weekly newspapers in New York state.

The closing of these newspapers, which involved an unknown number of layoffs, is ironic in light of Journal Register's buying spree in the 1990s and earlier this decade. It built a portfolio of about 300 weekly newspapers around the Northeast and Midwest, but loaded the company with a significant amount of debt as well.
With the decline of newspaper ad revenues coinciding with a recession and credit crunch, Journal Register's finances imploded, and its myriad acquisitions proved unsustainable.

The eight papers being closed in New York join over a dozen other papers the company was forced to shut down after it couldn't find buyers for them.
Not every paper in trouble has had to close, though. The company found a buyer for two daily papers and a handful of weeklies in Connecticut.

To read more, click here.

How low will the Dow go?

On CNBC's "Squawk on the Street" this morning, University of California economics professor Peter Navarro explained why he thinks the Dow Jones Industrial Average may drop to 6,000. Navarro noted that "downside risk is large" because the Dow has broken through the critical 8,000 support level even with a stimulus plan and bank bailout in place. 

He added the global economy is "getting worse at a faster rate than our policy is getting better." 

But Brent Wilsey, president of Wilsey Asset Management, believes the "cash on the sidelines" will protect the Dow from such a large dip. Once positive news reenters the equation, that cash will be injected back into the economy and result in a "huge rally." He thinks investors will soon begin to "test" the market and move back into it slowly. He expects the Dow to move back up to 10,000. 

The Dow ended the week at 7,850.41. 

Markopolos' failed crusade

Nine years ago Harry Markopolos began his crusade, which involved informing the Securities and Exchange Commission and efforts to publicize investment community skepticism about Bernard Madoff's operations.
But that crusade failed.
USA Today has a story that offers more details into Markopolos, his discoveries of Madoff and his efforts to reveal the truth.
To read the story click here.

Cuts at the Chicago Tribune

Crain's Chicago Business reports that the Chicago Tribune fired 20 members of its newsroom Thursday, which brings total cuts over the last year to 200 newsroom staffers.
The paper will close its Rome bureau will be closed and reduce its presence in Jerusalem.
From the story:

The layoffs included photographers, foreign correspondents and two Pulitzer Prize winners, people with direct knowledge of the cuts said. According to these people, among Thursday’s layoffs were Don Terry, who was part of a New York Times team that won a Pulitzer in 2001 for a series on race in America, business reporter Susan Chandler, food writer Emily Nunn and foreign correspondents Christine Spolar and Joel Greenberg. Also fired were multimedia producer Christopher Booker and comics coordinator Barbara Schaffner. Features writer Charles Leroux and assistant magazine editor Jeff Lyon, also a Pulitzer Prize winner, are leaving under a buyout offered last year but delayed when Tribune Co. filed for Chapter 11 bankruptcy protection in December.

Triangle Business Journal wins awards

The Triangle Business Journal reports that it won four awards, including one for general excellence, in the North Carolina Press Association’s 2009 contest.
The staff won first place in general news reporting for its report “A troubled town,” which looked at the state of Siler City after a Pilgrim’s Pride chicken processing plant announced it would shut down.
For more details click here.

CNBC original program explains origins of financial meltdown

CNBC announced it will premiere "House of Cards," a CNBC Original that examines the global economic crisis and the events that led up to it.

Reporter David Faber presents a definitive and dramatic look at the origins of the global economic breakdown...from the ruins of 9/11 to the start of the credit crunch in the summer of 2007. The stories of key participants in the drama - from California home buyers to Norwegian investors to former Federal Reserve Chairman Alan Greenspan - bring to life the painful story of the greatest financial collapse since the Great Depression. 

The program will premiere Feb. 12 at 8 p.m. ET. 

For more click here. 

Survival of the NYT

The Daily Beast offers an interactive graphic surrounding the issue of The New York Times' uncertain future.
As advertising revenue continues to fall and the economic climate worsens, is the paper doomed or can it be saved?
In the graphic, several experts attempt to offer some solutions.
Check it out here.

WSJ eliminates news research library

Editor & Publisher reports The Wall Street Journal is shutting down the paper's research library. The move is part of a cost-cutting program and newsroom staff reductions announced at WSJ last week. 

The elimination of the positions affects librarian Leslie A. Norman and news assistant Ed Ramos. In a memo, Norman wrote the cut will be "a hit to news coverage." Norman believes the research library will be replaced by Due Diligence Dashboard, a system that will not be able to match "the knowledge about how to research using all the tricks we've learned over the years." Norman also thinks the Journal's cost-cutting efforts will backfire and "reporters will probably spend 10 times our compensation trying to do their own research." 

Norman has been running WSJ's library since 2007. 

For more click here. 

Baltimore Sun critic recaps CNBC coverage of new bailout plan

In a piece posted on The Baltimore Sun's Web site, David Zurawik, a critic who writes about "the business, culture and craziness of television," discussed CNBC's coverage of Treasury Secretary Timothy F. Geithner's presentation of the new bailout plan for banks Tuesday.

Zurawik noted CNBC "was the place to be" on the very busy news day. The network offered "sweeping reaction from Wall Street" and even managed to score an exclusive interview with Geithner that was conducted by NBC anchor Brian Williams and CNBC senior economics reporter Steve Liesman. Zurawik thinks that while the financial network may have been "too quick to jump to wide-ranging conclusions," CNBC asked many "good questions." He adds, "the most revealing moment of the interview came when Liesman asked Geithner to "walk him through the process of how the government was going to identify and buy toxic mortgages from banks. Geithner did not provide any details." 

For more click here. 

  

Forbes to eliminate MountainTime

Mediabistro's Fishbowl NY blog reports that Forbes is ceasing publication of its MountainTime magazine, a publication that focused on luxury recreation and adventure in Western mountain towns.
The magazine was launched last summer.
For the full entry click here.

Changes on AZ Star's biz desk

The Arizona Daily Star has appointed a new business editor and changes in its business reporting team.
Former business editor Tim Steller is switching roles to become a senior enterprise reporter with the paper and Norma Coile will now lead the business desk.
Other changes include bringing Enric (Ric) Volante to Business to cover Raytheon Missile Systems and additional topics and moving Gabriela Rico from the business desk to work for the metro section.
Dave Wichner will remain as the paper's assistant business editor.
To read more click here.

Battle plans for newspapers

It's no secret that newspapers are in crisis. But what's the solution?
Today The New York Times' Room for Debate blog gives media experts a chance to provide their battle plans for newspapers.
Included in the discussion and offering their individual plans are:

Nicholas Lemann, dean of Columbia Journalism School
Joel Kramer, editor of MinnPost.com
Steven Brill, founder of The American Lawyer magazine
Geneva Overholser, Annenberg School of Journalism
Craig Newmark, founder of craigslist.org
Andrew Keen, author
Edward M. Fouhy, founding editor of Stateline.org
Rick Rodriguez, former editor of The Sacramento Bee

To check it out click here.

Newsweek plans big changes

Newsweek, spurred by a severe downturn in readership and revenue, is planning on making significant changes, according to The New York Times.
The magazine will try to refocus its identity from a breaker of news to a commenter on news.

“There’s a phrase in the culture, ‘we need to take note of,’ ‘we need to weigh in on,’ ” said Newsweek’s editor, Jon Meacham. “That’s going away. If we don’t have something original to say, we won’t. The drill of chasing the week’s news to add a couple of hard-fought new details is not sustainable.”
...Starting in May, articles will be reorganized under four broad, new sections — one each for short takes, columnists and commentary, long reporting pieces like the cover articles, and culture — each with less compulsion to touch on the week’s biggest events.

Instead, the magazine will try to focus on its more affluent subscribers, along the lines of The New Yorker and The Atlantic, in an effort to command higher ad rates.
Like most in the industry, Newsweek has been hit hard by plummeting ad revenue.

To read more, click here

USA Today & FT commit to eReader

Editor & Publisher reports that USA Today and the Financial Times will be the first newspapers providing content when Plastic Logic's eReader debuts next year.
According to the report, "Plastic Logic said it plans to make its Reader available in trials and pilots with partners and key customers during the second half of 2009, followed by widespread commercial availability in 2010."
For the full story click here.

More cuts for Chicago Tribune Group

The Chicago Tribune Media Group is planning to cut jobs, freeze salaries and eliminate open positions to help save on costs, according to reports from the Chicago Tribune.
Tony Hunter, chief executive officer of the Chicago Tribune Media Group, said, "Those changes will “result in people leaving the organization over the next few weeks,”
It is unclear how many jobs or what positions would be affected.
To read the full story click here.

WSJ expands online

The Associated Press reports that The Wall Street Journal on has expanded their Asia and Europe Web sites and also launched a regional home page for India.
The updated sites will offer easier navigation, more local multimedia features and lifestyles pages.
From the story:

The business publication, which is owned by News Corp. unit Dow Jones & Co., has added to its news teams in Hong Kong, London and New Delhi, India as a result. The news comes days after the WSJ said it would trim about two dozen newsroom jobs, cutting its reporting and editing staff through layoffs, buyouts and by eliminating open positions.

FBN to launch live, interactive Web program

FOX News Executive Vice President Kevin Magee announced the FOX Business Network will launch FOXBusiness.com Live, a "new live interactive online program" that will be hosted by Jenna Lee and Connell McShane. The one-hour Web show, scheduled to premiere Feb. 9, will "feature breaking financial news reports, interviews with business leaders, CEO's, politicians and industry experts." Viewers will be able to comment online and on-air. 

From the press release:

In making the announcement, Magee said, "We are excited for our first foray into made-for-the-web programming. With so much of our daily news intake coming from the web, it's only natural that we take the next step and provide an interactive online show, shot and aired live in HD, where the viewer can talk to our guests and hosts to get the most out of the day's breaking business news." 

Guests scheduled to appear during premiere week include Barron's senior editor Mike Santoli, Burger King Brands President Russ Klein, Korn Ferry International CEO Gary Burnison, Sodahead.com CEO Jason Feffer and economist Sam Chandon. 

Former WSJ editor doubts Madoff tip ever occurred

Editor & Publisher reports former editor of The Wall Street Journal said he does not remember being tipped off about Bernie Madoff's ponzi scheme. Paul Steiger said, "I don't recall it and it would have come up to me." He added that he "highly doubts" the tip even occurred. 

On Wednesday, whistle-blower Harry Markopolos testified at a House hearing that he "approached Journal reporter John Wilke in December 2005 with a tip on Madoff." Markopolos claimed Wilke could not pursue the story because he "could not get approval from higher-ups." 

Steiger said the whistle-blower's claim that the Journal was "afraid of Madoff" is "preposterous...[and] silly" because the paper has covered "[p]eople that were much bigger than Madoff." 

Steiger added, "We would have loved to have done the story." 

For more click here. 

Bad economic news helps major networks

According to Media Life, the dire economy has given a boost to nightly newscasts on the three major networks. 

From the story: 

Last week, the week ended Feb. 1, all three broadcasts recorded a season high of some sort, and their viwership has been up in recent weeks as nervous Americans tune in to hear the latest bad news... All three networks are devoting huge chunks of their newscasts to the economy. Wednesday night, for instance, all three led with an economy-related story and had at least one economy-related feature later in the broadcast. 

The article also mentions that nightly newscasts are faring so well because viewers would rather tune in to see the "broader daily developments of the economic downturn" than follow the daily play-by-play offered by financial cable networks. The boost in ratings will probably continue until "the economic crunch begins to lessen." 

For the full story click here. 

McClatchy cuts expenses by at least $100 million

As a result of a tough fourth quarter, which included a revenue drop of 17.9 percent, the McClatchy Co. will trim payroll, curtail its retirement plan and cut operating expenses by at least $100 million, The Sacramento Bee Reports.
To cut costs, layoffs are likely and employees pensions will be frozen and contributions to 401 K plans will be suspended.
McClatchy Co. may also be off the New York Stock Exchange soon because it's share have fallen below $1.
For the full story click here.

GNR bass player turned financial blogger

Crain's Chicago Business reports that Playboy magazine has hired former Guns N’ Roses bass player Duff McKagan to author a new financial blog called “Duffnomics.”
From the story:

The purpose of the column, Mr. McKagan wrote in his Monday blog post, is to demystify often-misunderstood economic topics like subprime mortgages and to “bring down the man.” Recent posts include sharp-tongued criticism of Wall Street executives and irreverent commentary on the banking industry.

Bloomberg TV: How to reach the big time

Jon Friedman, a columnist for MarketWatch, writes about the evolution and future plans of Bloomberg Television.
This week Bloomberg announced its laying off about 100 employees in their radio and television division.
Even with a looming restructuring, Bloomberg Television still has its sights set on becoming one of the big players, but Friedman says the first step is giving viewers a reason to tune in.
From the story:

To reach the big time, Bloomberg Television now must change its basic philosophy by making its offerings more entertaining. The operation attracted attention when it hired former NBC News head Andy Lack last year to be its multimedia chief. Bloomberg TV has been, in a word, lackluster.

WSJ cuts 25 positions in newsroom

CNN Money is reporting The Wall Street Journal is cutting 25 of its 760 newsroom positions. According to a spokesperson, the cuts are "a combination of layoffs buyouts and elimination of job openings." 

Read the story here. 

CNBC: News Corp reports a loss, fails to meet analyst targets

CNBC is reporting Rupert Murdoch's News Corp fell short of analyst forecasts and reported a quarterly net loss. Operating income was down 42 percent from a year ago. According to News Corp, the downturn is "more severe than previously thought" and the company is in the process of implementing "rigorous" cost-cutting measures in order to deal with the new economic conditions. 

News Corp owns The Wall Street Journal's parent Dow Jones & Co., the Fox television network and several newspapers througought the US. 

For the online story click here. 

Pfeifer joins LAT biz section

The Los Angeles Times reported Stuart Pfeifer has joined the paper's Business section as a reporter. According to the Times, Pfeifer previously told many "fascinating tales that were supposed to be hush-hush." He covered the Michael Jackson molestation trial and exposed the violence and murder inside the Los Angeles County jails. 

From the memo to staff from Business Editor Sallie Hofmeister: 

What better background is there for a new assignment in Business, using the courts as a mirror into the business world and the personalities that dominate it? Emerging from court files, depositions, flamboyant judges, colorful defendants and trial testimony are compelling stories of corporations in crisis, consumers battling for justice, moguls in conflict. 

Pfeifer previously worked for The Orange County Register, Daily Breeze and several other California papers.

For more click here. 

FBN talks with ex-Madoff employee

Fox Business Network had a segment Thursday that featured an interview with an ex-Madoff employee who said many people working for Madoff questioned how the firm was making money even while the economy was tumbling and other companies were experiencing heavy losses.  

Nader Ibrahim, who worked for Madoff from 2000-2003, said it was not clear where the funds pouring into the company were coming from. But, according to Ibrahim, it was clear that the money was not coming from the trading floor. Ibrahim also suggested the company's CFO, Frank DiPascali, may have known exactly what was going on because he was "running the show." DiPascali has not been charged with any wrongdoing. 

FBN found that thus far, there is no record of any money ever being traded by Madoff's company. Madoff attributes the lack of trade records to the fact that the firm was trading securities overseas. 

To view the segment click here. 

McClatchy reports fourth quarter results

McClatchy, Co. today released its fourth quarter 2008 results. While the news wasn't encouraging, it wasn't nearly as bad as fourth quarter 2007, when the company posted a loss of over $1.4 billion.
For the fourth quarter 2008, the company lost $21.7 million, bringing total net income for 2008 to $1.4 million.
CEO and Chairman Gary Pruitt commented:

2008 was a difficult and disappointing year. We faced troubled economic times and structural changes in our business. Still, 2008 was a good year for our online business; online audiences and revenues rose sharply. In the fourth quarter, average monthly unique visitors to our websites were up 25.3% and were up 33.5% for all of 2008... But the economy remains mired in recession and our industry is still in a period of transition.

The company also plans to reduce spending by roughly $100 million in 2009, although details for the plan have not been finalized.
It will also freeze pension plans, and stop matching 401(k) contributions for the time being. The current salary freeze for senior executives will be extended through 2009, as well.

For more, click here.

Journalists role in the financial crisis?

Forbes reports that a parliamentary panel in Britain questioned five of the country's leading business journalists, including the editor of The Financial Times and the BBC's business editor, about their role in the financial crisis.
From the story:

Did they do enough to warn about the crisis before it happened? Why did their reporting not uncover the excesses of the banking industry before 2008? When the crisis eventually broke, did they exaggerate fears, notably during the run on Northern Rock which the British government ended up having to nationalize?

Read more here.

The fate of the Seattle Post-Intelligencer

Earlier this month, Hearst announced that it was putting the Seattle Post-Intelligencer up sale and that it would stop printing the paper in 60 days.
But the company also said it was considering an online-only option for the P-I.
As the deadline gets close, that plan is still under review.
From the story:

In an e-mail Wednesday, Hearst general counsel Eve Burton wrote to the committee that the company "is still studying" whether it will continue the P-I online-only, but if it does, it would be outside the Joint Operating Agreement, a contract between the P-I and The Times since 1983..."We're happy to get some answers," said Kathy George, an attorney for the committee. "The most important question, however, remains whether the P-I will stay alive as a Web operation, so we'll continue to pursue that question."

WSJ didn't move on Madoff story?

Editor & Publisher reports that The Wall Street Journal was tipped off to the Bernard Madoff fraud case more than three years ago, but never reported the story.
The report says that the key "whistleblower" Harry Markopolos testified before Congress that he approached Journal reporter John Wilke with the story, but editors wouldn't allow the reporter to move forward with the scoop for print.
For the full story click here.

Dish Network to carry FBN

MarketWatch reports that Dish Network will carry a Fox Business Network channel, a new deal that puts the network into almost 50 million U.S. households.
Fox Business, launched in October 2007, will be included as part of Dish Network's Classic Gold 250 package of channels.
For the full story click here.

Bloomberg layoffs in TV and radio

Keith Kelly of The New York Post reports that Bloomberg is laying off 60 TV and radio employees in the company's first big round of layoffs since it was started in 1981.
The report says, "the cuts are expected to be evenly distributed between TV and radio, both of which are losing an estimated $20 million-plus a year."
For more click here.

Will the NYT charge for online content?

The Associated Press reports that The New York Times Executive Editor Bill Keller has hinted that the newspaper might charge for access to some of its online offerings. One possibility includes charging for full-access subscriptions. From the story:

In an online question-and-answer exchange with readers this week, Keller said that although advertising generates the bulk of online revenue, "a lively, deadly serious discussion continues within The Times about ways to get consumers to pay for what we make."

Jonathan Wald to leave CNBC

CNBC announced on its Web site that Jonathan Wald, senior vice president of business news, will be leaving the cable network at the end of the quarter. Wald joined CNBC in 2004. 

From the story:

"Jonathan has made substantial contributions to the network over the last three years and been an important part of the successes we've seen over than time," CNBC President Mark Hoffman said in a note to employees. "Unfortunately, we could not come to terms on a new agreement and have made the decision together than the best solution is to part company at this time." 

In 2007, under Wald's leadership, CNBC won its first Emmy Award for Business & Financial Reporting for "Big Brother, Big Business," a two-hour documentary, and "Business Nation," a monthly news magazine. 

For the full story click here. 

On CNBC: Gerald Levin talks about future of media

As the market prepares for big earnings announcements from media companies, CNBC asks former Time Warner CEO Gerald Levin about his take on the new media environment and what media companies can expect in the future.

Levin emphasizes media companies need to focus on an effective management strategy and pay special attention to the balance sheet. While he acknowledges media is now in the process of satisfying Wall Street by announcing massive layoffs and cutting costs, the companies need to look ahead and focus on content. According to Levin, content is the one asset base that will most likely increase in value. 

Calame to teach at SUNY

Byron Calame, award-winning Wall Street Journal editor and former public editor of The New York Times, will become the next James H. Ottaway Sr. professor of journalism at State University of New York, according to reports from the Associated Press.
From the story:

Calame, a 42-year journalism veteran, will offer his insight on ethical issues, focusing on what values of journalism are critically important to maintain as the press makes its transition to the online arena.

Calame spent nearly 40 years at the Wall Street Journal, working as a reporter in New York, Los Angeles and Washington, D.C., before becoming top editor. After retiring from the Wall Street Journal, he served as president of the board of directors of the Dow Jones Newspaper Fund then stepped into the position of public editor at the New York Times. There he wrote columns that attracted national attention and assessed the paper's journalistic integrity.

AP expands economic indicators coverage

The Associated Press announced that it's expanding coverage of state and local economic indicators provided by the federal government as part of an increased focus on financial impact.
This month, the AP will begin coverage of monthly metropolitan area employment report produced by the Bureau of Labor Statistics.
In March the Business News department will augment its coverage of the Federal Reserve's "beige book" report, which is a summary of anecdotal information on current economic conditions gathered by each of the Federal Reserve Bank's 12 regional districts.
"Our expanded coverage of economic indicators is designed to help readers get beyond the national statistics and understand employment news and trends at the state and local level," said AP Business Editor Hal Ritter. "The global economic downturn affects readers everywhere, but its impact can vary greatly from state to state and even within a state."

Getting to Madoff

A New York Post reporter was arrested for trying to gain access to Bernard Madoff’s penthouse, according to reports from FIN alternatives.
Josh Saul, 25, attempted to get inside Madoff's apartment and secure and interview by claiming to be a real-estate broker.
He was later charged with trespassing.
Madoff is under house arrest as he awaits trial on charges that he defrauded investors of some $50 billion.
For more click here.

FBN looks beyond unemployment figures

As 20 companies cut more than 125,000 jobs last week, FOX Business Network looked beyond the numbers and asked an expert to make sense of the existing job market. Joanie Ruge, Senior Vice President at Adecco Group North America said that while the economy is weak and many sectors may continue to lay off workers, there are ample opportunities in both the healthcare and education sectors. These areas will further be helped by an additional government stimulus. Ruge added that while the financial industry has eliminated many positions,  low interest rates have also increased demand for mortgage processors at several banks. 

Ruge encouraged employees who have been laid off to "cast a very wide net" and network as much as possible. With more job cuts inevitably on the horizon, Ruge also had some suggestions for employees who fear their jobs may be cut. She had the following advice that may help some keep their jobs in a volatile environment:

Be a problem solver

Invest more time at work now

Network in and outside the company 

Offer to take more responsibility 

Think about how you can add more value

To view the segment click here. 

New biz editor in Charleston

The Charleston (W.Va.) Gazette has named Eric Eyre its business editor.
A paper reports that Eyre joined the Gazette in 1998 and has won more than 20 national awards for journalism during his reporting career in Charleston.
Eyer was granted a Kaiser Media Fellowship in Health in 2007 and spent six months researching oral health in West Virginia for a series that grabbed multiple awards.
He's also won the top award from Investigative Reporters and Editors, first prize for investigative reporting from the Education Writers Association, the Associated Press Managing Editors Award for Public Service, and the Association of Capitol Reporters and Editors Freedom of Information Award for his stories about corruption and fall of the House Education Committee chairman.
In addition, he has won the Gerald Loeb Business Journalism Award, Casey Medal for reporting on children and families, and the Clarion Award for investigative reporting.
For the full story click here.

The Chronicle's new design

Ward Bushee, editor and executive vice president of the San Francisco Chronicle, detailed his paper's latest redesign for his readers.
Changes begin this week.
From Bushee

The redesign not only makes The Chronicle brighter and more modern, it also prepares us for the rollout in June of state-of-the-art presses that will dramatically improve the paper's reproduction and color capability. During the week, a key change readers will notice is that The Chronicle will be printed in four sections - a cost-saving move that will enable us to produce the paper at a single printing facility.

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LA Times: layoffs and section consolidation

The Los Angeles Times will lay off 300 employees, including 70 newsroom staffers, and consolidate sections of the paper.
Beginning March 2, the paper will publish four daily sections. The main news section will include state, local, national and international coverage.

The moves are the latest efforts by the West's largest paper to cope with the steep loss of advertising revenue caused by the recession and the flight of advertisers to online media outlets. "We're trying to get ahead of what we see as a very tough year ahead of us," Publisher Eddy Hartenstein said. "We're no different from any other company in any other sector that I know of."

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