No News Is Good News: Companies Going Broke

LibertySugar — Tue, 09 Dec 2008 00:01:13 -0800

Announcements from major media companies yesterday made it clear that the recession has hit those who report on it. Meanwhile, the Pulitzer Prizes announced plans to accept submissions from web-only news outlets, providing a redundant wake-up call to traditional news companies failing to get by. Here's a roundup of traditional media's most recent struggles:

New York Times: Like many Americans, the New York Times Company will borrow against its house to keep the cash flowing. Specifically, the paper of record will take $225 million out against its Manhattan headquarters.

For the rest of this sad news story, read more.

Tribune Co.: The media giant, which owns the LA Times and the Chicago Tribune filed for bankruptcy protection yesterday. Following the filing, the CEO sent employees a memo that said business will carry on as usual. He wrote: "The good news is that we have great brands, and we produce great products every day. It's up to all of us to continue to focus on what it is we do best."
NBC: The peacock network has had its head in its feathers apparently, as its chief Jeff Zucker told investors yesterday that a bad Fall performance may result in programming cutbacks. Last week, NBC laid off 500 employees. Zucker said: "We're in an era where if we don't change the models of these local TV stations, we will be newspapers, we will be car companies. I don't want to be a company that files for bankruptcy."

While the Tribune Co. seems optimistic about its products, Zucker's comments make it clear that he's happy to be in the TV business rather than newspaper. In a day where everyone seems to have an insatiable craving for information, it's a shame that these media companies cannot quickly adapt, especially since their reporting resources are still valuable in an online world.

Do you think stalwart media organizations like the New York Times and NBC can find a model that works as technology speeds ahead and a recession hits most businesses, or has their time passed?

Source

Say What? New Cubs Owner on Coming Out in Her Thirties

TresSugar — Mon, 02 Nov 2009 11:10:00 -0800

"I think for a long time I wasn't really out to myself growing up in Omaha, Nebraska, to a Catholic conservative family. It took me a while to come out to myself and not long after that I came out to them. I think that it really couldn't of been a better experience. They were all immediately supportive."

- Laura Ricketts, one of the new owners of The Chicago Cubs who happens to be an openly gay woman - a first for Major League Baseball. The Ricketts family bought the Cubs and Wrigley Field from the Tribune Co. for $845 million in a deal. Laura Ricketts is also on the board of the gay rights organization Lambda Legal. To watch a video of the family talking about their acquisition, read more