Friday, June 12, 2009
Thursday, June 11, 2009
It all started when Mark Kriski mentioned on "KTLA Morning News" that Howard Stern's pop culture influence began to wane after he moved to satellite radio.
It was a brief remark, but Stern caught wind of it -- and soon went on a diatribe against the KTLA weatherman. Stern targeted everything -- Kriski's credentials, his hair and the idea of weather forecasters in general. Check it all out above -- and there's more at the KTLA site. Sphere: Related Content
The non-profit Cantigny Foundation that runs the 500-acre estate sold nearly $184 million worth of Tribune stock in connection with the deal. The LBO that saddled Tribune Co. with billions in debt meant a nice bump to the Cantigny Foundation endowment, allowing it to further its mission of providing the public the opportunity to hike, golf and examine the artifacts of the First Infantry Division of the U.S. Army. (McCormick was Colonel McCormick.)
Also in the cross-hairs of creditors in Tribune’s Chapter 11 case is the billion dollar-plus McCormick Foundation, which sold $1.5 billion worth of company stock in the LBO transactions, for a $963 million profit, according to tax records. It dishes out millions annually to civic charities around the country. [Click for MORE] Sphere: Related Content
|The Daily Show With Jon Stewart||Mon - Thurs 11p / 10c|
Wednesday, June 10, 2009
The New York Times Co. has hired an investment bank to manage the possible sale of The Boston Globe, and the company plans to request bids for Boston's major daily in the next couple of weeks, according to two people who say they may make offers on the newspaper. [Click for MORE] Sphere: Related Content
Tuesday, June 9, 2009
The job skills and responsibilities sought in a new county government reporter for the Register in Orange County, CA, could be a template for how out-of-work journalists should market themselves these days. Think solid reporting, the ability to break news and write smart analysis, mixed with posting to blogs and Twitter and comfort on TV and radio. Posting from the newsroom is HERE. Sphere: Related Content
On that day, the newspaper published its in-depth investigation of the Gov. Rod R. Blagojevich scandal; two days earlier, its parent company, Tribune Co., filed for Chapter 11 bankruptcy.
“That day said the business model is broken,” editor Gerould W. Kern said at a May 21 panel of industry leaders titled “Make Media Matter.”
Before and since December, the newspaper suffered numerous layoffs, lower print circulation and a $13 billion debt load which real estate mogul Sam Zell took on when he purchased the company in April 2007. Zell invested $315 million in equity in the company in an $8.2 billion dollar buyout.
“Reporters are losing their jobs and people are getting lower quality,” said Rick Edmonds, media business analyst for the Poynter Institute, a nonprofit industry education resource. “It’s a lot to do with helping Sam Zell pay the debt, which he isn’t able to do completely anyway.”
Not all newspapers are saddled with debt. But the Chicago Tribune has plenty of company in the pool of struggling papers trying to conquer the Internet and other new technologies, while seeking to overcome economic challenges and attract younger audiences. Experts fear the Tribune’s financial trouble is negatively affecting the credibility of the paper, and with advertising revenues falling, the Tribune must search for other revenue streams and ways to deliver its content. [Click for MORE] Sphere: Related Content
The Boston Globe's survival was jeopardized Monday when its largest union rejected a package of wage and benefits cuts that management had deemed necessary to keep New England's largest daily alive.
Members of the Boston Newspaper Guild rejected by a vote of 277 to 265 a proposal by the Globe's parent, New York Times Co., to cut costs at the unprofitable publication.
Times Co. two months ago had told union leaders the paper was on pace to lose $85 million this year and would be closed unless its unions agreed to $20 million in concessions. By Monday, six of the seven unions involved in negotiations had approved new contracts. But that effort hinged on passage by the Guild, which was responsible for half of the $20 million. [Click for MORE] Sphere: Related Content
Monday, June 8, 2009
Ms. Ling and Ms. Lee were detained by North Korean soldiers patrolling the border between China and North Korea on March 17. [Click for MORE]
Intriguing story out of the Chicago Tribune (via Romenesko) says that negotiations with big creditors of the bankrupt Tribune Company could lead to chairman Sam Zell losing his role. Details are still in flux, apparently, but the story says:
Bankruptcy experts said the plan's outline raises questions about whether the senior lender group would want to retain Zell and his management team or seek new leadership for the company. It also poses the question of whether Zell would want to stay without a large ongoing stake in the company.
Sources close to both the creditors and the company said it is too early to make such decisions and Tribune management continues to control the process because it currently has the exclusive right to propose whatever reorganization plan it wishes. But Zell's team has indicated that it wants to work toward a consensual plan with the company's creditors, which means issues such as who manages the company and whether those managers are given equity as part of an incentive package will be negotiated over time, experts said.
"It completely depends on whether the new owners see value in keeping Zell," said Douglas Baird, a corporate reorganization specialist at the University of Chicago Law School. "They have to decide: Is the person at the helm when the company went into the storm the most able person to steer it out?"