The Philadelphia Inquirer and Philadelphia Daily News purchased for $562 million in 2006 was announced sold yesterday, April 2, to the Democrat boss of New Jersey for $55 million.
So, in another six years will the sale price be $5.3 million?
News, Entertainment, Enlightenment
The Philadelphia Inquirer and Philadelphia Daily News purchased for $562 million in 2006 was announced sold yesterday, April 2, to the Democrat boss of New Jersey for $55 million.
So, in another six years will the sale price be $5.3 million?
Ed Rendell Media Mogul Has Problem
Famed political strategist James Carville once referred to Pennsylvania as two major cities with Alabama in between. What an insult to Alabama.
The folks in the nation’s fifth-largest state – all of them – are the backwards ones, the sad result of refusing to hold their leaders accountable for broken campaign promises and abject failures. All the while, their neighboring states – AKA “the competition” – continue to make gains at Pennsylvania’s expense.
Ohio and West Virginia are successfully courting natural
gas and oil companies, which are beginning to exit Pennsylvania.
Indiana is thriving after enacting comprehensive statewide school choice
and becoming a Right To Work state, where compulsory unionism is no
required as a condition of employment.
New Jersey (yes, Jersey!)
can woo companies across the river because of faith that a real leader,
Chris Christie, is righting the ship. Everyone else on the planet can
buy liquor easier and cheaper than Pennsylvanians. And corruption, both
criminal and institutionalized, remains rampant, killing optimism and
trampling the hope that you can beat City Hall.
From Ed Rendell
to Tom Corbett (is there a difference?), a lack of leadership has left
Pennsylvania on the precipice, its citizens staring into the abyss of
permanent mediocrity, paralyzed by fear to take the risks necessary to
forge ahead. Such a malaise is anathema to employers looking for
economic stability, a less hostile atmosphere and a better educational
system.
While that lack of leadership is inexcusable, there is
another, even more important factor as to why the state finds itself in
such a precarious situation: a media that has sold its soul, forsaking
its most basic mission of holding everyone accountable, with a “no
sacred cows” approach. For far too long, stories that needed to be told
were relegated to the dustbin. And unsavory politicians and business
leaders counted on that. Without an aggressive press, it was, and
remains, the Wild West where bad guys operate with impunity.
There is no better example of the media’s fall from grace than that of the Philadelphia Inquirer.
Once a paper of national significance that took a bulldog approach to
its reporting, it has since become a shell of its former self, an
also-ran full of AP feeds and local fluff stories of virtually no
interest.
The Inky really jumped the tracks when it was “led”
by Brian Tierney, who, along with investors, paid over half a billion
for the paper (and the Daily News) in 2006.
Mired in debt,
Tierney did the unthinkable – he approached then-Gov. Rendell for a
taxpayer-funded bailout to keep the papers afloat in 2009, a story that
Freindly Fire broke ( http://freindlyfirezone.com/home/item/43-possible-inquirer-bailout-draws-ire
) and was picked up by the Wall Street Journal in its harshly-worded
editorial “Bad News In Philadelphia – The Worst Bailout Idea So Far:
Newspapers.”
WSJ Link
http://online.wsj.com/article/SB123353263226537457.html
Predictably,
Rendell was ready and willing to lend that helping hand. But as
negative fallout for the bailout plan grew, the deal fell apart and the
papers filed for bankruptcy.
Despite what common sense
unquestionably tells us – that a taxpayer-funded newspaper would in fact
be an “adjunct of the state,” as the WSJ so adroitly described it – the
players in that ill-fated bailout attempt saw nothing wrong with their
actions.
Thankfully, Tierney is out of the picture, having lost
the papers to an investor group who held much of the original debt. But
incomprehensibly, the situation has come full circle. Now the current
owners want out, and it has been reported that none other than Ed
Rendell has been approached to put together an investor group to
possibly buy the papers.
Really? Ed Rendell? How is that even remotely possible?
Where
is the journalistic integrity in working with the very man who stood
cocked, ready to unleash millions in taxpayer funds to bail out an
“independent” media entity? It’s no secret that it has become
increasingly difficult for papers to make a profit in the age of The New
Media, but having Rendell as your “Go-To” man underscores just how
desperate the situation has become.
Taking marching orders from elected officials destroys the very essence of being a journalist and jeopardizes the unique constitutional protections afforded to media members. Sure, Ed Rendell is a private citizen now, but his mentality – how he sees the role of the government working hand-in-hand with the media – has undoubtedly not changed.
The last thing the region
needs is an investor group led by political insiders and
ideologically-supercharged individuals with aggressive personal agendas.
As painful as it would be for the thousands of hard-working folks at
the those newspapers, it would be better for the entire entity to close
its doors than be associated with folks who may, at any given time, make
a pitch for public financing.
And while past performance is not indicative of future results, it’s a damn good bet.
Better
to have no paper at all than one that prostrates itself at the feet of
the very people it purports to objectively cover. And since the
Philadelphia newspapers have been anything but a watchdog over the last
six years, churning out less than a handful of quality investigations,
the bad guys would see virtually no difference, since they’re not
exactly sweating investigative reporters knocking on their doors.
But the behavior of the Inquirer’s
ownership should come as no surprise, given that it recently accepted a
$2.9 million loan from the City of Philadelphia to assist the company
move to a new headquarters. Yes, the same city, the same Mayor and the
same City Council that the newspapers are supposed to be objectively
covering. Is nothing scared anymore?
Where The Media Went Wrong
The
sad reality is that The Fourth Estate has abdicated its sacred
responsibility of keeping American institutions honest and true. No
longer respected as the entity which holds feet to the fire and follows
investigations wherever they may lead, the American media has instead
become part and parcel of the Establishment. Too many journalists play
the “go-along, get-along” game – some because it’s easy, others because
they want to be liked, still others who are afraid they will lose
“access” if they ask the tough questions.
These people have
forgotten that their profession does not lend itself to having
“friends,” since nothing and no one should ever be off the table. The
result of these close alliances is blatant conflicts of interest, both
personal and professional. Once that line is crossed, it is nearly
impossible to return.
No medium is immune from this malady. Those
in television, radio, newspaper and internet are all complicit. As an
entity, the media has fallen down on its most basic journalistic
responsibilities, losing its integrity, and ultimately its credibility,
along the way.
Consequently, the public’s view of the media is at
an historic low. And while complaints abound that the media is biased,
which to a certain extent it is, this is but a symptom of a much greater
illness. A slant towards liberalism or conservatism is wrong, to be
sure, but inherent laziness and, by extension, incompetence, are the
first problems that must be rectified. Competence and vision will trump
bias every time.
Resurrecting the media’s image is a Herculean
task. And when the free press reaches the point where it is no longer
believed, it stands on the edge of becoming completely irrelevant.
Whether
it is nauseating nonstop coverage of Anna Nicole Smith’s funeral
procession or feel-good fluff stories in our nation’s pre-eminent
newspapers, the lack of hard-hitting investigative reporting and
aggressive interviews with top national and international leaders is
appalling. Producers and editors are constantly looking over their
shoulders at the competition, choosing to push out content to be like
“every other station,” passing on golden opportunities to be different,
to be journalists – to be leaders.
These people spend more time trying to keep their jobs than actually doing them.
There
is a certain irony here. If media executives produced the quality work
that the American people expect, their ratings would skyrocket, and
advertisers would pay a premium. The biggest myth being propagated about
the bankruptcy of media companies is that they are victims of the
economy. Nothing could be further from the truth.
They are victims of their own ineptitude.
Americans
still have an unquenchable thirst for the news, but they are
increasingly tuning out the mainstream media because the content is
utterly lacking of substance.
The solution is simple – it’s just
not easy. Nothing and no one should be off the table. Not politicians,
government officials, businessmen, media personalities, sports stars,
nor celebrities. With no agenda except the truth, the media should
pursue stories with no boundaries and no restrictions.
Americans
don’t gravitate to question marks, but exclamation points. It’s time to
put the exclamation point back in the American press, not through new
technologies and gimmicks, but by pursuing the only thing that matters:
the truth.
As the voice in the classic baseball movie Field Of
Dreams commanded, “Build it and they will come.” In the same way, if the
media gets off its duff and starts producing content worthy of the
world’s best press, readers and viewers will come – in unprecedented
numbers.
Unfortunately, if Ed Rendell takes over Philadelphia’s newspapers, the ballpark will be empty before the new game even begins.
Rendell Inquirer Rescue Attempt — The denizens of the Philadelphia Inquirer are wishin’ and hopin’ and, well not prayin’ of course, that their sinking ship is purchased by a group of city business leaders organized by famous Philadelphia sports fan Ed Rendell who one-time chaired the Democrat National Committee and was once our governor.
Well, I’m praying for their success! Democrat money should be thrown down Democrat rat holes!
Of course, one kind of wonders why Ed Snider is allegedly a party to this. Maybe it’s a Francisco Anconia-type of ploy.
The old media has been slowly sinking in the tarpit and it appears that point has arrived at which the sticky stuff is to their neck.
In the case of the New York Times, it might that about the only thing above surface is its piggish nostrils.
The Gray Lady lost $39.7 million in 2011 compared with a $107.7 million profit from the previous year.
I have mixed feelings about the demise of the dinosaurs. While the print media has not had true dissenters of any significance from the philosophy of the country club elites as reflected by the Democrat Party, there are many, many reporters — and editors — with integrity and a sense of fair play and who took their vocations very seriously. I feel for them along with the working stiffs in the press rooms and in front of composing screens and behind the wheels of delivery vehicles.
But the ugly truth is that while inky newsprint may have been the most efficient means of disseminating timely information for the last 200 years or so, it is no longer by far.
And so the wheel must turn.
In related news, Procter & Gamble — which is described as the “world’s largest marketeer” — is laying off 1,600 staffers because it has determined that Facebook and Google can do better than traditional advertising media.
KYW is reporting that the local white elephants The Philadelphia Inquirer and Philadelphia Daily News are up for sale again.
It is being alleged that Alden Global, a hedge fund that has a 30
percent stake in Philadelphia Media Network, the papers’ parent, is the
one pushing for the sale.
Alden Global owns the Journal Register Co. which is PMN’s main dead-tree competition.
Hat tip, Jim W.
Remember Poor State Worker This Tax Season — The Philadelphia Inquirer, yesterday, Nov. 25, editorialized on the need to hike the fees on those planning on drilling for natural gas in the Marcellus Shale.
Exactly! The state needs more money! Our bureaucrats and legislators are underpaid! And think of our poor teachers!!
But why should we stop the new taxes at natural gas drilling? How about a tax on newspaper sales? Why shouldn’t these consumer products be taxed while needy state workers suffer?
Or how about newspaper advertising? How about for every column-inch sold in the Inky, have 6 percent go to the state? It’s only fair!!
Granted Doonesbury and opinions as to whether Andy Reid should be fired are far more socially necessary than things like energy independence and home heating, but when it comes to paying those who keep our traffic snarled by manning toll booths and decide the benefit packages of emeritus professors of physical fitness at our major universities, no sacrifice is too great!!
Philadelphia Inquirer carried a large, front page story, Oct. 7, about the “Occupy Philadelphia” protest near City Hall which drew about 700 flea partyers.
Contrast this to the almost non-existent coverage it gave the Independence Hall Tea Party’s 4th of July event which brought about 1,500 to Independence Mall and featured Herman Cain and John Bolton as speakers.
One’s sure they have their reasons for the stories they choose to play up.
Update: Teri Adams of the Independence Hall Tea Party tells us that the turnout on July 4 was actually over 2,000.
Flea Party Vs Tea Party II
Pitiable State Of Dino Propagandists — The Philadelphia Inquirer, yesterday, Sunday Aug. 28, devoted the back page of the A section to an New York Times News Service article which it titled Irene Renews Debate Over Cause Of Change.
The article does not seem to be available at the Inky website, Philly.Com, so here is the first graf:
The scale of Hurricane Irene, which could cause more extensive damage on the Eastern Seaboard than any storm in decades, has revived an old question: Are hurricanes getting worse because of human-induced climate change?
The second paragraph was basically “yes” according to “many” scientists.
Now when one writes “could” one “could” write just about anything and still be technically accurate i.e. “my dog could fly if the laws of physics mysteriously changed.”
The magic of “could” is something one learns during the intense playground arguments of the second grade.
Still, with Hurricane Floyd occurring just a dozen years ago it was a silly thing to say. If one is making the claim of catastrophic climate change, does one really want one’s targets to remember the storms of past decades that spread havoc in the Northeast like Floyd or the Long Island Express of 1938 or Hurricane Agnes of 1972?
Really, when one’s goal is to convince one’s targets something new is occurring why allude to events that show it really is not?
But the real problem with the story, of course, is that it ran on the day the storm fizzled. They couldn’t just wait to be sure.
The truly great progressive propagandists like Vladimir Lenin and Joseph Goebbels would sneer with disgust at the new crew.
For your reference here is a link to a list of the great East Coast hurricanes.
The Philadelphia Inquirer/Daily News — which is now calling itself one publication with regard to circulation — announced, yesterday, Aug. 22, that it has made a formal agreement with the Pittsburgh Post-Gazette that “will result in more shared content and joint endeavors for both editorial and business purposes.”
Yes, this means they will be offering advertising packages.
This also said the will “work together to avoid duplication of stories.”
One foresees some more media layoffs in Pennsylvania.
The Inquirer/Daily News is the largest newspaper in the state with a circulation of 343,710 as of March 31.
The Post-Gazette is the third largest with a circulation of 187,237.
The conservative Pittsburgh Tribune-Review is second largest with a circulation of 190,625.
Last month, Alden Global Capital — the hedge fund with a “significant stake” in the corporate owners of the Inquirer/Daily News — announced it acquired Journal Register Co., the company that owns most of the newspapers in suburban Philadelphia.
The hedge fund that owns a “significant stake” in Philadelphia Media Network Inc. which is the owner of the Philadelphia Inquirer and Philadelphia Daily News, has acquired Journal Register Co. of Yardley, Pa. which owns just about all the other print publications in the Philadelphia area including most of the weeklies.
JRC banners include the Trentonian of Trenton, N.J., The Daily Times of Delaware County, The Daily Local of Chester County, The Mercury of Pottstown, and the Times Herald of Montgomery County.
The hedge fund is Alden Global Capital which has offices in New York, Dallas, Mumbai and Dubai.
Once, this type of monopoly would have been something to be concerned about but times change.
JRC and Philadelphia Newspapers LLC., which was the subsidiary of Brian Tierney’s Philadelphia Media Holdings, Inc. that previously owned the Inquirer and Daily News, filed for bankruptcy in the same week in February 2009.
There are decent people in both companies and I sincerely wish them all the best.