Decline of newspapers.docx

Decline of newspapers.docx

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Declineofnewspapers

Declineofnewspapers

Thedeclineofnewspapershasbeenwidelydebatedastheindustryhasfaceddownsoaringnewsprintprices,slumpingadsales,thelossofmuchclassifiedadvertisingandprecipitousdropsincirculation.Inrecentyearsthenumberofnewspapersslatedforclosure,bankruptcyorseverecutbackshasrisen—especiallyintheUnitedStates,wheretheindustryhasshedafifthofitsjournalistssince2001.[1]Revenuehasplungedwhilecompetitionfrominternetmediahassqueezedolderprintpublishers.[1][2]ThishasstrictlyaffectedonlytheUnitedStatesortheEnglish-speakingmarketsthoughthereisalargeriseinsalesforcountrieslikeChina,JapanandIndia.

Thedebatehasbecomemoreurgentlately,asadeepeningrecessionhascutprofits,[3]andasonce-explosivegrowthinnewspaperwebrevenueshasleveledoff,forestallingwhattheindustryhopedwouldbecomeanimportantsourceofrevenue.[4]Oneissueiswhetherthenewspaperindustryisbeinghitbyacyclicaltroughandwillrecover,orwhethernewtechnologyhasrenderednewspapersobsoleteintheirtraditionalformat.Tosurvive,newspapersareconsideringcombiningandotheroptions,[5]althoughtheoutcomeofsuchpartnershipshasbeencriticized.[6]Despitetheseproblems,newspapercompanieswithsignificantbrandvalue,whichhavepublishedtheirworkonline,haveasignificantriseinviewership.

Causesfordecline

Thenewspaperindustryhasalwaysbeencyclical,andtheindustryhasweatheredprevioustroughs.Butwhiletelevision'sarrivalinthe1950spresagedthedeclineofnewspapers'importanceasmostpeople'ssourceofdailynews,theexplosionoftheinternetinthe1990sandthefirstdecadeofthe21stcenturyincreasedthepanoplyofmediachoicesavailabletotheaveragereaderwhilefurthercuttingintonewspapers'hegemonyasthesourceofnews.BothtelevisionandtheInternetbringnewstotheconsumerfasterandinamorevisualstylethannewspapers,whichareconstrainedbytheirphysicalformandtheneedtobephysicallymanufacturedanddistributed.Thecompetingmediumsalsoofferadvertiserstheopportunitytousemovingimagesandsound.Andtheinternetsearchfunctionallowsadvertiserstotailortheirpitchtoreaderswhohaverevealedwhatinformationtheyareseeking—anenormousadvantage.

TheInternethasalsogoneastepfurtherthantelevisioninerodingtheadvertisingincomeofnewspapers,as –unlikebroadcastmedia –itprovesaconvenientvehicleforclassifiedadvertising,particularlyincategoriessuchasjobs,vehicles,andrealestate.FreeserviceslikeCraigslisthavedecimatedtheclassifiedadvertisingdepartmentsofmanynewspapers,someofwhichdependedonclassifiedsfor70%oftheiradrevenue.[7]ResearchhasshownthatCraigslistcostthenewspaperindustry$5.4billionfrom2000-2007,andthatchangesontheclassifiedsideofnewspaperbusinessledtoanincreaseinsubscriptionprices,adecreaseindisplayadvertisingrates,andmayhaveimpactedsomenewspapers'onlinestrategy.[8]Atthesametime,newspapershavebeenpinchedbyconsolidationoflargedepartmentstores,whichonceaccountedforsubstantialadvertisingsums.

PressbaronRupertMurdochoncedescribedtheprofitsflowingfromhisstableofnewspapersas"riversofgold."But,saidMurdochseveralyearslater,"sometimesriversdryup."[9]"Simplyput,"wroteBuffaloNewsownerWarrenBuffett,"ifcableandsatellitebroadcasting,aswellastheinternet,hadcomealongfirst,newspapersasweknowthemprobablywouldneverhaveexisted."[10]

Astheirrevenueshavebeensqueezed,newspapershavealsobeenincreasinglyassailedbyothermediatakingawaynotonlytheirreaders,buttheirprincipalsourcesofprofit.Manyofthese'newmedia'arenotsaddledwithexpensiveunioncontracts,printingpresses,deliveryfleetsandoverheadbuiltoverdecades.Manyofthesecompetitorsaresimply'aggregators'ofnews,oftenderivedfromprintsources,butwithoutprintmedia'scapital-intensiveoverhead.[11]Someestimatesputthepercentageofonlinenewsderivedfromnewspapersat80%.[12]

"Newspapersaredoingthereportinginthiscountry,"observedJohnS.Carroll,formereditorofTheLosAngelesTimesforfiveyears."GoogleandYahooaren'tthosepeopleputtingreportersonthestreetinanynumber.Blogscannotaffordit."[13]Manynewspapersalsosufferfromthebroadtrendtoward"fragmentation"ofallmedia –inwhichsmallnumbersoflargemediaoutletsattemptingtoservesubstantialportionsofthepopulationarereplacedbyanabundanceofsmallerandmorespecializedorganizations,oftenaimingonlytoservespecificinterestgroups.So-callednarrowcastinghassplinteredaudiencesintosmallerandsmallerslivers.Butnewspapershavenotbeenaloneinthis:

theriseofcabletelevisionandsatellitetelevisionattheexpenseofnetworktelevisionincountriessuchastheUnitedStatesandUnitedKingdomisanotherexampleofthisfragmentation.

UnitedStates[edit]

Sincethebeginningof2009,theUnitedStateshasseenanumberofmajormetropolitandailiesshutteredordrasticallyprunedafternobuyersemerged,includingTheRockyMountainNews,closedinFebruary,andTheSeattlePost-Intelligencer,reducedtoabare-bonesinternetoperation.[14]TheSanFranciscoChroniclenarrowlyavertedclosurewhenemployeesmadesteepconcessions.[15]InDetroit,bothnewspapers,TheDetroitFreePressandTheDetroitNews,slashedhomedeliverytothreedaysaweek,whileproddingreaderstovisitthenewspapers'internetsitesonotherdays.[16]InTucson,Arizona,thestate'soldestnewspaper,theTucsonCitizen,saiditwouldceasepublishingonMarch21,2009,whenparentGannettCompanyfailedtofindabuyer.[17]

Anumberofotherlarge,financiallytroublednewspapersareseekingbuyers.[18]OneofthefewlargedailiesfindingabuyerisTheSanDiegoUnion-Tribune,whichagreedtobesoldtoaprivateequityfirmforwhatTheWallStreetJournalcalled"arock-bottomprice"oflessthan$50million –essentiallyarealestatepurchase.[19]（Thenewspaperwasestimatedtohavebeenworthroughly$1billionasrecentlyas2004.）[20]TheSunTimesMediaGroup,publisheroftheeponymousbankruptnewspaper,fieldedameager$5millioncashbid,plusassumptionofdebt,forassetslastclaimedworth$310million.

LargenewspaperchainsfilingbankruptcysinceDecember2008includetheTribuneCompany,theJournalRegisterCompany,theMinneapolisStarTribune,PhiladelphiaNewspapersLLC,Sun-TimesMediaGroupandFreedomCommunications.[21]

Somenewspaperchainsthathavepurchasedotherpapershaveseenstockvaluesplummet.[22]TheMcClatchyCompany,thenation'sthird–largestnewspapercompany,wastheonlybidderontheKnight-Ridderchainofnewspapersin2005.Sinceits$6.5billionKnight-Ridderpurchase,McClatchy'sstockhaslostmorethan98%ofitsvalue.[23]McClatchysubsequentlyannouncedlargelayoffsandexecutivepaycuts,asitssharesfellintopennystockterritory.[24]（AlthoughMcClatchyfaceddelistingfromtheNewYorkStockExchangeforhavingasharepricebelow$1,inSeptember2009,itwasabletoovercomethisthreat.[25]Othershavenotbeensolucky.In2008and2009,threeotherU.S.newspaperchainshaveseentheirsharesdelistedbytheNYSE.[26]）

Othernewspapercompanyvaluationshavebeensimilarlypunished:

thestocksofGannettCompany,LeeEnterprisesandMediaGeneraltradedatlessthantwodollarspersharebyMarch2009,withTheWashingtonPostCompany'sstockfaringbetterthanmost,thankstodiversificationintoeducationaltrainingprograms –andawayfrompublishing.[27]Similarly,UK-basedPearsonPLC,ownerofTheFinancialTimes,increasedearningsin2008despiteadropinnewspaperprofits,thankstodiversificationawayfrompublishing.[28]

TheNewYorkTimesCompany,hard-pressedforcashasitssharesslidbelowfivedollarspershare,suspendeditsdividend,soldandleasedbackpartofitsheadquarters,andsoldpreferredsharestoMexicanbusinessmanCarlosSliminreturnforacashinfusion.ButthecreditratingagenciesstillcuttheratingonTimesCompany'sdebttojunkstatus,andthecashcrunchatTheTimespromptedittothreatentoshutteritsBostonGlobeunlessworkersmadedeepconcessions.[29]EvenNewsCorp.,thediversifiedmediaholdingcompanyoverseenbyRupertMurdoch,washit,forcedtowritedownmuchofthevalueofnewspaperpublisherDowJones&Co.thatitpurchasedfor$5billionin2007.[30][31]ApparentlyshelvedareplansannouncedbyMurdochatthetimeoftheacquisitiontoexpandTheWallStreetJournal'snewsroom.

Onedevelopmentoccurredinmid2013,whenbillionaireJeffBezos,founderofA,paidUS$250millionforTheWashingtonPostandseveralsmallernewspapers.（ThePostcompanyhadsoldNewsweekafewyearsearlier.）Thepurchase,whichendedthemorethan80-yearownershipofthepaperbytheGrahamfamily,wascalled"generous"[citationneeded]bypublisherKatharineWeymouth,whowasaskedtoremainatthehelm.WhenitwasnotedthatthepapermighthavetorunstorieswhicharecriticalofAorBezosinthefuture,Bezosagreednottointerferewiththenewspaper'sindependence.Others[who?

]havesaidthatBezosdrasticallyoverpaidforthepaper,andthatlatepublisherKatharineGrahammight[weasel words]nothavemadethesale.[citationneeded]

ThedeteriorationintheUnitedStatesnewspapermarketledonesenatortointroduceabillinMarch2009allowingnewspapercompaniestorestructureasnon-profitcorporationswithanarrayoftaxbreaks.[32]TheNewspaperRevitalizationActwouldallownewspaperstooperateasnonprofitssimilartopublicbroadcastingcompanies,barringthemfrommakingpoliticalendorsements