Traditional newspapers are under intense pressure from a financial perspective. Newspapers provide much of the material that is linked to on blogs and other websites but they make little money for providing this service, while Google (owner of Blogger, which runs many sites on the internet) is a financial and stock market titan.
In addition to the financial threat, newspapers have a more “existential” crisis as they attempt to justify their role in the new world. They are often “scooped” by blogs and other media, which feature focused, partisan and expert writers on specific topics, as opposed to the “generalist” model used by traditional journalists.
In Chicago the Sun-Times has been rescued from bankruptcy by Jim Tyree of Mesirow Financial, who paid $5M and assumed $20M in debt for an enterprise with $200M of revenue / year. This rescue was accompanied by significant work rule changes from the unions that run the Sun Times, which are supposed to enable Tyree to restructure the enterprise to become profitable.
With all of this drama, the Chicago Sun-Times had an excellent opportunity to re-establish their voice and champion their role as journalists and their importance to the city. Let’s hear what they had to say in an column by Neil Steinberg titled “Hard choice lets city keep 2 newspapers“…
If the Trump Tower toppled into Wabash Avenue this afternoon because its builder secretly mixed Cream of Wheat in with the concrete, the Chicago Sun-Times… would instantly rush people over… to talk to people stumbling out of the twisted wreckage. More important, it would set reporters to work, figuring out just how that Cream of Wheat got into the cement, and what we could learn from the fiasco.
The question that the Sun-Times needs to answer is WHAT would be missed if they were to exit the scene, and HOW that would impact the citizenry of the City of Chicago and the other cities that they serve.
This completely feeble example is so far off base that I don’t even know where to begin. The most important value of journalism is to get AHEAD of stories before they become disasters, so that the disaster is averted. This means that they learn about an industry or topic, watch what is occurring, and raise the alert to the public before the event significantly impacts the population.
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