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usc
Newspapers Bankrupt, Bailout Unlikely
Could print media be the next industry to need a bailout?Tribune Co. filed for bankruptcy protection today to cover $13 billion in debt. The media conglomerate owns the Chicago Tribune, Los Angeles Times, Chicago Cubs, and various other assets, though the Cubs aren't included in this bankruptcy filing. I don't follow baseball, so MLB-savvy commenters will have to let us know if that's a good thing.
The much-maligned "liberal media" is taking hits across the board: The New York Times today made clear its own financial frailty, announcing a $225 million mortgage on the paper's Manhattan headquarters. Both media companies blame the credit crunch and declining revenue for their financial difficulties, with Tribune Co. also blaming the debt incurred when owner Sam Zell took the company private.
While there's no doubt that the global economic slowdown is hurting everyone, Zell's excuse of a financial "perfect storm" causing his company's chaos sounds a little disingenuous. Newspapers have seen a declining market for years, and have had mixed results trying to adapt. Perhaps a little tough love from the free market will do the industry some good.
Yet despite my frequent grievances with the media, I hope the newspaper industry remains intact - even if the Tribune doesn't. The resources that newspapers are able to provide - bankrolling a few big scoops, investigating stories for years, and cultivating key sources for an insider's view - are not always matched by print media's Fourth Estate counterparts in broadcast and online media. There's still nothing like the feel of a good, thick newspaper in the morning over a cup of coffee, especially after a historic election.
Then again, I usually read newspapers online; this college student can't afford the subscription.
See also:
- Tribune columnist says "no" to bailout
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FireEagle
2:12AM 2:12AM Dec 9th 2008
The bailouts are causing at least 4 problems that I see.
1. Nationalizing, private companies. There goes the free market. The liberal democRats are already wanting the Auto industry to make cars that people do not want, in order to get the bailout money that is being asked for by the big 3 auto makers. Notice that Toyota, Honda and others are not begging for money. They seem to be making cars, that people want.
2. It will prolong the recession, and the recovery.
3. It will make the liberals be more socialist then they already are. Both the Liberal Democrats, Independents and Republicans. We have to watch all of them.
4. Any bailouts should go to the small and medium size business, because they employ 3 out of every 4 workers. These large companies, while they have lots of employees, they only employ, a small amount of the workforce, compared to the smaller ones.
Are Newspapers, and others wanting a bailout??? Why should the people that still have jobs. Pay for failed businesses? Many years ago people used to get ice delivered to their homes to cool their food. Should they have gotten a bailout? Well with computers and the Internet newspapers are no longer a desired, hot selling item. While I like having a newspaper, I would rather get the news that I wish to receive, an not some editorialized, bunch of liberal garbage that is not factual. I still get the newspaper but have cut down to Sunday edition only. I do feel sorry for the workers at the newspaper, and the people that harvest the tree crops that make the newspaper. People think they are saving trees when they stop getting the paper, but they are just not buying a tree that is grown for paper, like a crop.
If the government wants us spend less on ourselves, to fight the recession, why can't they do the same, and cut the Capital gains tax. That would boost the economy really quick, and alot of these laid off workers (533,000) laid off this month, due to business fear of what the Obama presidency will do to the economy. See Obama is generating the change in direction that he promised.
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Bill T.
2:59PM 2:59PM Dec 13th 2008
The fact that all these corporations need to be bailed out with OUR tax money attests to the failure of so-called "free market" capitalism. It's about time that we re-evaluate this sacred cow economic system, and learn to produce goods and services for the benefit of the citizenry, rather than for the benefit of the profiteers who would like to believe that what's good for General Motors is good for America.
We The People should get something for our tax money...we ought to OWN these industries and start managing them in the public interest.
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FireEagle
11:44PM 11:44PM Dec 13th 2008
Yes, lets get rid of the free market system that has made this country that largest economy of the free world.
Yes, lets have the state take over all of our industries, just like the socialist countries do, and are mired in poverty. If you like that way of life why don't you move to those countries.
The reason that the financial markets are failing is because Barney Frank, and Chris Dodd mandating that the banks do mortgage loans to people that could not afford the house that they were buying. They were loaning extra money on the inflated values of houses that all of a sudden dropped in price and the deeds were no longer worth the paper that it was written for.
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WILL
11:49AM 11:49AM Dec 9th 2008
NEWSPAPERS ARE GOING UNDER BECAUSE THEY HAVE BEEN TAKEN OVER BY LIBERALS , MOST PEOPLE THAT READ PAPERS ANYMORE ARE OLDER CONSERVATIVE TYPES , AND ARE SICK OF THE LIBERAL AGENDA ,AND ARE CANCELING THIER SUBSCRIPTIONS
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janesmom
8:40PM 8:40PM Dec 11th 2008
Newspapers are going under because they have lost their credibility, and become part of the "Democratic Party". Why should I pay to read all the news they think is"fit to print"? I can watch the Democratic talking heads on t.v.
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jan12
9:50PM 9:50PM Dec 12th 2008
Is this about bailouts or how much you sore-loser conservatives hate liberals?
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jan12
9:51PM 9:51PM Dec 12th 2008
Maybe because liberals have the drive to go out and work in the print-media business, a difficult and low-paying job, while you fat cat conservatives sit around your computers and spew your hatred and bigotry all over the Internet. Conservative policies destroyed the economy in the first place, so be uiet and let those of us who know what we are doing clean up YOUR red-state, racist, church-mouse, closed-minded, censorship-happy, money-worshipping, fascist, war-mongering MESS!!!!!!
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Nick
9:49AM 9:49AM Dec 13th 2008
Where is the big bailout story AOL? The one that the FED will not disclose who they bailed out with about 2 trillion of American taxes we pay. This administration is screwing the American public to the end. They created this economy now they refuse to tell which of their buddies we are bailing out! George Bush is the worst their has ever been! This guy seems to only want to divide and destroy this country and he has done a damn good job of it.
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DD8V92
2:06PM 2:06PM Dec 13th 2008
Damn, There goes another Liberal Newspaper down the drain--What am going to line my Bird cage with???
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Bill T.
3:29PM 3:29PM Dec 13th 2008
The fact that all these corporations need to be bailed out with OUR tax money attests to the failure of so-called "free market" capitalism. It's about time that we re-evaluate this sacred cow economic system, and learn to produce goods and services for the benefit of the citizenry, rather than for the benefit of the profiteers who would like to believe that what's good for General Motors is good for America.
We The People should get something for our tax money...we ought to OWN these industries and start managing them in the public interest.
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jim from ny
8:26PM 8:26PM Dec 13th 2008
Newspapers are a waste of trees.
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