Showing posts with label Sam zell. Show all posts
Showing posts with label Sam zell. Show all posts

Tuesday, December 9, 2008

What the Tribune press release doesn't say


As reported everywhere yesterday, the Tribune Company has filed for bankruptcy. What was less reported is what effect that will have on Trib publications and stations, and moreso, on current and former Trib employees like those who work, and worked for The Hartford Courant.

Alan Mutter, a former executive editor of the Chicago Sun-Times, which is a daily competitor with the Tribune, offers some sobering words about the potential for financial loss for creditors, employees, and former employees. Seems like the Trib, as part of the bankruptcy settlement, has the right to end promised severance payments, wipe out employee equity in the complex EOS, Sam Zell structured, and restructure debt for anyone who has an outstanding invoice with the Trib, or one of it's media outlets.

In related news, the Governor of Illinois, who has lately taken a heroic stance in the recent battle between workers at Republic Windows and Doors and Bank of America, has been arrested for campaign violations and extorting editorial support from, of all places, The Chicago Tribune.

Sunday, June 29, 2008

The amazing shrinking Courant


I don't envy The Hartford Courant's managing editor, Barbara Roessner. As the architect of the "new" Hartford Courant, she is, and will be, the target of scorn from readers and reporters alike. If Roessner pulls off the transformation of the Courant, she will be acclaimed a genius, but the odds are against her. Those who do feel that if anyone has a chance, Roessner, who is reportedly smart, tough, shrewd and creative, likely does.

In her column today about the changes to come, Roessner explains the uphill battle she faces, with a sense of humor, and a sense of what's possible given the resources she'll have at her disposal. In addition, she's sizing up her options, considering an alternative career as a Vermont bartender if the Courant thing doesn't work out. By the way Barbara, it'll be the rare bar in Vermont where you'll be asked to mix a Goombay Smash.

On the positive side, the folks at the Courant likely understand that there will not be an immediate mass exodus of readers since the paper is still considered a daily must by thousands of readers across the state, as the states's paper of record. Still, as the Courant realizes, readership of the print edition continues to shrink. What they need to consider as well, is the fate of The New Haven Register, and it's associated papers, all of which were well-read until a corporate right-sizing reshaped those papers into rags that readers walked away from in droves. On the other hand, the Courant should consider successful independent dailies like Manchester's Journal Inquirer, which has maintained its readership by providing local news and insightful state reporting.

As a longtime reader, I can't say I'm thrilled with some of the other projections of what will happen at the paper.

Right now, the first section, the A section of the paper is the most read piece. The Courant plans to reshape that section, but it's time to ask the question "if it ain't broken, why fix it?" By ridding the section of national and international news the Courant seems to be pandering to a dumbed-down audience, when, in fact, the people who are currently reading are not of the "dumbed-down" variety. The people who are not reading the paper may fit that definition, but it's unlikely that the Courant is going to convince the non-reader to suddenly pick up a paper.

What will happen, of course, is that the Courant will be sending us elsewhere - the New York Times, for example - to read national and international stories. How does it help the Courant to send readers like me elsewhere?

Elsewhere in section A, we'll find the stories which formerly appeared in the "Connecticut" section. As a born skeptic, it leads me to surmise that I'll find more stories in that section about towns which I don't care to read about, and less stories about the town in which I live.

Business news will also move into the A section, though I understand that the Courant will abandon its print version of stock prices and sports scores. It's an old axiom, I know, but it's been said that people pick up a paper for the obituaries and the sports scores. Sure, the online scores, and stock reports, are more current (no pun intended), but the Courant seems to be cutting off its nose, etc.

Another new element of the paper will be shorter stories, more "bulleted" stories, and more charts, grafts and statistics, which will replace full-length stories. For the Courant's information, I come to newspapers for depth. I hate USA Today for it's lack of depth. If I want headlines, and soundbites, I'll turn on the local radio news, or God forbid, the local TV news. Again, the Courant seems to be turning its back on its core readership to try to seduce the non-reader, who, I hate to say, will never darken the door of an honor box.

As for iTowns, the pitful weekly review of town stories (what person, who hasn't read the original story, actually will want to read the encapsulated version, and what person who has already read the original, gives a shit that it's printed again), I say ditch it. As I wrote a few days ago, you want me to write the news and then pay to read it? Not likely.

The Courant's predicament is, unfortunately, a direct result of the Sam Zell deal. He was allowed to broker the future health of the paper (and don't be misled, without the debt saddling the Courant because of the deal, the paper could make millions every year), for his own benefit. I think Zell should have stuck to real estate, then again, there ain't much money to be made there these days.

The Courant cannot afford to continue to shed its best, and only asset, it's knowledgeable, experienced writers, editors and photographers, and expect to keep readers who understand the value of a newspaper.

I'm with Colin McEnroe. I think the best writers and editors should take the early retirement package and severance and start an online state news website that will give the "new" Courant a run for its money.

Good luck Barbara, but rest assured, a shot and a beer are easy to serve up.

Friday, June 6, 2008

Burning the newspaper


Buried on the inside page of the Business Section of the Hartford Courant this morning is a story about upcoming layoffs at OCPNC (the oldest continuing published newpaper in the country). The Courant is obviously not interested in boasting about their plan.

In several conversations with Courant reporters past and present, there is a pessimism about the future of the paper, and their own futures. And reporters continue to flee, pursuing jobs at foundations, universities, and in local PR and media positions.

"The writing's on the wall," one reporter said to me. When of course, it should be on the pages.

If reporters and editors aren't demoralized, this article will surely pull their morale to a new low.

The article, euphemistically talks about "right-sizing" the paper, and chief operating officer Randy Michaels, expressing doubts about the "efficiency" of reporters has this to say:

"You can eliminate a fair number of people while not eliminating a lot of content."

Which is in line with the Courant's plan of increasing the advertising to editorial content ratio from the current 50-50 to 75-25.

So, in order to make the Courant more vibrant, the Courant is cutting news, cutting reporters and increasing advertising. And that will attract readers in what way?

The Courant, and all US newspapers have been getting their asses kicked by TV for decades, and now the internet has increased the encroachment significantly by providing content nearly instantly, with immediate access. So, how in God's name do publishers feel that by weakening the news content of the paper that they'll increase readership. They may as well do away with all editorial, and follow the model of the Penny Saver advertising supplements. Give the ink and paper away for free at rack in the supermarket.

And don't get the mistaken impression that The Courant is not profitable. It is, and hugely so, but after Sam Zell's structured purchase, which includes "employee ownership," millions of dollars are shipped away every year to pay down debt.

Hint to Courant: take a look at the Register chain of papers and see your future if you keep cutting your own throat to donate blood to advertisers.

So get ready for the "new Courant," so easy to use because you won't have to read it.

Saturday, March 22, 2008

Looking forward to "hard" times with Sam Zell


Apparently Sam Zell has been cruising the newsroom out at the LA Times and making the promise of priapism for the 125 year old daily.

Zell calls himself viagra for the ailing media empire.

I wonder how many of those little blue pills he'll need to get a rise out of the oldest continuing published daily newspaper in America?

And will we see Courant reporters sitting in clawfoot bathtups perched on Avon Mountain peering, dreamy-eyed into the distant landcape of Farmington Valley?

Tuesday, January 22, 2008

Is Sam Zell for real, part 3


Former LA Times Editor-Chief, James O'Shea, thinks not.

Monday, January 21, 2008

Is Sam Zell for real, part 2


A third Courant writer has responded.

1. Is Sam Zell the real thing? I hope so.

2. Are you encouraged/discouraged by his speech, and why?
I was heartily encouraged. For the first time since I've worked at the Courant, a corporate bigwig has publicly recognized the fact that you cannot do more with less in the newspaper business. Unlike the previous Tribune regime, which was not-so-slowly bleeding the company to death while currying favor with Wall Street, Zell said the other day that the first duty of Tribune papers is to readers, then advertisers.

3. Do you agree with him about the eventual decline of The Courant if it
remains, simply, a print newspaper? Yes, but it's not just the Courant -- every newspaper needs to figure out how to best use the Internet. Zell's publishing man, Randy Michaels, said something to the effect that Tribune newspapers need to think of themselves as 24-hour news-gathering operations that publish once a day, for the record. As someone who blogs and files updates to courant.com in addition to writing stories, this makes sense to me.

4. Is there a sense of liberation amongst the staff, or are people worried?
Some people are worried, some feel liberated. I'm greatly concerned about the company's gigantic debt load, but the bottom line is, it's still up to me to do my job as best I can. However, I get the sense for the first time in years, that doing my job well might actually count for something within the company.

(UPDATE: A few more words from this Courant reporter)

News this morning that James O'Shea was axed from the LAT for refusing to make more cuts tempers my optimism somewhat. I'm hoping David Hiller acted unilaterally and not on orders from Chicago.

Even if Zell is what he says he is, he's only the guy at the top. It's very much up to journalists, individually and collectively, to make the paper relevant and essential reading. I hope that's something Zell recognizes and values, but I guess we'll see.


Thursday, January 17, 2008

Is Sam Zell for real?


The report about new Trib owner Sam Zell in The Hartford Courant this morning gives some hope that a real estate magnate can drag an industry mired in ink and paper, into the 21st century. It seems like front page news to me, but it was buried in the business section.

So, I wrote an email to some reporters who might have been there, and asked them to reply to some questions. Two answered. One of the two was not at the meeting. The other, a long-time, respected writer had some interesting replies.

I'd love to hear from other staff.

1. Is Sam Zell the real thing?
I don't know. But I'm encouraged by the fact that he made money in railroad cars. He seems to see value where others don't.

2. Are you encouraged/discouraged by his speech, and why?
I was encouraged. Sam has at least figured out that Tribune was being run by dullards and bean-counters with no other plan than to keep cutting budgets and ruining very good and productive products. We have had five rounds of staff reductions in the last several years. I think - I hope - Sam stopped the bleeding. He understands we need people to put out a decent product.

3. Do you agree with him about the eventual decline of The Courant if it
remains, simply, a print newspaper?
Yes. The paradigm is changing. We have to view ourselves as a content provider, in as many media as we can reasonably participate. The trick is to find a business model that supports it.

4. Is there a sense of liberation amongst the staff, or are people worried?
I think Sam's speech was very good for morale. Worst-case scenario, he buys us some time. Best case, we do good journalism and make som money from the ESOP.

5. What’s your idea to push the paper in a new direction?
I'd try to provide the information people can't find on the web - really intense local reporting, mostly. Then use it to drive really good websites as well as the paper.