In yet another sign that the print news industry is headed toward extinction, the McClatchy Company -- the second-largest local newspaper business in the nation -- has filed for Chapter 11 bankruptcy protection. As part of its announcement on Thursday, the 163-year-old company and owner of such newspapers as the Miami Herald, the Kansas City Star, the Sacramento Bee and 24 other publications in 14 states, stated that its bankruptcy plan would erase 60 percent of its debt while moving the company toward “a digital future.”
After repeatedly behaving like PR agents for parent company Disney over recent weeks, on Wednesday, the hosts of ABC’s Good Morning America took the corporate shilling to a new level as they applauded Time magazine for naming their “great leader,” Disney CEO Bob Iger, the Business Person of the Year.
Hollywood has shown its true colors in the past few days, and is threatening to pull all film and television production out of the state of Georgia due to the anti-abortion heartbeat bill that was passed. Netflix was the first major corporation to threaten to pull out of the state, and now others are talking about joining in that effort, including The Walt Disney Company and NBCUniversal. Both companies operate theme parks and resorts, and their respective operations in Orlando, Florida are among the most visited every summer. It could be very bad for, not only the movie studio, but the theme parks as well with new themed areas based on the Star Wars franchise opening at Disneyland and Disney World this summer.
In the wake of the parent companies of NBC, ABC, and CBS joining the Hollywood effort to bully the state of Georgia into abandoning pro-life legislation, on Friday, all three network morning shows continued providing biased pro-abortion coverage while reporting on the contentious political issue.
Vice Media just got some help from the biggest funder of the left: billionaire George Soros. The edgy and controversial liberal media company raised $250 million in debt from a group of investors including Soros Fund Management LLC, 23 Capital, Fortress Investment Group LLC and Monroe Capital, according to the May 3, Wall Street Journal.
During a fawning report on Thursday’s Today show about former Vice President Joe Biden officially entering the 2020 presidential race, NBC News correspondent Andrea Mitchell briefly noted that the Democratic frontrunner’s first campaign fundraiser will be hosted “At the home of David Cohen, Senior Vice President of Comcast, parent company of NBCUniversal.”
Journalism, particularly newspaper journalism, is a struggling industry — beset by lost advertisers and layoffs. Trust for media also “is at an all-time low,” according to the Knight Commission on Trust, Media, and Democracy.
Forbes contributor Michael Posner reacted to the Knight Commission report urging a “domestic Marshall Plan for journalism.” He added that “democracy demands it.” The Knight report argued that philanthropy “must play a more significant role” in the future of journalism. Posner is an NYU Stern School of Business professor and previously worked in the State Department under the Obama administration as an assistant secretary of state.
Appearing on MSNBC’s Andrea Mitchell Reports on Monday, Washington Post Deputy Editorial Page Editor Ruth Marcus applauded her paper’s decision to spend money on an expensive Super Bowl ad. She even claimed that the commercial wasn’t actually meant to promote the Post, despite the logo being shown at the end of Sunday night’s pricey spot.
New York Times reporter Jaclyn Peiser paid tribute to BuzzFeed in the wake of layoffs at the site infamous for quizzes and lists. What made the article noteworthy were the final paragraphs, when Peiser tried to make the right wing the bad actor by painting as sinister some mocking "advice" given to laid-off journalists on Twitter as sinister: "Over the last week, many of the laid-off BuzzFeeders found themselves the recipients of ugly messages and tweets sent by trolls and alt-right Twitter accounts. The messages included some variation of 'learn to code'...."
Since news broke on Friday of sexual harassment claims against both CBS CEO Les Moonves and longtime 60 Minutes executive producer Jeff Fager, the broadcast network has been in damage control. While CBS News provided full coverage of scandal, reporter Anna Werner made sure to tout the company line that the accusations may just be a case of “corporate hardball” as CBS fights off an attempt to re-merge with its former parent company Viacom.
New York Daily News’ parent company Tronc announced it would cut the tabloids newsroom staff in half on July 23. DeadSpin viewed the act as class warfare.
Tronc attributed the cuts to “realities of our business and the need to adapt to an ever-changing media environment,” according to CBSNews.com. A $15 million payout to CEO Michael Ferro (bundling the three-year obligations into a single payment) ahead of sexual harassment claims against him surfaced in March, put Tronc $14.8 million in the red in the first quarter.
The Free Press Action Fund, the far-left group that lobbied for the just-passed New Jersey "Civic Info Bill," which authorizes $5 million of taxpayer money for "grants to strengthen local news coverage," is getting an underserved but predictable free pass from the establishment press. Two prominent cheerleaders include the Associated Press and CNN's Brian Stelter.