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Posts Tagged ‘Los Angeles Times’

If reports are correct, my former company, Digital First Media, is going to sell to Apollo Global Management for about $400 million.

I’m not going to pretend I can analyze what that means for DFM, my many former colleagues there or for the news business. I hope for the sake of my many friends remaining in the company’s newsrooms across the country that the Apollo’s management will find a path to prosperity that doesn’t involve endlessly cutting staff. I hope the company will genuinely pursue the kind of digital creativity that the future demands and will have the staying power to let good ideas flourish.

Since seeing initial reports about the pending deal, I’ve wondered about the meaning of the $400 million sale price, reached in a long “auction” process that sought the best deal(s) to sell the company as a whole or in pieces.

The reported price tag is a breathtaking fall from what newspapers used to be worth, even in the past few years. I hope this means Apollo’s strategy isn’t to keep cutting staff to maintain profits. DFM doesn’t have much left to cut, and values have dropped as newspapers have been cutting. The best way to maximize this $400 million investment will be to build value by developing new revenue streams.

Comparisons of sales prices of media companies can be misleading. One sale might include more real estate, while another might include more debt or pension obligations. Successful subsidiaries can add value to a company. In a sale such as the DFM deal, which is essentially between two private equity companies, full terms may never be disclosed. You might not be comparing apples and oranges, but apples and lawn mowers.

I was not involved in the sale at all, other than losing my job last year as the company was preparing for the sale. But I understood DFM enough to know this was an extraordinarily complicated deal, with an array of factors that make it unique: (more…)

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Jon Stewart cut his old friend Brian Williams a break, making some really big media news to overshadow the story about the possible death blow to Williams’ career.

A suspension of the leading anchor of the old Big Three television networks for embellishing stories is a big deal. But the departure of the king of fake news is huge. Whom will we turn to now to learn what the news really means? Well, John Oliver, Stephen Colbert, Larry Wilmore and whoever replaces Stewart on The Daily Show, but more on that later.

The dual career moves — a suspension following an apology that only made things worse, contrasting with lavish praise following an announcement of a voluntary departure at some vague point later this year — were loaded in contrast and irony that tell us so much about television news and entertainment today:
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I followed this up with a subsequent post on Saturday, Jan. 16.

The reaction to How News Happens may tell us more about the news industry than the study itself does.

The study of the news ecosystem in Baltimore  was published today by the Pew Research Center’s Project for Excellence in Journalism, and news of the report was first published Sunday. The New York Times, Los Angeles Times, editorsweblog and more tweets than I could count trumpeted the finding that most news originates with newspapers and those upstart blogs contribute barely a trickle of original news. The favorite fact cited was that 95 percent of stories reporting fresh information came from the endangered old media, newspapers primarily. (more…)

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Reviewing 2009 on my blog (mostly for my own information, but I share it because that’s what bloggers do):

My most popular post by far (more than twice as many views as anything else) was my Blueprint for the Complete Community Connection, posted April 27. I proposed a detailed new business model for community news organizations. It received more links from other blogs and more tweets than anything else I’ve written this year. And interest in C3 remains strong. (After traffic on that post declined from June through September, it increased in October and November. December didn’t quite match November, but exceeded August, September and October). C3 gets more attention in a slow month than my average post gets total.

Everyone wants a blog post to go viral, but I’m glad I didn’t write something quirky that went off the charts. C3 was one of the most important things I’ve written this year (or in my career), so I’m pleased that it received more attention than any other post. I’ve been invited to make presentations dealing with C3 in Florida, Nevada, California, Texas, Siberia and Canada. I hope in 2010 to be writing about how Gazette Communications and other organizations are carrying out the vision of C3.

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