[Google Guys: Clockwise, from top: Founders Larry Page and Sergey Brin; CEO Eric Schmidt, Google director John Doerr]Here's another reason why intriguing speculation about a $4 billion Google-New York Times Co. hookup makes sense: politics. I've written about the fight between the left and right over the future of investigative journalism. Now consider this: Google co-founders Larry Page and Sergey Brin and CEO Eric Schmidt have shown signs they lean liberal. Google director and venture capitalist John Doerr is a big-time supporter of liberal politicians and causes, too.
Meanwhile, the NYT's editorial position, despite Publisher Arthur Sulzberger Jr.'s protestations to the contrary, is a liberal counterweight to that other daily, the politically conservative Wall Street Journal. And under new owner Rupert Murdoch, the WSJ is expected to steal market share from the NYT at a time when it's already been hobbled amid industry-wide turmoil.
Might the Google Guys play white knight to preserve an influential liberal voice? Real Clear Politics nets the cost to the Googlers of buying the NYT at about $3 billion, after asset sales. OMG, that's chump change to these guys: Together, they're worth like 100 times more than Oprah!
The Gannett angle: If Real Clear Markets is right, a Google-NYT tieup would leave GCI largely alone among major newspaper publishers without a clear exit strategy for investors, employees and customers. Whatever happens, Wall Street will be looking for an update on Gannett's strategic plan next Friday, Feb. 1, when it is scheduled to report fourth-quarter earnings.
[Photos: Google, and Kleiner Perkins Caufield & Byers. Hat tip, Romenesko]
Jim: I have to say as a Gannett manager who feels the company gets a bad rap (yes sometimes deservedly so but we are weary of that...) I love that your blog goes beyond superficial Gannett bashing and offers such informed perspective on the industry as a whole...and how our company and jobs play into that. You care. We do too. Wish we had the answers to balance good journalism and market realities. Guess that's the free-market American way challenge.
ReplyDeleteThanks
Thank you! I *think* I care, although I'm not sure everyone in management would agree. Here's the deal: I left Gannett as an employee, but I have too many friends in the company to leave Gannett fully behind. The company gave me a buyout; I'm choosing to use that income to blog in a way that I hope will help employees as they do the really hard work: turning around Gannett and preserving its independent newspapers and TV stations.
ReplyDeleteI've been a journalist for 22 years. I try to run this blog in all the ways Gannett trained me: By asking tough questions; consulting readers; reading public documents; and always looking for the consumer (in this case, employee) angle. But this blog wouldn't exist without all the terrific input I get from readers like you.