Friday, May 08, 2009
Friday | May 8 | Your News & Comments
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Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
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ReplyDeleteRupert Murdoch expects to start charging for access to News Corporation's newspaper websites within a year as he strives to fix a "malfunctioning" business model.
ReplyDeleteEncouraged by booming online subscription revenues at the Wall Street Journal, the billionaire media mogul last night said that papers were going through an "epochal" debate over whether to charge. "That it is possible to charge for content on the web is obvious from the Wall Street Journal's experience," he said.
Asked whether he envisaged fees at his British papers such as the Times, the Sunday Times, the Sun and the News of the World, he replied: "We're absolutely looking at that." Taking questions on a conference call with reporters and analysts, he said that moves could begin "within the next 12 months‚" adding: "The current days of the internet will soon be over."
Plunging earnings from newspapers led the way downwards as News Corporation's quarterly operating profits slumped by 47% to $755m, although exceptional gains on sale of assets boosted bottom-line pretax profits to $1.7bn, in line with last year's figure.
Dwindling advertising revenue across print and television divisions depressed the News Corp numbers despite box office receipts from Twentieth Century Fox movies such as Slumdog Millionaire and Marley and Me. But Murdoch said he believed signs of hope were appearing.
"I'm not an economist and we all know economists were created to make weather forecasters look good," he quipped. "But it is increasingly clear the worst is over."
He continued: "There are encouraging signs in some of our businesses that the days of precipitous declines are done, and things are beginning to look healthier."
Re 7:13 a.m. "Rupert Murdoch expects to start charging for access to News Corporation's newspaper websites within a year as he strives to fix a "malfunctioning" business model."
ReplyDeleteAs an exercise, why doesn't everyone take a look at what news sites are on your iPhone, iPod, handheld whatever and your computer?
If someone turned a switch tomorrow and they were all pay sites, which one(s) would you keep?
For me, it would be the NY Times and Washington Post. And possibly CNN, depending on how much I would have to fork over.
Would I pay for online access to my local (Gannett) paper? No.
USA Today? No.
Anyone ever hear the circulation numbers for Westchester?
ReplyDeleteI love that here, where many of us are concerned about protecting our copy and not seeing it float freely without a link, people post copy without attribution.
ReplyDeleteNice work.
8:45 - They were posted a few days back. Read through the older posts - I don't remember which day it was.
ReplyDeleteSomebody posted the Westchester circulation numbers last week, it was around 95,000, only down 4% which is very hard to believe. Still horrible numbers when you consider it is the total for 3 counties, Westchester, Rockland and Putnam. Also, these numbers were reported before the latest shrinkage and redesign of the newspaper. Must be down to 92,000 by now.
ReplyDeleteI'm a subscriber of The Arizona Republic, (after the Tribune stopped service in my area). Could someone please explain the reason for running a 1/4 page ad in today's business section about circulation being up, immediately next to a 1/4 page ad sending readers to azcentral.com to "Discover the best" which is directly below a 1/8 page ad telling me to go to azcentral for breaking business news.
ReplyDeleteIf the breaking news is at azcentral.com for free why am I buying the newspaper?
@11:05 AM
ReplyDeleteBecause you're a sucker.
Any iPhone users notice there isn't a speck of advertising in the FREE USA Today iPhone app and all the articles are given in full.
ReplyDeleteIt's a very nice app, one of the better news ones out there, but what it the point of it from a business sense?
Take a look at it sometime Jim. I'd like to hear your thoughts.
8:15 -- I don't know that I'd pay for any of the national sites. I'd probably just catch the news on NPR and television and subscribe to a couple magazines that I actually like to hold while I read.
ReplyDeleteI might subscribe online to a good local news source if the information was better than what the local TV stations are producing.
Jim share thoughts? Not sure he has any--too dangerous. He's more comfortable just lobbing baseless charges.
ReplyDeleteYesterday someone asked if he agreed with someone who said this blog should be reserved solely for those who hate Gannett and want to see it fail.
It was a pretty dramatic posting, but Jim didn't answer. Why? Because I suspect he doesn't agree this is only a blog for Gannett haters but he's afraid to say so and risk estranging his hate-Gannett fundamentalist base. Like any other politician.
Wonder what's going on with the newspaper stocks the past week. Gannett has been going up, up, up, and now Lee apparently has some new life - they've gone from around 35-40 cents, where they've been hovering for months, up to $1.61. There hasn't been any big news or anything, and numbers are still way down. I wonder what might be driving this.
ReplyDeleteWhat's driving it is the same thing that's driving banks up. Not that things are all that better, but at least the death spiral seems to be over. Bank of America went from $2.55 to over $14 in 60 days just from "not gonna die after all".
ReplyDeletey'all see this Ariel boss's comment in Forbes and recapped in E&P (how's that for attibution?):
ReplyDelete"Admittedly, I have made some big mistakes in the media business. My Journal Register pick last year was a disaster. However, I always look forward, never back, and think the pessimism has gotten out of hand. So I'm buying newspaper firm Gannett ( GCI - news - people ) (4, GCI), publisher of USA Today. I am well aware that newspapers are suffering a deep secular decline as advertisers flee traditional media for cheaper, easily measurable advertising on the Web. But remember that a significant amount of the drop has been because of the troubles of automakers and home sellers. When a company with strong franchises like Gannett sells for one times trailing earnings and three times expected 2010 earnings, I step up and swing. In 26 years I cannot remember such an opportunity to invest at historically low levels in companies that are generating cash flow, earnings and real profits....."
Tuscon Citizen decision today? Or is it really true that the Obama Justice Department is taking a very close look at the deal under which the Star will give GCI some of its profits if it closes the Citizen. Hmmmm. Will the government or GCI bend?
ReplyDelete12:46 Haven't you heard? The Greatest Recession since the Great Depression is over. It is back to business as usual, profits are soaring, advertisers are breaking down the doors trying to get ads in the paper, and Dubow is considering early retirement on his windfall profits involving GCI options.
ReplyDeleteIt's nice to see optimism about the economy, but many believe the worst is still yet to come.
ReplyDeleteCommercial real estate still has room to fall and if that starts happening at a rapid pace ...
If the Justice Department allows the Tuscon deal, the Detroit News will be the next to be closed.
ReplyDeleteIf you want to see most recent ABC circulation numbers, go to this website
ReplyDeletehttp://abcas3.accessabc.com/ecirc/newsform.asp
11:55 you are full of crap. Folks who took buyouts can return to any Gannett site once their salary continuation is over. You are spreading ignorant rumors.
ReplyDelete5/08/2009 1:22 AM
(this is from the USA TODAY comments from yesterday, but I figure no one is still looking at them)
Well, I have to tell you 1:22, you are the one who is ignorant and full of crap, and I feel sorry for you. A friend who took a December 2007 buyout received a call in just the last few weeks from an editor saying that USAT lawyers had decided that no one who took the buyout can freelance or work for a Gannett paper. I trust my friend's information. I do not trust yours.
People's---Wake up---We need someone to lead us ---someone with a metal plate in her head ( according to her)---KM to the rescue!!!! As far as the Circ #'s from Westchester---They are brutal---but Corporate Loves these losers---so livin la vida loca---right Carlos?
ReplyDeleteAnd in case you are curious the flavor of Kool Aid today is Watermelon.
ReplyDeleteThe only way the Justice Department is going to allow the Tucson deal is if GCI folds up tent and leaves town. At the behest of the unions, this Justice Department is putting the breaks on deals that allowed newspapers to continue to earn money from JOAs even though they stopped printing. Corporate thought it had grabbed a dream of getting money for not-publishing, but it should have done this last year in the Bush administration when Scripps and others found this loophole, and not waited for this administration. Fools.
ReplyDeleteNo unions here, 4:42
ReplyDeleteIt's almost 2 p.m. Arizona time and as far as I know, the Evil Empire has not sent word to the Tucson Citizen staff about whether they will publish a paper on Monday. Nice! Have a good weekend, Craigy!
ReplyDeleteAnyone hear about any lay-offs coming down the pike soon? I am thinking I'd rather get laid off than fired as business is TERRIBLE!!! If anyone has figured out how to get blood from a stone...please pass it on!!!!
ReplyDeleteThe Citizen is now day-by-day
ReplyDeletehttp://www.tucsoncitizen.com/daily/breakingnews/116152.php
Well the Arizona Republic has finally figured it out! It's not about the lack advertising, it's not about the economy. Apparently the paper can get back on track just by moving a few desks! That's right, while the dust still hasn't settled from the escorting the last group of people quietly out the back door, they are wasting company funds to "create a little more synergy". You can have those same people sitting in different zip codes and it wouldn't make a difference. Stop moving people around and for the love of cheap rolls of newsprint STOP having those stupid sales rallies!!! The VP of Sales hasn't rallied anything but the increase anti-depressants anmong the sales staff since the moment he stepped foot in the desert.
ReplyDeleteearnings report released
ReplyDelete8-May-2009
Quarterly Report
MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS
Results from Operations
Gannett Co, Inc. (the Company) reported 2009 first quarter earnings per diluted share were $0.34 compared with $0.84 per share in the first quarter of 2008. The results for the first quarter of 2009 include a $39.8 million pre-tax settlement gain related to one of the Company's union pension plans ($24.7 million after-tax or $0.11 per share) and $6.6 million in pre-tax severance and facility-related consolidation costs ($4.3 million after-tax or $0.02 per share). Results for the first quarter of 2008 included a $25.5 million pre-tax gain on the sale of land ($15.8 million after-tax or $0.07 per share). Excluding these one-time items, the Company earned $0.25 per diluted share in 2009's first quarter compared to $0.77 per diluted share in the first quarter a year ago. Liquidity Matters
(that's raw news release, not a news report)
total publishing revenue down 34% in 1st qtr '09 vs. same period '08....Operating revenues declined 18% to $1.4 billion for the first quarter of 2009.
ReplyDeletetalk about burying the lede:
ReplyDeleteNet Income Attributable to Gannett Co., Inc. The net income attributable to Gannett Co., Inc. was $77 million or $0.34 per diluted share for the first quarter of 2009 compared to $192 million or $0.84 per diluted share for the first quarter of 2008.
This weekend I plan on standing in 100 degree temps, at an undisclosed area in Scottsdale, AZ and asking 200 random people if the have ever heard/read an AZ Magazine. Because while so many of you out there are doing all you can to keep the newspaper afloat, we here at The Arizona Republic are wasting time trying to pump air in to a magazine that was dead before it's first issue. By the way CPG team, just because you say your magazine is better than an established one in the valley, doesn't make it true. Next we will be trying to sell cell phones and saying we're better than Verizon.
ReplyDeleteThe results of my survey will be posted next week.
The pension fund is clearly underfunded, so what do we learn from this release? They have taken the pension money and applied it to GCI's operation funds. This is our pension money, not their profits:
ReplyDeletexxxThe results for the first quarter of 2009 include a $39.8 million pre-tax settlement gain related to one of the Company's union pension plans ($24.7 million after-tax or $0.11 per share)xxx
St Cloud Times or now time's media will be shutting down its newspaper press. An internal management source stated the printing of the newspaper will go to Gannett offset in Maple Grove MN and be trucked to St Cloud daily after printing. These same sources are saying it could happen by June 1st. This would eliminate numerous jobs. Circulation at this paper is approximately 28,000 daily and 36000 Sunday. The publisher has not made any statements or cut any jobs at this point however the internal word is this will cut jobs when the press is shut down after Jun 1st. According to other sources the machine would take over 1 million dollars to fix. The machine needs an overhaul. According to the source the company has limped the machine along to this point. About two years ago the company lost a large contract with a company that is called coborns. The paper did all the commercial printing for the paper. They chose to leave for quality issues and the press could not do what they needed. Very few if any commercial jobs are done on that press anymore besides a few small towns newspapers. Which a source says is not doing much. Another source stated that the company is planning to remove a few days of classified from the paper. They will have a five day classified system. According to another source the company has increased the subscription price for weekly paper by $3.00.
ReplyDelete12:15 P.M. With no respect intended, what the hell are you talking about? I can easily see why Gannett hired you and probably retains you! I do not always agree with some of Jim's calls, but you give a new and somewhat unique meaning to the work "JERK"!
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ReplyDeleteTo 5/08/2009 11:38 AM -- that is because the advertising department of USA Today doesn't know how to sell anything unless the phone rings and they aren't too busy to pick it up and take the order.
ReplyDelete8:45 pm: Good news is welcome; lazy readers such as you are not.
ReplyDeleteI keep deleting this item because I posted it on Thursday, on this blog's homepage.
http://tinyurl.com/pv7pog
So, you are wrong about my motives -- and late with the news, too. Please stop wallpapering someone else's reporting on my blog.
haaaa!!!!......
ReplyDeleteOn another note.....does anyone know what further layoff's might be happenining if at all in Westchester?
I was laughing at: 11:38 AM -post. Not you Jim! : )
ReplyDeleteTodd, I posted a challenge to you a few days ago. Perhaps you missed it?
ReplyDeleteIn one of your typically boorish posts you called those that post anonymously cowards, pointing to your screen name as proof that you bravely post using your real name.
I expressed doubt that "Todd" is your real name. Prove me wrong. Post your full name. As someone who has worked in Westchester for many years, surely we know one another.
So what do you say "Todd?"
9:24 AM's description of the sales dept at USAT sounds like the Courier-Post.
ReplyDeleteCorrection: re USAT sales dept I mean 9:24 PM
ReplyDeleteRegarding the NJ noise from 8:19 pm:
ReplyDeleteI totally support the comments of that poster (I believe it was 12:14 p.m., not 12:15.)
I wrote one of the comments asking Jim to let us know where he stands on the 'mission of this blog.' Someone had angrily said it was only for complaining former employees, and that those of us hoping for improvement at Gannett and wanting to exchange constructive information and ideas should, basically, go away.
In the past Jim has said he promotes constructive outlooks and discussion. I watched all day for his reply, but there was only silence.
I will also say it took an awfully long time for that question to get posted initially.
I am disappointed. Jim: are you really just here for the angry people now?
9:24pm
ReplyDeleteThere is a big difference between a salesperson and an order taker--apparently, USAT ad staff are order takers.
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