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Lupica is laid off

Discussion in 'Journalism topics only' started by Evil ... Thy name is Orville Redenbacher!!, Sep 16, 2015.

  1. dooley_womack1

    dooley_womack1 Well-Known Member

    Actually, vinyl is making a comeback. Just sayin'
     
    Doc Holliday likes this.
  2. The Big Ragu

    The Big Ragu Moderator Staff Member

    People have forgotten what the world was like when our debt markets were actually markets -- prior to the Federal Reserve becoming the kommissar that controls everything, suppressing interest rates permanently to force those needing income to take greater and greater risks. In a normalized MARKET environment, 8 percent would be ridiculously low for a junk debt situation that risky. The Trib was way over its head in debt already and had a failing business. Go back prior to Alan Greenspan starting the destructive cycle that has become the norm (and put on steroids since), which has created fucked-up situations like the financing the Trib got. It would have NEVER been able to get financing for a deal like that in a normal -- market based -- environment. Only a loan shark lender -- getting well into double digit rates of interest -- would have considered it. And even then, nobody actually using their head would have lent to something that much of a credit risk at the rate it would have dictated. The Trib would have defaulted before the ink was even dry on the paper because there would have been no chance it could simply service the debt on an interest rate that high -- even if things had gone well.

    Yeah. I am owner of two companies structured as S. Corps. The S. Corp. was meant as a small business tool. It was why the scheme him and his accountants came up with -- S. Corp combined with an ESOP plan -- was so stunning. More of my editorializing: To me, it's exhibit 1 for why our tax code should be burned to the ground and simplified.

    The benefit of that S. Corp / ESOP scheme WAS a huge advantage. Without looking at exactly how much the Tribune Co. paid in taxes prior to that. ... that scheme saved hundreds of millions in taxes a year. As you said, though, even with those savings the situation was so bad that a turnaround never stood a chance.
     
  3. Doc Holliday

    Doc Holliday Well-Known Member

    This is what I love about journalists. Smartasses to the core! Well played, dooley. ;)
     
  4. Doc Holliday

    Doc Holliday Well-Known Member

    No argument here. There have been and still are some real scumbags in this business.
     
  5. Frank_Ridgeway

    Frank_Ridgeway Well-Known Member

    Good arguments all, but you can throw out anything you know about corporate newspapers when discussing the Daily News. This owner rescued the paper out of bankruptcy in 1993, twice bought new presses, and even in good years made less profit than probably anyone else would accept. Sure, he's worth $2B, but he's also 78 and knows the company needs to become more self-sufficient if it has any hope of outliving him. The paper's losses have been estimated by outsiders as $20 million to $30 million per year, but the Post's estimated annual losses of $70 million are being subsidized by an even richer owner. It's not a real business competition, it's its own animal. For decades it hasn't been about making money but how much the owners of the two tabs are willing to lose. I've got no beef with Mort -- he's done better by the paper than anyone else would have. Is it still worth reading? Well, there has been no features section Monday and Tuesday, so they must miss me (they do! they really do!), but the sports section has still been worth the purchase, and the front of the paper is still interesting. No more biz section, which makes it kind of strange to be located in the Financial District, but, hey, Mort made his bucks in real estate, so who am I to question that? Haven't canceled home delivery yet. I'd be lying if I didn't admit I miss it.
     
    Batman, cranberry, YankeeFan and 2 others like this.
  6. Della9250

    Della9250 Well-Known Member

  7. Fredrick

    Fredrick Well-Known Member

    That's just not correct. Suits made too many mistakes. The first was believing all the hot shots who said this thing called the Internet is the key to the future, but wait, you cannot charge for your product anymore. This Internet information all has to be free. The suits bit because they think their reporters' and columnists' content is trash, it's not worth a penny to read anyway. So they created this free online product and the rest is history (getting rid of all the older 'name' writers; thinking citizen journalists could do the job; having the worst sales people in any industry). Cmon. The suits didn't believe their product was worth a shit, worth buying or selling ads for, so they gave it away for free. People still want newspapers; they just don't want these pieces of trash, gutted pieces of trash with nothing in them.
     
  8. lcjjdnh

    lcjjdnh Well-Known Member

    Or it's what happens what happens when a new technology--the Internet--usurps your biggest asset: your local monopoly over the delivery system. That-and thus ads, real estate listings, and, as Craigslist showed, classifieds-drove newspaper profits, not the quality editorial content. Once you eliminated competitors, the high fixed costs made it difficult for any new competitor to challenge an incumbent, regardless of the quality of the publication. (Inner-city traffic, in fact, helped lead to the demise of afternoon newspaper.)

    Truth is, newspapers don't really make sense as a product in an Internet world. There really isn't any need to bundle most of the information they provide in one place. Readers don't need the vast majority of what newspapers produce. And it's not just that quality has declined as staffs have been cut. Large numbers of readers probably received the newspaper because they wanted TV listings, box scores, movie times, ads, etc.-you can easily get that elsewhere now. The Internet rendered even services like stuffing your paper with AP copy of foreign and national news irrelevant.
     
    Doc Holliday and YankeeFan like this.
  9. BTExpress

    BTExpress Well-Known Member

    Almost everything on the internet can be read for free. From places other than newspaper web sites. Did those "suits" get it wrong, too?
     
    BDC99 likes this.
  10. da man

    da man Well-Known Member

    Newspapers were doomed as soon as the classifieds were gone.

    Blame Craig.
     
    BDC99 and BTExpress like this.
  11. Fredrick

    Fredrick Well-Known Member

    There isn't any need to "bundle the information newspapers provide in one place." That's because newspapers did that to themselves by posting stories on the internet throughout the day and rendering its material old news.

    A good newspaper once covered local issues and sports very well with reporters who actually made a livable wage and were good at covering their communities and sports teams. Most papers had sports columnists and writers who were well known in fact and had a brand. Now they've all been laid off. The ones that remain have their columns placed on the Internet many hours before the printed product hits the streets.

    A good newspaper broke stories in these areas and set the standard for discussion of these issues. People have forgotten that because now everything is put online for free throughout the day and no unique information is 'saved' for the newspaper, so people have forgotten that newspapers are normally the best sources for LOCAL NEWS that everybody wants. Now other outlets are just stealing the information newspapers post on twitter and nobody realizes the value of the local newspaper anymore. Newspapers did it to themselves, so I'm not defending them, but there actually is a place for bundling the information for people to read about their communities. It's tougher now because newspapers have scooped themselves by going online first and not saving/valuying their unique information stories.
     
  12. Doc Holliday

    Doc Holliday Well-Known Member

    You just don't get it.
     
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