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State of the Industry: Chapter 11.

Discussion in 'Journalism topics only' started by DanOregon, Nov 15, 2008.

  1. DanOregon

    DanOregon Well-Known Member

    So about 50 newspaper honchos gathered recently to hear from a "turnaround expert."

    The money graf (though the accompanying chart is nifty too):
    According to James Shein, Ph.D., turnaround specialist and professor at the Kellogg School of Management at Northwestern University, companies should start by plotting their place on a "Phases of a Crisis" chart. The earliest stage is indicated by a company essentially blind to eroding conditions undermining its business. (CHECK) This is followed by acknowledgement but inaction, followed by faulty action in hopes of a quick fix, (CHECK) followed by full-blown crisis (CHECK) and finally dissolution of the enterprise. According to Shein, failure to take action at any point on the curve means the enterprise inexorably moves to the next point. As an organization moves down the crisis curve, it will find executing a recovery plan more difficult, and will have less time to do it.

    Shein, who researched the basic financials of the public companies represented at the summit, concluded that as a whole the industry is at or approaching full-blown crisis stage, though individual companies are in various phases on the continuum. And he is pessimistic about their ability to halt their fall without outside help.

    "The biggest hurdles to progress (is) the industry's senior leadership, including some of the people in this room." Shein told the group. "I am not sure you can take a look at your industry with fresh eyes."
  2. I love James Shein, Pd.D.
  3. Michael_ Gee

    Michael_ Gee Well-Known Member

    I hope Dr. Shein was paid an excessive amount for his appearance.
  4. NoOneLikesUs

    NoOneLikesUs Active Member

    I can see all of this going in one ear and out the other.
  5. Drip

    Drip Active Member

    This litttle diddy has me shitting a big brick.
  6. Walter Burns

    Walter Burns Member

    Aaand we're all screwed!
    Not that this was news.
  7. Paper Dragon

    Paper Dragon Member

    So when do we ask for our bailout?
  8. Johnny Dangerously

    Johnny Dangerously Well-Known Member

    Pay me a lobbyist fee and I'll go to Washington.
  9. Mizzougrad96

    Mizzougrad96 Active Member

    About five years ago I was in a planning meeting with some of the top editors in the chain where I used to work. The local team had a legitimate shot at going to the Super Bowl and they wanted ideas about ways to boost our coverage.

    I told them we should file short stories during the game and and a running gamer that could be posted on our site as soon as the game was over.

    The executive editor looked at me like I was a fucking idiot. Instead, he sent an additional reporter to the game to interview fans.

    I don't think I was ever so glad when the team got its ass kicked. :)
  10. Lugnuts

    Lugnuts Well-Known Member

    Speaking of Chapter 11, maybe this is a separate thread, but I'm really interested to see what's happening with Tribune. I have some friends at Trib papers and TV stations.

    I can't even pretend to understand the hocus-pocus deal that took the company private....

    But I think I read the company borrowed a huge amount of money. They were able to make the first payment by selling Newsday. The second payment is due in ... June? July? Something like that. And it's on the order of ... what? Several hundred million dollars? Billion(s)? It looked like Trib could sell the Cubs and pay that down. But Trib's 3Q profits... are not profits, but losses now.

    I really don't understand how this company is going to make this payment and not have to file Chapter 11.

    Even if Zell wanted to start selling assets, because of the entanglements and government regulations, I'm not sure he could get it done by the time he needs to make the payment.

    Am I right about this?
  11. slappy4428

    slappy4428 Active Member

    Pick me up on the way... we'll split the gas.
  12. GlenQuagmire

    GlenQuagmire Active Member

    Ha! I can't help but laugh when I read that.

    We're the people on the front lines. Sadly, the suits are the worst possible commanders we could ever ask for in the fight to save this industry.
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