Couldn’t have happened to a better tabloid newspaper: (h/t McClatchy Watch)
Shares of The McClatchy Co. dropped almost 6 percent in trading Monday and fell to a new 52-week low, after the newspaper publisher was removed from the Russell 1000, a closely watched index.
The Sacramento-based company has been battling declining advertising revenue and fewer readers for the past few months. The drop in earnings and revenue prompted 10 percent across-the-board layoffs
Lets take a gander at their steller performance/a> shall we?
When you try to sell crap the market usually sends you packing. This finally appears to be happening.
See author page
NYT, LAT, WP, AP, Reuters, NBC/MSNBC, none of them have compared to the outright lies about the war in Iraq that the McLatchy line has latched on to. At MSNBC, the decision was deliberately made to appeal to a demographic that though small, was fervent, active, and not swooned to; ie the far left political demographic. It seems McLatchy tried the same tact, but lost. MSNBC is floundering and now with Tim Russert passed they had to resurrect Tom Brokaw just to try and give the appearance of actual reporting instead of propagandizing via Special Comments and propagand punditry. Newspaper revenue is collapsing as well, and there’s been continuing talk of selling the NYT.
Americans want to see and hear about heroes, and about good things. There’s no shortage of bad, and we want/need to see it reported as well, but not dwelled on. Not when the country is so filled with good stories that deserve to be told. They say a house that doesn’t burn doesn’t get reported, but I say, when a house burns it should be reported, and the firefighters tales of heroism should lead the report. Some outlets just don’t get that.
…and so they fade away.
I like the 5-year graph of the stock’s performance even better.
“Tabloid” is a strong word for their flagship, the Sacramento Bee, a very influential paper in CA.
All the pols read it, all the other CA rags quote it. They take it quite seriously.
I reckon the management is not nearly as Left as the editorial staff, but is paying the price, which shows the danger of letting the inmates run the asylum.
It is a rag that bought out our local newspaper and I have not read it since