Whither Philly Dailies?

Image via WikipediaHow solid or shaky the ground on which Philadelphia Media Network ("PMN")-owned dailies, the Philadelphia Inquirer and Philadelphia Daily News, stand is open to debate on news that one of PMN's key stakeholders is sitting on his hands as the papers are put on the auction block.

The New York Post yesterday reported that Alden Global Capital principal Randall Smith, owner of roughly 30 percent of the Inquirer & News properties, has remained quiet amid PMN's auction that is expected to reap about $100 million. PMN acquired the dailies out of Chapter 11 bankruptcy protection from Philadelphia Media Holdings (see "TUOL" post 7/11/11).

Romanesko's media blog reported that PMN CEO Greg Osberg discounted the Post story, assuring PMN employees in a memo that shareholders routinely boost or reduce their ownership levels in properties and that a minority owner may only sell his percentage of ownership in the dailies, not the dailies themselves.

Alden Capital and other hedge funds doled out $139 million for their Philly stake (sorry), the Post reported, but it seems that Smith, a major shareholder in a variety of media entities, including Gannett, Freedom Communications and Journal Register Co., may be losing his taste for media empire building.

Palm Beach Post Latest Daily to Slash Newsroom Staff

Image via WikipediaTwenty staffers at the Cox Enterprises, Inc.-owned Palm Beach Post received their walking papers last Friday, Romanesko's blog reports.

Publisher Tim Burke blamed the economic downturn for the staff cuts. Cox's holdings include radio stations, television outlets and two dozen daily newspapers, including The Atlanta Constitution and The Austin American-Statesman.

Times Not at a Standstill; Looking for 20 Print Journalists to Accept Buyout

Image via WikipediaOnly ink-stained wretches need apply to The New York Times' management offer of voluntary buyouts for 20 staffers.

The Romanesko Website notes that the Grey Lady, as part of its efforts to adapt to industry changes, excluded digital journalists from the buyout. In a memo to newsroom employees, Romanesko noted the Times acknowledged the "continuing and difficult challenge to the Times: how to rebalance our business for the digital age while remaining steadfast to the quality journalism that defines us?"

The Times' contract with the Newspaper Guild of New York expires March 30, 2012, though it remains in effect until the two sides reach an accord. Any new pact is likely to reflect the Times philosophy toward rebalancing the more favorable terms print reporters enjoy compared to their digital counterparts.

Times Are Tough in St. Petersburg: Sagging Economy Prompts Staff Layoffs

Image via WikipediaOn the heels of a 5 percent salary reduction and a shake-up in severance payments, the Times Publishing Co.'s St. Petersburg Times has begun pink-slipping editorial staffers in response to a stagnant economy that has dried up ad lineage and reduced circulation.

The Romanesko Website reports that at least 8 staffers have been laid off, though the daily thus far has confirmed only 3 jobs lost. Times Executive Editor Neil Brown issued a memo to the newsroom explaining the economic need to trim staff.  The St. Petersburg Times is owned by the nonprofit Poynter Institute for Media Studies.

Washington Post's-Apocalyptic Earnings Report

Image by The U.S. National Archives via FlickrOwing largely to a calamitous performance by its for-profit Kaplan online education division, The Washington Post reported a 50 percent plunge in Second Quarter earnings compared to a year ago, according to the Romanesko media blog.

The Post reported net income of $45.6 million, down from $91.9 million 2Q 2010 net earnings.  The company's newspaper division experienced a $2.9 million drop-off in revenues, an improvement over the $14.3 million loss suffered during the corresponding quarter last year.

During the first half of 2011, daily circulation at the Post sank 4.5 percent and the Sunday paper, 4.1 percent compared to 2010 first-half figures.

Makes Redford & Hoffman's All the President's Men (1976) seem longer ago than it actually is.

Quick....It's Gone

Image via WikipediaQuick, the free tabloid launched by The Dallas Morning News ("DMN") in 2003 to reach "time-starved" professionals "always on the run," has run out of time, the Dallas Observer reports.

Nine staffers, including seven full-timers, have been axed. DMN Publisher James Moroney had envisioned the publication turning a profit by its third birthday, but, apparently, it's difficult to get those young professionals to stop running long enough to read.

AP Staffers Taken to Woodshed for Social Media Opining

Image via CrunchBaseAssociated Press reporters weighing in on news stories such as the Casey Anthony murder trial and the New York legislature's thumbs-up to same-sex marriage have been taken to task by the wire service for sharing their views on Twitter.

According to Romanesko's media gossip column, Tom Kent, AP Deputy Managing Editor for Standards and Production, said AP staffers sharing their opinions with friends and family via Tweets undermine the credibility of AP reporters trying to cover controversial news stories in an objective, balanced manner. Sounding a bit "wired," Kent reminded AP staffers that social networks are a public forum and not the proper outlet for sharing personal views about contentious news events. Apparently, that's why wire service bureaus and newspapers are never located more than a stone's throw from  hanging fern-free dive bars.

Media Conglomerate Slashes Two Percent of Its Work Force

Image via WikipediaRomanesko's Media blog reports that media giant Gannett Co. is doling out pink slips to 700 members of its U.S. Community Publishing (USCP) unit, roughly 2 percent of its work force.

The company blamed a weak real estate sector, lagging automobile ads and slow job growth for its plunging ad revenues, necessitating the staff reduction. Romanesko notes that in March, Gannett CEO Craig Dubow saw his salary doubled and received a $1.25 million cash bonus, so apparently, the "soft" advertising market is hitting some employees harder than others.

Grown-ups Surpassing the 'Baby Twitters'

Image via WikipediaPoynter.org's Romanesko media blog today offers up the latest results of the Pew Internet & American Life Project, which finds 13 percent of adults who are active online use the microblogging social platform, Twitter, compared to only 8 percent of grown-ups who said they "Tweeted" when surveyed in November 2010.

Blacks and Latinos continue to be a fast-growing segment of Twitter users, as the survey found 25 percent of African-Americans online claim to Tweet now and then. Internet users in the 25-34 age group have turned to Twitter at double the rate in 2010, with 19 percent Tweeting, compared to 9 percent a year ago. Likewise, 14 percent of online-active adults aged 35 to 44 use Twitter, up from 8 percent in 2010.

N.Y. Newsday Management Bonuses & Raises Draw Union's Ire

Image via WikipediaLess than a year after Local 406, the union that represents editorial staffers at Long Island's Newsday, accepted a three-year wage-freeze and pay cuts of 5 to 10 percent, management at the daily are the beneficiaries of "generous wage increases and bonuses," according to Union President Michael LaSpina.

As reported by Poynter.org's  Romanesko media gossip blog, LaSpina fired off a letter to Newsday mucky-mucks expressing his dissatisfaction concerning the compensation boost for management and non-union employees. "TUOL"'s non-union staff wonders why Newsday management would be rewarded for its bold leadership that included the decision to erect a paywall for its online edition that initially yield a whopping 35 subscribers (see "TUOL" post 1/28/10).

A 'Tempting' Press Release for Cash-Strapped Newspapers?

Image via WikipediaThis blog often chronicles print journalism's grappling with shrinking circulation and plunging ad revenues, but leave it to Poynter.org's Romanesko media gossip blog to uncover a drug company's offer of an "Eden apple" to the newspaper industry "Eve."

In a letter addressed to editors and health editors, the American Institute of Advanced Medicine touts its press release announcing its acquisition of the patents and licensing rights of Medisys Research Group, which battles skin diseases with an array of medications and treatments.  The puffery soon takes a running leap over the journalistic conflict-of-interest line by offering newspapers $100 whenever someone spots the skin care company's press release within the pages of the publication and signs up for treatment.

Regulatory restrictions on bloggers and journalists accepting compensation and gifts for products they endorse aside, the mildly tempted devoted staff of "TUOL" hopes the skin medications in question are less oily than the company officials and editors who join hands in this unholy marriage.

Chicago Reader Continues Transformation from Funky to Glossy

Image by TRAFFIK [US] via FlickrPoynter.org's Romanesko media gossip site notes that the alternative weekly newspaper, The Chicago Reader, has completed its metamorphosis from edgy ugly duckling to mainstream princess, as the latest issue features a stapled, glossy cover.

The Reader, which was founded in 1971 by Carleton College classmates, used to be known for its leftist political slant, extensive arts coverage, adult classified ads, and cheap ink and paper stock that made readers look as if they were wearing driving gloves.  The free paper, which faces stiff competition from The Chicago Tribune's RedEye, Newcity and Time Out Chicago, hopes the sleeker appearance will overcome the disposable feel of its former self.

The Reader was purchased in 2007 by Creative Loafing, which took its name literally and fell into bankruptcy, from which it was acquired for $5 million in 2009 by hedge fund Atalaya Capital Management LP. The weekly is distributed in newspaper boxes and at certain bars, restaurants and retail outlets on Wednesdays and Thursdays, though it is dated every Thursday.

"TUOL" lived in Chicago for many years and remembers fondly the bulky, inky Reader, though rarely got through the over-long, under-edited news articles, favoring instead the restaurant reviews, risque comic strips and "The Straight Dope" column authored by Cecil.

Economic Uptick News to Gannett: 1st Q. Furloughs Mandated

Image via WikipediaStaffers at 81 of media conglomerate Gannett Co.'s newspapers, excluding USA Today and The Detroit Free Press, will have to take an unpaid furlough during the First Quarter of 2011 as the newspaper industry continues to grapple with flat ad revenues and dwindling readership, according to Poynter.org's Romanesko media blog.

An internal memo sent to Gannett employees requires salaried employees to take leave for one payroll week, and non-union workers, five business days, before March 27. In a bad news, bad news scenario, staffers at the Hattiesburg American don't have to take a furlough. That's because they're going to have to endure a 6.5 percent pay cut.

Apparently, news that the recession is over and that the economy is recovering has been somewhat exaggerated.