Joan and I just returned from a weekend trip to Buffalo, NY. We know, we know, Buffalo is not a winter vacation destination, but it is when you have family there.
Anyway, Newspaperdeathwatch.com (one of my favorite sites - also linked here) has a new round of bad newspaper news.
http://www.newspaperdeathwatch.com/2008/02/15/layoff-log-v-day-massacres/
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I would like to know if these papers are truly bleeding red ink or if the owners/shareholders just want fatter margins. I own significant shares of a major national chain of mostly unspectacular newspapers, and I have not read in my Annual Report of any big pay/benefit cuts among the executives.
While I normally subscribe to the theory that market forces decide which businesses live and which die, there is something deeply troubling when newspapers -- institutions that expose corruption and help keep public "servants" from serving themselves (when they're doing their job) -- are being driven out of business.
Not that private ownership necessarily produces butt-kicking journalism (note the current embarrassments of the Flint Journal, one of several Michigan Booth, or "Spoof" newspapers), but perhaps there are some industries that shouldn't be publicly traded.
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