Mainstream media broadcasters are facing a massive decline in revenue, and some, such as ABC, are now facing huge layoffs.
Major newspapers are suffering. Some, such as the Baltimore City Paper, have shut down entirely. Several boast that their digital subscriptions are on the rise. That doesn’t mean their money woes are over. As the Federalist’s Michael Benard points out, “Digital circulation jumps, however, do not equate to revenue increases.”
Pew Research Center agrees, and points out that both revenue and circulation are rapidly declining for U.S. newspapers.
The New York Times is laying off droves of employees so that they can continue to brag about their so-called success. They’ve made several moves to “consolidate.” That’s New York Times speak for downsize.
The Federalist reports:
According to Pew’s June report, total weekday circulation for U.S. daily newspapers—both print and digital—fell 8 percent in 2016, marking the 28th consecutive year of declines. The overall circulation decline coincided with a double-digit decline in advertising revenue for the industry. The New York Times saw a year-over-year decline of 9 percent in advertising revenue but a 3 percent rise in circulation revenue, for an overall revenue decline of 2 percent.
Failing business models result in staff cuts, which are rarely reported. According to the Bureau of Labor Statistics, newspapers “lost” (i.e., cut) more than half of their workforce (238,000 jobs) over a 15-year period between 2001-2016. The employment numbers plummeted from 412,000 jobs in 2001 to 174,000 in 2016.
The New York Times, which talks about its “success,” endured a walk-out by hundreds of employees in June protesting the company’s plan to cut its copy editors from more than 100 to about 50 or 55. Times copy editors sent a letter protesting the cuts to Executive Editor Dean Baquet and Managing Editor Joe Kahn. The copy editors claim management “compared [them] to dogs urinating on fire hydrants” in an internal report.
In addition, the Times will vacate “at least eight floors” in its Manhattan headquarters. As Publisher Arthur Sulzberger Jr. and CEO Mark Thompson announced to employees, “We’ve made the decision to consolidate … to create a more dynamic, modern and open workplace, one that is better suited to the moment.” At this “moment,” top execs acknowledge keeping the eight floors is “too expensive,” and the move will help “generate significant rental income.” This was a much-touted new headquarters building designed by Italian architect Renzo Piano that opened in 2007.
The Times isn’t alone. ABC is currently undergoing huge layoffs and plans for restructuring that leave the future of the broadcast giant murky.
Splinter News reports:
Disney/ABC TV has begun making long-feared layoffs as part of a broader restructuring of its broadcast business, with rumors swirling that bigger moves—including a possible sale of ABC—are coming.
Deadline first reported the staff reductions on Thursday, saying they could impact up to 200 employees across Disney and ABC properties. An ABC source with knowledge of the situation said that the cuts will hit upward of 40 of its employees on the East Coast and still more out west.
The layoffs come about six weeks after The Wall Street Journal reported that Disney was seeking to reduce its broadcast division’s headcount by roughly 300 en route to trimming as much as $300 million in costs. Earlier this summer, ABC also paid out at least $177 million to settle a defamation suit leveled by a beef processing company against its news division. That settlement, perhaps the largest of its kind in U.S. history, removed an even larger potential liability from ABC’s books.
So what’s to blame for the media death spiral? The Federalist says journalism and broadcasting has “hurt its own credibility.”
Newspapers and broadcasters have become increasingly biased, and their presumptions have cost them their reputations.
Remember the fall of Brian Williams? He’s certainly not the only name in news who put aside the facts. CNN has been caught repressing news stories in favor of a narrative that supports its own agenda.
The Federalist continues:
Think of the self-described “hack” journalist Glenn Thrush, who sent his draft articles to John Podesta, chairman of Hillary Clinton’s presidential campaign, for approval. Where does that behavior fit in the canons of journalism? Have there been any resignations based on principle? How about calls among journalists for accountability? No, the “hack” journalist was hired by The New York Times.
Recall a NYT op-ed published in April 2003 by Eason Jordan. Jordan was then head of CNN News, which promised to be “the most trusted name in news.” He admitted that CNN had suppressed news out of Iraq about torture, terror, and assassination plots under Saddam Hussein for 12 years (YEARS). He said he feared for CNN employees’ safety. For 12 years “the most trusted name in news” could not figure out a plan to deal with this situation.
Contrast that with John Burns, the two-time Pulitzer Prize winner for foreign reporting for the NYT. Burns reported how Saddam had turned Iraq into a slaughterhouse. Read his scathing assessment of his journalistic colleagues in his book “Embedded — The Media at War in Iraq.”
In April 2015, Burns wrote in The New York Times, “There is the fear, too, of indulging in what reporters of my generation have been disciplined to avoid: abandoning the dictates of objective reporting for the hazardous ground of moral presumption, and with it the dreary vales of self-righteousness.”
President Trump recently called out NBC news for a story about Trump proposing a “tenfold” increase in America’s nuclear weapons arsenal. He says the story was “made up.”
Fake @NBCNews made up a story that I wanted a “tenfold” increase in our U.S. nuclear arsenal. Pure fiction, made up to demean. NBC = CNN!
— Donald J. Trump (@realDonaldTrump) October 11, 2017
Many on the Left criticize Trump for supposed attacks on mainstream media and threats to the press.
As it turns out, media networks don’t need Trump’s help in destroying themselves.