Despite the Tribune Company’s announcement Monday that it is voluntarily filing for Chapter 11 bankruptcy protection, the rest of newspaper industry shouldn’t worry just yet. MU journalism professor Jacqui Banaszynski said,
“I think it’s not just a problem with the industry,” she said. “I think it’s a problem with our society.”
Sam Zell blames the economy… Really? REALLY?
1. Acknowledge that your “value” prior to the ubiquity of the Internet was your stranglehold on content delivery. You filled the needs of businesses and individuals seeking a platform to advertise their products and services to an audience within a geographic area.
2. To reiterate, your journalism was a nice plus, but the unmet need that your newspaper filled were things like the classifieds section, home sales, movie times, stock quotes, television listings, sports scores, betting lines, puzzles, and comics.
3. Did you just poopie in your pants a little bit? You should have because everything I listed is now being better served on the internet.
4. For god’s sake lets move forward as an industry by saying, the fundamentals of this business have changed. How can we make money in the new paradigm. That’s right I said money.
Milton Friedman says that a business has only one responsibility, “economic performance”.
Peter Drucker says that a business’s first responsibility is, “economic performance”.
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