New World Notes News
Volume 2, Number 10 -- March 10, 2009
This week in New World Notes, #54 -- March 10 & 13:
The good news is that the corporate-controlled press is in an apparently uncontrollable death-spiral. The bad news is that the corporate-controlled press is in an apparently uncontrollable death-spiral.
Newspapers are not dying; they are being killed. They are being killed not by the Internet but by their corporate owners. The owners are killing them not out of unconcern or greed or incompetence--though there is plenty of all three among them--but by their bondage to Finance Capital. Finance Capital is requiring a rate of return much higher than newspapers have ever produced, effective immediately.
And/or the new corporate owner borrowed so much (from Finance Capital) to finance its purchase of a newspaper chain--like the chain that owned the Chicago Tribune, Los Angeles Times, Philadelphia Inquirer, and New Haven Register--that it has to destroy the papers in order to make the loan payments.
Here, Sam Zell’s proposed highly-leveraged purchase of the Tribune
chain is debated at the Federal Trade Commission, which must grant
approval for the deal to be--you should pardon the expression--
consummated. Yes, at last it can be told: Juan Valdez smokes Camel
Filters! After admiring David Weinholtz’s painting as a whole, please
click to enlarge it & admire the painterly textures. [This seems to have
stopped working. You can do it in the version in the next blog entry
(above). --KD] That's nothing: you should see the 4-Megabyte
version! OK, I'll email you the 4-MB'er, on request.
Rocky Mountain News stayed in business for just short of 150 years. Until last week, it was the oldest continuously-operating business--not just newspaper--in the state of Colorado. If it is typical of major metropolitan dailies, it had been returning a profit in the range of eight to 15 percent per annum. Wall Street doesn't want 12 percent annual profit for another 150 years. It wants at least 25 percent profit for each of the next six quarters. After that, who cares? Find a way to do it, Mr. Editor.
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VOICE 1: God Bless America!
VOICE 2: Death to the New World Order!
VOICE 1: We shall prevail!
* Pun in ancient Greek on "not place" (ou-topia) and "good place" (eu-topia). And apologies for the Descartes joke. Couldn't resist.