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But Alden Global Capital would be happy to lend a hand. Plus: When a standstill isn’t really a standstill.
Tribune and McClatchy are both approaching critical deadlines that could lead to mergers, divisions — or even the first big nonprofit newspaper chain in the United States.
A giant potential audience isn’t good enough on its own anymore: “It’s time to re-examine all of our relationships with the big platforms.”
“You want to move your business and your model to the place on the media chessboard where the dollars are going to be going” — the TV money that will follow audiences to streaming.
A new round of consolidation could kill off half of what were the major U.S. newspaper chains just a few months ago. But the possibility of platform cash is sparking hope.
The company’s stock can’t fall much lower, but the questions surrounding America’s largest newspaper chain are beginning to multiply.
By gutting local advertising overnight, COVID-19 has accelerated strategies — like cutting print days, corporate consolidation, or even closing down offices — that publishers had hoped could wait a while longer.
The coronavirus pandemic is proving the value of local news to millions of readers, driving up subscriptions. But the advertising collapse is knee-buckling. “If it’s a couple of months, we’ll make it through. If it’s six months, all bets are off.”
The multi-trillion-dollar CARES Act should extend a lifeline to many small local publishers. But for bigger companies and chains, the help they’ll receive is still up in the air — “It’s very unformed.”
It’s generated controversy over its fundraising, its paywall, and its staffing. But it’s also about as close as a major American city has gotten to a digital news site that can go toe-to-toe with the local daily newspaper.