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Extra, Extra!

Posted By Alex Belth On August 6, 2013 @ 9:35 am In 1: Featured,Arts and Culture,Pop Culture | Comments Disabled

news-post [1]

John Henry buys the Boston Globe [2] and the Graham’s sell the Washington Post.

Here’s David Remnick [3]:

After talking with the board of directors, Donald Graham quietly began looking for a potential buyer around Christmas of 2012. “We were in our seventh consecutive year of declining revenues, and there was the question of, What could we do?” Graham told me. The company had bought Slate and Foreign Policy (and is holding on to them) and sold Newsweek (which changed hands again this weekend). “Our strategy had been to innovate like hell in digital and other businesses and offset the declines in print revenues. But Katharine said the declines were going to go on, for the eighth and ninth straight years. And so …”

The trends were violent and undeniable. Graham and Weymouth saw circulation drop from 832,332 average subscribers, in 1993, to 474,767. The newsroom staff was once more than a thousand; it is now around six hundred and forty. The paper is still capable of extraordinary journalism—in June, it broke the Edward Snowden-National Security Agency surveillance story, along with the Guardian, and, only last Sunday, scored the first interview with the leader of the Egyptian military coup, Abdel Fatah al-Sisi, in which the general said, nervily, “you have turned your back on the Egyptians and they won’t forget it.” But the Post is clearly a diminished version of its old self. It is still serious and grounded, but not quite essential in the way its rival, the Times, remains.

And our pal Peter Richmond. [4]

[Photo Credit: Lisa Provence]

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URL to article: http://www.bronxbanterblog.com/2013/08/06/extra-extra-4/

URLs in this post:

[1] Image: http://www.bronxbanterblog.com/wordpress/wp-content/uploads/2013/08/news-post.jpg

[2] John Henry buys the Boston Globe: http://www.newyorker.com/online/blogs/newsdesk/2013/08/what-is-the-value-of-a-newspaper.html

[3] David Remnick: http://www.newyorker.com/online/blogs/newsdesk/2013/08/washington-post-sale-to-jeff-bezos.html

[4] And our pal Peter Richmond.: http://www.peterrichmond.com/on-the-loss-of-romance-with-the-sale-of-the-washpost/

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