With 10 days left in the third quarter, analysts, publishers and ad buyers say that ad revenue will be down about 25 percent industrywide from the third quarter last year, possibly a little less, The New York Times’s Richard Perez-Pena reports.
They predict that the decline will be smaller in the fourth quarter. Several of them say the usual back-to-school uptick in newspaper advertising seems to have been a little better than in most years, if only because July and August were so weak.
Ordinarily, such numbers would be seen as catastrophic, but these times are not ordinary. The drop in combined print and digital ad revenue last year, 16.6 percent, according to the Newspaper Association of America, was the worst since the Depression. But it looks rosy next to 2009, when revenue fell 28.3 percent in the first quarter and 29 percent in the second.
McClatchy reports its 3rd quarter earnings October 15th.
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Obama: We Need To Bail Out Newspapers Or Blogs Will Run The World (Silicon Alley Insider)
Obama yesterday expressed concern at the sorry state of the news industry and said that he will look at a news paper bailout, because otherwise, blogs will take over the world, and that would be a threat to democracy, The Hill reports.
"I am concerned that if the direction of the news is all blogosphere, all opinions, with no serious fact-checking, no serious attempts to put stories in context, that what you will end up getting is people shouting at each other across the void but not a lot of mutual understanding," he said.
On-the-air prez seems like endless 'infomercial (New York Post)
During his first eight months in office, President Obama has sat down for three times as many television interviews as his most recent two predecessors combined.
And with yesterday's run of the Sunday-morning news show circuit and tonight's airing of "Late Night with David Letterman," Obama continues to blaze through the media hotter than any political figure in modern history.
"He's turning the presidency into an infomercial," warned former White House speechwriter Matt Latimer.
"It's not just damaging to the White House. It will also ultimately hurt President Obama's image as a fresh, non-Washington leader."
[snip] In his five major appearances yesterday, Obama voiced skepticism about adding troops to Afghanistan, denied making a deal with Russia over missile defenses in Europe, and continued to push his government-run health-insurance program.
As of mid-August, Obama submitted to a total of 66 television interviews, dramatically outstripping his two predecessors, according to Martha Joynt Kumar, director of the White House Transition Project at Towson University in Maryland.
[snip] Obama is also out-hustling his predecessors with the print media, giving 36 interviews with newspapers and magazines during his first seven months in office --nearly doubling the numbers given by Bush and Clinton.
The picture is very clear - we have one colossal Snake Oil Salesman rather than a president of the United States.
As a Community Organizer, the only thing Obama really understands, he has reduced the Office of the Presidency to something Bertha Lewis understands...using other people's money to obtain property that isn't yours.
Are the News Media Scared of ACORN? (FrontPageMagazine.com)
"Is ACORN Intentionally Structured As a Criminal Enterprise?" is the title of a July 2009 U.S. House Committee on Oversight and Government Reform report by Congressman Darrell Issa.
The report draws some shocking conclusions: "The Association of Community Organizations for Reform Now has repeatedly and deliberately engaged in systemic fraud.
Both structurally and operationally, ACORN hides behind a paper wall of nonprofit corporate protections to conceal a criminal conspiracy on the part of its directors..."
It is a shocking statement to absorb: “to conceal a criminal conspiracy." Yet you won’t see this on your TV unless you happen to be watching Fox News.
Others are refusing to report this corruption.
It's OFFICIAL - "The Lame Stream Media"
Sen. Ben Cardin (D-Md.) has introduced S. 673, - "Newspaper Revitalization Act," that would the news outlets tax deals if they were to restructure as 501(c)(3) corporations, it has one cosponsor, - Maryland colleague Sen. Barbara Mikulski (D).
The White House is playing down the idea of government assistance for news organizations, due to dwindling ad revenue in the economic climate.
They are now LAME - this means Fox, Limbaugh, Hannity, Malkin, Free Republic and Drudge are the MAIN STREAM MEDIA.
The paradigm has now completed it's shift!
Use the term "Lame Stream Media" anytime you can and pass it on!
(WABC's) Charlie Gibson on Acorn Scandal: I Don't Even Know About It
BigGovernment.com
This morning, the ACORN scandal was raised to Charlie Gibson in an interview on WLS AM Chicago’s “Don Wade & Roma Morning Show.”
TRANSCRIPT:
Don: Ok here’s my question, Senate bill yesterday passes cutting off funds to this group called ACORN. Now we got the…we got that bill passing, we got the embarrassing video of ACORN staff giving tax advice on how to set up a brothel with 13 year old hookers.
It has everything you could want corruption and sleazy action at tax funded organizations that’s got government ties. But nobody’s covering that story why?
Charlie Gibson: (laugh) I don’t even know about it. Uh, so you got me at a loss, I don’t know. Uh, uh, but, but My goodness if it’s got everything including sleaziness in it we should talk about it this morning.
Roma: This is the American way…
Charlie Gibson: Well maybe, maybe that’s one you just leave to the cables.
Roma: Well I think that this is a huge issue because there’s so much funding that goes into this organization and it’s a multi…
Charlie Gibson: Well, I know we’ve done some stories about ACORN before but uh, uh this one I don’t know about.
Roma: Jake Tapper did some blogging on it. I know he’s at least blogged once on this scandal.
Charlie Gibson: You guys, you guys are really up on the uh on the website.
George Will on 'Liberal McCarthyism': 'When In Doubt, Blame Racism'
Leave it to George Will to perfectly explain in just two words all the recent accusations by Democrats and their media minions that anti-government sentiment sweeping the nation is caused by racism.
Liberal McCarthyism.
Delicious.
Fortunately for those not understanding the reference, Will explained further when the Roundtable discussion on Sunday's "This Week" turned to all the recent pronouncements of racism directed at anyone having the nerve to challenge President Obama's agenda (video embedded below the fold with partial transcript):
What we’re hearing is the liberals’ McCarthyism, which is, when in doubt, blame people for racism.
Litigators have an old argument: When the law’s on your side, argue the law. When the facts are on your side, argue the facts. When neither’s on your side, pound the table.
This amounts to pounding the table.
I have yet to see evidence, is there -- does evidence even intrude in this conversation? Is there any evidence that these people are racists? I think not.
Unfortunately, those pounding the table include so-called journalists who should be exposing the lack of evidence rather than participating in the charade.
Such happened moments after Will made this statement when guests Donna Brazile and Robert Reich predictably disagreed with him:
Dean for DNC Chairman?:"I Hate the Republicans and Everything the Stand For" Boston Globe
Feb 3, 2005
THE DEMOCRATIC National Committee won't officially elect its next chairman until Feb. 12, so Howard Dean doesn't have the job wrapped up just yet.
But the Association of State Democratic Chairs endorsed him this week, and two of the five other candidates for the position have since dropped out.
Clearly, the Democratic chairmanship is now Dean's to lose. And that should have reasonable Democrats worried, because their party's ills aren't going to get better with the medicine Dr. Dean is prescribing.
As governor of Vermont, Dean was regarded as a budget-balancing, gun-owner-friendly centrist.
As a candidate for president, he turned himself into an angry, left-wing firebrand. Perhaps as party chairman he'll turn himself back into something thoughtful and moderate, in which case the Democratic Party may regain some of the ground it has lost to Republicans over the past decade.
But on the evidence so far, Dean has no intention of turning down the heat.
Speaking to a DNC forum in New York over the weekend, Dean indulged once again in some of the undisguised loathing of the GOP that was such a hallmark of Democratic Party activism last year.
"I hate the Republicans and everything they stand for,"
Revenue down 25 percent "compared to last year?" Now that's DOWN!
CNN talk show host Clifford Robertson charged with ID theft, bank fraud (The Dallas Morning News)
A Murphy man has been arrested and charged with identity theft and bank fraud.
Clifford W. Robertson was arrested Friday by Federal Bureau of Investigation agents and will have an initial hearing on Wednesday to face the charges.
snip
Robertson hosted a radio talk show on CNN 1190 to discuss real estate investment strategies.
An attempt to reach Robertson wasn’t successful. If convicted, he would face as many as 32 years in prison.
Back to the topic: Expect a big round of layoffs in the coming months. Revenue is responsible for paychecks. Less revenue, less paychecks. It's going to get real ugly.
Editor & Publisher have this story on their site:
"Since the financial meltdown began a year ago, journalism jobs have gone away at almost three times the rate jobs have disappeared in the general economy, according to a report by Unity: Journalists of Color."
The big job dumps have come right after quarterly revenue reports!
Expect McClatchy to report a 15-18% drop in YoY revenues.
While this seems "catasrophic", remember they have made expense cuts to prepare for 30% drop in revenues.
For those that remember 2008 Q3 revenues were $451.6m. Also for a quick recap 2009 Q1 and 2009 Q2 revenues were $365.6m and $365.3m respectively.
That being said, if there was $40m+ in profit last quarter, all things being equal if they have the same revenue they would have $40m+ in profit again.
If the numbers are 15-18% drop in revenues, that would mean revenues between $370.3m - $383.9m. This means you can probably expect a $50m+ profit this quarter.
11:15 AM It doesn't matter what they report. As long as their conference call is listen only, everyone knows they are cooking the books.
To Howard Dean:
"Hate Is Not A Family Value"
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