I spotted this today, another in a string of reports that seem to indicate that the New York Times has problems.
Rupert Murdoch gave a speech just 3 days ago (a link to the complete speech text is provided below) in which he said:
he went on....
Societies or companies that expect a glorious past to shield them from the forces of change driven by advancing technology will fail and fall,
....and this....
Great journalism will always attract readers. The words, pictures and graphics that are the stuff of journalism have to be brilliantly packaged; they must feed the mind and move the heart,
So what does this speech have to do with the NYTimes stock? Some people will tell you that the Internet is drawing away readers of traditional newspapers. I ask then why don't they publish on the Internet as well as traditionally? I realize this is a bigger fish than most frying pans can hold, but there is a demand for "Great Journalism" as Mr. Murdoch calls it.
There are two other problems, I feel, that are affecting the bottom line at the Times. First is the lack of that Great Journalism. Take for instance the scandal involving NYT reporter Jason Blair.
Add to this what seems to be a very biased stream of articles in most issues of the paper. If the paper's content leaned any further left you would have to read it lying down. Editorials and pieces written that declare their stripes are fine, but when most every article is written in such a way as to sway an opinion, rather than digging out only what happened, or is going to happen, you tend to turn your paper into one large editorial section. Also and even worse than that is intentionally ignoring news that could be said to go against the paper's doctrine, apparently solely for the purpose of not allowing recognition of any success by those that the paper would oppose, for example the current Administration in the White House. That being said, if your product is no longer "Great Journalism" and you are offending half the people out on the street with your attempts of social indoctrination, is it a surprise that sales are diving, people are getting laid off, your stock is being downgraded?
My last question is, I wonder if this is what the stagecoach builder felt once trains, planes and automobiles came along?
