For the legacy news media, the bad news just keeps on coming. In recent days, for instance, the Pew Research Center released a piece titled “The Declining Value of U.S. Newspapers,” chronicling the extraordinary decline in the purchase and sale price of major U.S. dailies.
Some of the examples given are so extreme they look like misprints. The New York Times Co., for instance, purchased The Boston Globe and Worcester Telegram & Gazette for a little over $2.2 billion, and sold them both in 2013 for $71 million – a valuation change of minus 96 percent!
Not far behind are newspapers like the The Philadelphia Inquirer/Daily News, the Chicago Sun-Times and the (Minneapolis) Star Tribune, all of which themselves sold in 2011 and 2012 for around 90 percent less than their earlier purchase prices.
Nor is the challenge to newspapers just an American phenomenon. Recognizing the importance of the American media, and its similarity to their own challenges, the World Association of Newspapers and News Publishers (WAN-IFRA) is holding its annual World News Congress in Washington June 1 to June 3, only the fifth time in the past 60 years that they have held this event in the United States.
A WAN backgrounder puts the matter succinctly: “The 2015 [Congress] comes at a time when independent news media are under enormous pressure, one that threatens their societal role as the provider of credible news and information to citizens so they can make informed decisions in democratic societies.” >> Read More