The New York Times today took out a $225 million mortgage on its Times Square mothership because its business is doing so badly. In Chicago, Sam Zell, the real estate billionaire who owns the Tribune and the Los Angeles Times went to court and filed for Chapter 11. Ever since the Internet became a member of the household people have been predicting the end of print media, but all this does seem rather sudden. Why have all three papers gone so public with their money problems at the same time? Are the owners trying to scare someone? Could the someone be the great, collective moi? If Wall Street banks and Detroit can grovel before Washington why not the ink-stained wretches?
If these three papers and the Big Three car makers all expire at the same time, it is going to feel a little lonely around here. That loneliness, in fact, got started in Southern California a few years ago when the century-long owners, the Chandler family, sold the L.A. Times largely because there was no one left in their ranks who cared enough about the paper--or the city--to keep it and run it properly. Talent and history were quickly dispensed with and the paper began to decay before the very eyes of its readers. Mr. Zell is the third owner in a decade. Now, in the morning, one has no idea what may appear in one's driveway with the words, "Los Angeles Times" across it.
Well, maybe these great newspapers will survive in some form, but I fear the writing is on the screen.
No comments:
Post a Comment