Tomorrow's Business Today
Newspapers in fight to go back to the future
Grim news from the world of, well, news.
A House of Lords committee warns that news coverage is at risk of “fracturing irreparably” within ten years.
There will be “news deserts” where local papers have disappeared, leaving more and more people relying on “dubious online sources” for information, with “grim” implications for democracy and society.
Against this backdrop, sales of at least three newspapers are mired in controversy.
The sale of The Telegraph is dragging on, with little sign of a successful conclusion any time soon. Redbird IMI wants £600m to recoup what it originally spent – some rivals think it overpaid in the first place and won’t get anything like that back.
Tortoise founder James Harding has made a “last-ditch” plea to Observer staff to embrace his takeover bid, which looks doomed.
A bid for the ownership of The Yorkshire Post is hardly any less controversial, the bidders facing accusations of “invoicing irregularities”.
Meanwhile The Mirror, a paper with a seriously proud tradition of brilliant reporting on foreign and social affairs, is merging with OK! magazine.
If you are a journalist and you aren’t depressed, pay more attention.
Print newspapers have been on the way down for years, but this does feel like a moment where they either accept decline as inevitable or try something new.
For experienced hacks on good salaries eyeing a retirement, it is understandable that they want to cling on to what they have for as long as they can.
“We are bed-blockers”, once such hack admitted to me the other day.
One media onlooker said: “This is a fork in the road between how journalists see themselves and how readers and investors see news and information.”
By this telling, if news is to thrive it needs a fresh approach rather than futile attempts to hold back the tide. Inaction, in the long run, is riskier than trying to build something for the world we live in – tough though that undoubtedly is.
When times are hard, caution and conservatism are natural responses. Hence the resistance of Observer staff.
But this does feel like an industry fighting for its past, where it cannot return, rather than its future.
Please send candidates for press release of the day to: Simon.english@roxhillmedia.com
Press release of the day
A look at what impact Trump’s trade tariff threats are having on car shares here from ActivTrades.
Manufacturers with production facilities in Mexico are particularly affected.
Frank Sohlleder says: “The muted reaction of markets outside the auto sector suggests that Trump’s statements will initially be interpreted as a negotiating tactic.”
Stories that will keep rolling
We're more than just a database
Sign up now for a free trial, and see how you can distribute winning campaigns every time.
We're more than just a database
Sign up now for a free trial, and see how you can distribute winning campaigns every time.
