A Kind Word for Newspapers
From this morning’s Wall Street Journal op ed page, by investment guru F. Jack Liebau:
[N]ewspapers remain valuable franchises. Managed wisely, they can fulfill their public-service mission while remaining good businesses with strong profits.
I guess that means the Lost Angeles Times is doomed.
BTW: Liebau knows all about new media. Serious newspaper management types should listen to him:
[E]ditorial excellence is a prerequisite. In an age of media scandal, “Fair and Balanced” must become more than a slogan. Ultimately, stock prices will follow business results (although, with the exceptions of Gannett, Knight Ridder and Tribune, newspaper companies generally have split classes of stock, which hinder takeover attempts). Fairness, credibility and a commitment to the community are vital to a sustainable and growing franchise.