Economy |
Harman signs deal to buy Newsweak |
2010-08-03 |
![]() The New York Times and others have previously reported that Mr. Harman was the front-runner to come away with the news weekly, but have cautioned that no deal was certain. Politico's Playbook email newsletter said this morning that a deal with Mr. Harman was imminent, but also cautioned that "no deal like this is done until it's done." "It ain't over 'til it's over, y'know?" The deal is now done, according to people familiar with the process. "Hokay. It's over." Mr. Harman and the Washington Post Co. declined to comment. "We can say no more!" The Times quoted one person briefed on Mr. Harman's bid saying his plan would retain 250 of Newsweek's employees. Newsweek counted 379 full time staffers at the end of March, according to the sale book posted by PaidContent, but a significant number have left in the time since. Losses at the magazine could approach $70 million this year, this person told the Times. Mr. Harman reportedly bid $1 for the magazine but agreed to assume the magazine's liabilities; those details could not be confirmed on Monday. That's why I didn't get it. I bid $20 but wouldn't assume the debt. I've got enough of my own. Post Co. chairman Donald Graham put the long-running and iconic newsweekly on the block in May, saying it would lose money again this year and "might be a better fit elsewhere." ... like maybe the trashcan... The Post Co. sold its other magazine, Arthur Frommer's Budget Travel, last December. Despite the legacy of the flagship Washington Post newspaper, The Post Co. now finds the majority of its Kaplan business in the educational test-prep services, prompting Mr. Graham to reposition it as an "education and media company" in 2007. The Washington Post Co. decided to sell Newsweek one year after the title introduced a major redesign to its print edition's look, editorial mission and business model. Perhaps publishing's most spectacular crash and burn ever... Newsweek has been cutting spending, but revenue has been falling as well. That's because nobody reads it... Newsweek's ad pages fell 9.6% in the first half, compared with a narrow 0.4% gain at Time, according to the Publishers Information Bureau. They don't read it because it stinks, which doesn't mean it smells funny... Other once-mighty magazines have sold for astonishingly low prices, such as the $1 deal for TV Guide, but those prices don't look quite so minimal once you factor in the losses and liabilities -- such as the obligation to keep serving millions of subscriptions that may or may not be profitable -- attached to such acquisitions. The TV Guide crash came when cable replaced broadcast teevee. The Newsweak crash came when Howard Fineman and Eleanor Clift replaced news. Bidders that were rejected or dropped out include Fred Drasner, Avenue Capital, OpenGate Capital, Newsmax and the hedge fund manager Thane Ritchie. |
Link |
Home Front: Culture Wars | |||||
Why the Helen Thomas case makes one nervous | |||||
2010-06-09 | |||||
By David Harsanyi![]() This is the distillation of the "if I don't like it you can't say it" argument -- the assertion of the "right" not to be offended...
They do value liberty, but to them the concept involves them not having to leave other people alone. We live in a self-centered age.
There's the distinction, and it's a distinction that's too subtle for many to grasp. It started with good intentions: calling people "niggers," "kikes," "wops," "beaners" and such is pure bad manners. Since we now live in an age where gents don't have to mind their language in the presence of ladies some alternative mechanism was needed for the enforcement of that single permissible branch of good manners. That was the genesis of political correctitude, involving as it did the progressive bluing of the national nose. The illusion is that if you can control the speech you can control the thought behind it. And that, beyond the obvious attacks on free speech (fairness doctrines, higher education, etc.) is a more slippery concern. Which brings me to Helen Thomas' now infamous and career-ending comment in which she helpfully suggested that the Jews get "the hell of out Palestine." "Is this the face that sank a thousand ships?" True, I find some comfort in knowing that this unprofessional crackpot will never haunt a president, common sense or the public again. But I wince at the rapidity of her demise. And I feel a nagging anxiety about a journalist losing her job over nothing more than a controversial statement. She's in the same company as Howard Cosell, Jimmy the Greek, and various other violators of speech codes, intentional or otherwise.
Had the same remark been made by someone less repugnant that Helen it actually might have gone without comment. What would the reaction have been if the perpetrator had been Howard Fineman? Michael Barone? Bill O'Reilly? Different in the case of each, is my guess, ranging from shrug to surprise with a pause in the middle for "I didn't know he thought that way." Each would have been employed at the end of the day, none being as offensively batty as Helen. Cliff May, president of the Foundation for Defense of Democracies and former roving reporter for Hearst (which syndicated Thomas' column), in a letter urged the company "strenuously" to "cut all ties" with Thomas "as quickly as possible." He was part of the purely figurative mob that was armed with verbal pitchforks and printed torches... It seems an odd reaction, especially for conservatives, who are accused regularly of thought crimes and hate speech by outfits like Media Matters, which are in the business of smearing and discrediting those who disagree with them. But we ink-(and increasingly digitally-) stained wretches are in the business of viewing with alarm, pointing accusing fingers, and flinging figurative offal at each other. The views, points and flings work in both directions. Occasionally there's a casualty on our side, sometimes we get one on their side. There are times when battle is joined so closely we're not sure whose eye our figurative thumb's in. This is known as freedom of press. It is the antithesis of the poorly reasoning girly in the first paragraph. But an opinion -- in Thomas' case, an ugly opinion that in all probability is more common than some people might believe -- is no more than the strength of the logic behind it. Having expressed the opinion, the lady is obliged to defend it. Being unable to defend it she chose to retire from the fray, to spend more with her pets or her family or whatever she spends time with. As a regular defender of the moral right of Israel to fight the theocrats and fascists that Thomas embraces, I never thought she was very credible or articulate on the topic, and she is unworthy of the over-the-top reaction from critics. She has been tolerated even by those on the same side for many years now, as it has become increasingly obvious that she's an offensive loop-loop. The reaction was to the totality of Helen, not only to her remarks, which were barely more offensive than much of her behavior in the past few years.
That's approximately what I just said. Quod erat demonstrandum. Though I don't hold an earthly stake in debates over God, Bill Maher's ludicrous anti-Catholic rants or a tome from a polemist like Christopher Hitchens (who condemns all religion as a dangerous farce) might be "appalling" to rather large swaths of the public. Are certain topics off the table? The difference is that Hitchens defends his arguments, whether one agrees with the defense or not. Maher hides behind his status as a "humorist" which somehow lessens the amount of mental effort he's required to spend on his defense. You kind of expect the funny guy to be a dumbass, though there's also a certain surprise that the dumbass isn't funnier. But maybe that's just me, since he hasn't been dumped for his own collection of gaffes. Helen had run out of mental steam and reached the point where her remarks sounded merely witchy mean. She had a reputation as a crotchet. She had probably expected them to be ignored, which they may well have been had she not made them to a rabbi. Hitchens or Maher bitching out a monseigneur would likely be taken with less understanding than their usual fulminations.
As long as the newspapers are held privately they should be able to do what they want with their employees. And there's nothing to stop Helen from continuing to publish even further into her dotage. All she needs to do is sign up with the Huffington Post or Salon or the New Republic. Or she could download a very good program perfectly free from Word Press, who would even host it for her for free. There is no monolithic state press organ to maintain blacklists and to conduct public purifications of opinion. And, no, I can't mourn the loss of Helen Thomas' detestable opinions. But, at the same time, I can't help but feel some trepidation about the ease in which some voices -- in this case, one voice that is probably more honest than others of similar ideological disposition -- can be expelled from the conversation simply for offending. | |||||
Link |
Economy |
Bids Submitted for Newsweek Sale |
2010-06-04 |
Two magnates, a conservative publisher and the company that bought TV Guide for $1 have all raised their hands as potential buyers of Newsweek. Dammit. I didn't get my bid in. I had a $20, but I used it to buy gas. By the time the deadline to submit preliminary bids for the magazine expired Wednesday at 5 p.m., at least four parties had indicated an interest to the Washington Post Company, which has said it no longer views Newsweek as an economically viable operation. "We're takin' bids on this corpse! Step right up!" It was unknown whether the Post Company considered any of the bids to be financially attractive. None of the parties that submitted bids would say how much they offered, nor would they disclose other terms of their proposals. I could maybe go as high as $25... The Post Company declined to comment. "Gut nuttin'." The group of potential buyers is eclectic and diverse. One is Newsmax Media, which publishes the right-leaning magazine and Web site of the same name. The company confirmed its bid in a statement issued on Wednesday. Jonathan Alter'll be taking the gaspipe. Howard Fineman's looking for rope. Eleanor Clift is thinking "nunnery." Another bidder was OpenGate Capital, the private equity fund that owns TV Guide, said someone with direct knowledge of the company's offer, who was granted anonymity because the negotiations were private. I'da outbid their buck... Thane Ritchie, the hedge fund manager, who unsuccessfully tried to buy the Sun Times Media Group last year, also submitted a bid, according to his spokesman. Mr. Ritchie has developed a reputation as something of a political provocateur in Illinois, most recently for his efforts to explore creating a third political party with supporters of Ross Perot. It's been done. Remember "Go, Pat, Go"? He went. And Sidney Harman, the 91-year-old founder of the stereo equipment giant Harman Kardon, said that he had informed the Post Company that he was interested in exploring a potential bid. "Yeah. I need a tax writeoff. Got too much money." Haim Saban, the media mogul who had expressed some interest in buying Newsweek, was not believed to be among those seriously considering placing a bid, according to someone familiar with the bidding process. "Not for me, thanks. I can buy concrete block cheaper." There are many lingering questions about the parties that have expressed curiosity in Newsweek, including their motives for buying the magazine and how seriously they are considering it. When companies are for sale, bidders have been known to submit intentionally low prices to generate buzz. Or sometimes they just want to roll the dice on the outside chance their lowball bid is accepted. You mean I coulda gotten by bidding $10? Newsmax, which was founded by Christopher Ruddy, the onetime Clinton family antagonist and former New York Post reporter, moved quickly to dispense with any speculation that it would remake Newsweek with a conservative slant. "The company's bid for Newsweek's print and online assets is congruent with its objective to diversify and expand into numerous distinct media brand offerings," Newsmax said in a statement. "Newsweek's staff, advertisers and readers can be assured that if Newsmax Media Inc.'s bid is successful, Newsweek's stellar brand and editorial representation would remain distinct from our other brands." "Newsmax has often published things that are interesting. Newsweak would provide a welcome contrast, since they haven't published anything interesting since 1993. Mr. Harman stressed in a brief telephone interview that he was not making a bid but merely expressing an "intention to bid," which he said was a significant distinction. "I'm interested in looking at this extremely complicated matter," he said, adding that he did not intend to specify a purchase price in his letter of intent. "Y'see, I'm not really bidding. I'm getting ready to bid. Or maybe I'm fixin' to get ready to bid. Or it might be more accurate to say that I'm making plans to be fixin' to get ready to bid." Whatever the final purchase price of Newsweek is, assuming the Washington Post Company can attract an offer it deems financially palatable, it is unlikely to be robust if the recent sales prices for magazines are any indication. TV Guide sold for $1 in 2008 to OpenGate Capital, which assumed tens of millions of dollars in liabilities. Bloomberg bought BusinessWeek late last year for around $5 million. BusinessWeak at least has some utility, or at least potential utility... Any price, of course, would tell only part of the tale of what Newsweek is worth. I believe that under the iron laws of economics it's worth precisely what somebody's willing to pay for it, not a penny more... "The top-line number is almost meaningless," said Walter Isaacson, the former Time managing editor, pointing out that liabilities like debt and pension obligations assumed by Newsweek's buyer are the more telling numbers. "I don't think a number makes any sense, whether it's zero, or $5 million or $20 million." If nobody bids and the company goes quietly into the night what happens to its debt and pension obligations?Y'gonna sue its estate? |
Link |
Economy |
Washington Post: Newsweek up for sale |
2010-05-06 |
![]() Newsweak is highbrow? Who knew? "The losses at Newsweek in 2007-2009 are a matter of record," Washington Post Co. Chairman Donald Graham said in a statement, Newsweek reported. "But it's not because of editorial policy or because we employ Jonathan Alter or anything..." "Despite heroic efforts on the part of Newsweek's management and staff, we expect it to still lose money in 2010," he said. "We are exploring all options to fix that problem." "Except for changing editorial policy, firing staff that large numbers of Americans find offensive, changing layout, changing marketing methods..." Similar to other US magazines, the New York-based weekly has come across with a sustainable decline in print advertisements. What the hell is a "sustainable decline"? Who the hell writs this stuff? Jonathan Alter? Howard Fineman? Eleanor Clift? It is also estimated that Newsweek has also lost much of its readership as online news has become more popular. Newsweak is just as available online as anything else. Could it be content?... No. That can't be it. The Newsweek together with Slate and other titles belonged to the Post Co. reported an operating loss of USD 29.3 million last year. Hmmm... What can they have in common? Newsweek was launched in 1933 and the Post Co. bought it in 1961. There's currently $233 in Rantburg's Pay Pal account. Kick in to help me buy Newsweak and fire Howard Fineman! |
Link |
Home Front: Politix |
Party loyalty trumps common sense |
2010-03-30 |
Howard Fineman, Newsweak A Democratic senator I can't name, who reluctantly voted for the health-care bill out of loyalty to his party and his admiration for Barack Obama, privately complained to me that the measure was political folly, in part because of the way it goes into effect: some taxes first, most benefits later, and rate hikes by insurance companies in between. Besides that, this Democrat said, people who already have coverage will feel threatened and resentful about helping to cover the uninsuredan emotion they will sanitize for the polltakers into a concern about federal spending and debt. Jim Geraghty at National Review snarks: So, just to clarify, some Democratic senator admitted to Fineman that he thinks the bill is political suicide, raises premiums for his constituents and feeds public anger, but voted for it anyway out of personal and party loyalty? Come on, Fineman, spill the goods so we can give this guy his Profile in Courage award. |
Link |
Home Front Economy |
A Turning Tide? |
2009-03-11 |
Quite a good offering by Howard Fineman although he deflects a little. The list of problems is the highlight, not Howard's own take. Surfer that he is, President Obama should know a riptide when he's in one. The center usually is the safest, most productive place in politics, but perhaps not now, not in a once-in-a-century economic crisis. Swimming in the middle, he's denounced as a socialist by conservatives, criticized as a polite accommodationist by government-is-the-answer liberals, and increasingly, dismissed as being in over his head by technocrats. Luckily for Obama, the public still likes and trusts him, at least judging by the latest polls, including NEWSWEEK's. But, in ways both large and small, what's left of the American establishment is taking his measure and, with surprising swiftness, they are finding him lacking. In the face of such obvious failures I don't know why it should be surprising. They have some reasons to be concerned. I trace them to a central trait of the president's character: he's not really an in-your-face guy. By recent standards--and that includes Bill Clinton as well as George Bush--Obama for the most part is seeking to govern from the left, looking to solidify and rely on his own party more than woo Republicans. And yet he is by temperament judicious, even judicial. He'd have made a fine judge. But we don't need a judge. We need a blunt-spoken coach. No I think we need someone who knows what's going on and is capable of doing the job. Obama may be mistaking motion for progress, calling signals for a game plan. A busy, industrious overachiever, he likes to check off boxes on a long to-do list. A genial, amenable guy, he likes to appeal to every constituency, or at least not write off any. A beau ideal of Harvard Law, he can't wait to tackle extra-credit answers on the exam. But there is only one question on this great test of American fate: can he lead us away from plunging into another Depression? If the establishment still has power, it is a three-sided force, churning from inside the Beltway, from Manhattan-based media and from what remains of corporate America. Much of what they are saying is contradictory, but all of it is focused on the president: * The $787 billion stimulus, gargantuan as it was, was in fact too small and not aimed clearly enough at only immediate job-creation. No socialist?! Let's try "redistributor" "spreader of the wealth" [as in an agricultural manure spreader] "big government appropriator" Other than all that, I suspect Howard is attempting humor here in the eyes of the big shots, he is doing fine. The American people remain on his side, but he has to be careful that the gathering judgment of the Bigs doesn't trickle down to the rest of us. "trickle" = losing one's job, losing one's house, paying more for power when the carbon caps come in, finding that the buying power of the US$ falls as inflation kicks in, finding that the fixed income won't go so far, finding out that centralized healthcare doesn't work, finding that the oceans keep rising, finding that cancer is not immediatly cured. Yep, there will be a trickle and it won't be a Chris Matthews type trickle/tingle. It will be a veritable flood of biblical proportions. One thing. Its an achievement to have created this litany of doubts and woes in less than 6 weeks. |
Link |
Home Front: Politix |
Democrat Fratricide: Olbermann calls for a superdelegate to snuff Hillary (maybe) |
2008-04-25 |
"TalkLeft" blog Keith Olbermann's latest: A discussion with Howard Fineman about the need for a superdelegate to "take [Clinton] into a room and only he comes out." Bloggers say he called for Hillary's murder. Or maybe it's just the old whiskey-and-revolver metaphor again. Here's a different take by RiverDaughter at Confluence: Ok, so I interpret your statement to mean that you would like a superdelegate to take Hillary Clinton into a room and somehow intimidate her, you don't specify how, to drop out of the race and that at the end of this process, only one of them, preferably the superdelegate, would emerge. Hyperbole? A figure of speech? Sexist? Or a call to snuff her out? Or all of the above? |
Link |
Home Front: Politix | |||
Hillary Clinton to Run as Family Values Candidate | |||
2006-05-04 | |||
![]()
He writes: "As Sen. Hillary Rodham Clinton looks for a basic sales pitch after what is likely to be a sweeping reelection victory in her New York Senate race this fall, shes going to play a part that comes naturally to her: hard-eyed realist in a world of dreamers . . . "Shes the one who kept her family together - its finances, its marriage, most of its parenting function," Fineman notes - credentials that he says will be key to Hillary's appeal.
Of Hillary's image as wife and mother, the Newsweek scribe reports: "That is the role she will cast herself in as she tries to win the White House." "After eight years of what she will call the perhaps worthy but disastrously administered dreams of George Bush, its time to restore some discipline," says Fineman, adding: "Think of the iron-willed mom in 'Malcolm in the Middle.'"
| |||
Link |
Home Front: Politix |
Disney Stockholders Sabbotaged by Kerry Sycophant |
2004-10-10 |
Hat Tip Drudge- (Canyon News) Being a standard coward, Mark Halperin memo is sent on Friday, just before the debate, in the hope that the stink blows over by Monday, in case of discovery. Those of us "pajama-wearers" here of the great unwashed and unenlightened masses will not let it be so. ABCNEWS POLITICAL DIRECTOR MEMO SPARKS CONTROVERSY: BOTH SIDES NOT 'EQUALLY ACCOUNTABLE' **Exclusive** An internal memo written by ABCNEWS Political Director Mark Halperin admonishes ABC staff: During coverage of Democrat Kerry and Republican Bush not to "reflexively and artificially hold both sides 'equally' accountable." I'm an ass and I admit it! The controversial internal memo obtained by DRUDGE, captures Halperin stating how "Kerry distorts, takes out of context, and mistakes all the time, but these are not central to his efforts to win." And As a disconnected leftist, I am so arrogant that I believe even if this gets out, no one will care. But Halperin claims that Bush is hoping to "win the election by destroying Senator Kerry at least partly through distortions." Seems to me Kerry is doing a pretty good job of that himself without any help from the president, you SCUMBAG. "The current Bush attacks on Kerry involve distortions and taking things out of context in a way that goes beyond what Kerry has done," Halperin writes. But of course Halperin won't talk about whether Kerry is more like Walter Mitty or Baron von Munchausen in his storytelling... Halperin's claim that ABCNEWS will not "reflexively and artificially hold both sides 'equally' accountable" set off sparks in St. Louis where media players gathered to cover the second presidential debate. And prompted the loaded question at the end of the about admitting "mistakes" to be selected by Carley Gibson, who must have gotten an attaboy call from Snake Halperin. I can hear the snake to Charley now, "We'll get him next time dammit" Halperin states the responsibilities of the ABCNEWS staff have "become quite grave." The longevity of his job may become "quite grave" if we can get enough Disney stockholders angry. In August, Halperin declared online: "This is now John Kerry's contest to lose." DROOL, DROOL x x x x x Halperin Memo Dated Friday October 8, 2004 It goes without saying that the stakes are getting very high for the country and the campaigns - and our responsibilities become quite grave I do not want to set off (sp?) and endless colloquy that none of us have time for today - nor do I want to stifle one. Please respond if you feel you can advance the discussion. If you don't answer right, I know whose contract not to renew. The New York Times (Nagourney/Stevenson) and Howard Fineman on the web both make the same point today: the current Bush attacks on Kerry involve distortions and taking things out of context in a way that goes beyond what Kerry has done. Kerry distorts, takes out of context, and mistakes all the time, but these are not central to his efforts to win. I guess the Snake thinks stories about the lucky hat are not indicative of anything. We have a responsibility to hold both sides accountable to the public interest, but that doesn't mean we reflexively and artificially hold both sides "equally" accountable when the facts don't warrant that. The "public" has an "interest" in actually seeing this come out. Here it proves he has joined Dan Rather and Mary Mapes as unpaid staff in the Kerry-Edwards campaign. I'm sure many of you have this week felt the stepped up Bush efforts to complain about our coverage. This is all part of their efforts to get away with as much as possible with the stepped up, renewed efforts to win the election by destroying Senator Kerry at least partly through distortions. Stepped up efforts to expose truth, SNAKE. It's up to Kerry to defend himself, of course. But as one of the few news organizations with the skill and strength to help voters evaluate what the candidates are saying to serve the public interest. Now is the time for all of us to step up and do that right. It's up to Kerry to defend himself, of course. But we can give him a boost with impunity and no longer pretend to be fair. ----------------------------------------------------------- Filed By Matt Drudge |
Link |
Home Front: Politix |
No Media Bias Here |
2004-10-09 |
via powerlineblog.com Drudge Exclusive |
Link |
Home Front: Politix | |||||
Biden endorses a fusion ticket: Kerry-McCain | |||||
2004-03-17 | |||||
| |||||
Link |
Home Front |
Bush vows no difference between terrorists and states who harbor them |
2001-09-13 |
Link |