Thursday, September 21, 2006

A look inside The Herald

Bob Norman of The Daily pulp summarizes an article by Kirk Nielsen (formerly of the Miami New Times) in LRM magazine. The article focuses on McClatchy's purchase of The Miami Herald Publishing company.

Among other things the article features fired Herald columnist Jim Defede characterizing Herald executive editor Tom Fiedler as a man who is being rquired to follow orders he probably doesn't agree with:

It makes you wonder who was really making all these decisions which Tom was forced to justify publicly. What has happened to Tom through all of this is really sad, and it’s one fo the reasons why he has lost the respect of so many in the newsroom.
According to Norman, Nielsen provides:
"a great analysis of what drove Bruce Sherman-led Knight Ridder shareholders to toss the company overboard. He mentions a Morgan Stanley study that found that the profit margin had sunk from 20.7 percent to (gasp!) 17.1 percent."
I guess it doesn't sound like a lot but that's a 17.4% reduction in profit margin. Just a reminder that the news business is still a business. I know a 17.4% reduction in my salary would be quite painful.

LRM Magazine is available at local book stores.

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