Tuesday, July 15, 2008

collateral damage

There is a lot of collateral damage to the ongoing crises in the financial industry. On February 19th when this story was written, the price of National City Bank stock had taken a beating and closed at $16.03/share. The big impact locally was on the McCune foundation whose history had left it with a large holding of National City Stock. Yesterday that stock closed at $3.40/share. If that story painted a scary story at $16.03 for National City stock, what does it say for the foundation and the bank at around $3/share. It's an issue not only for the foundation but what is still a big player in the local retail banking industry.

Other financial impacts - Newspapers

Is there a post-media world?

I can't quantify this in any meaningful way, it really is just a gut feeling. More and more of late it just seems that journalists in town are collectively kind of depressed. I know the media as an industry is not doing well, but it really is kind of bad, or at least more obvious than in the past. Then (via Editor and Publisher) from Reflections of a Newsosaur comes this quote on the state of media as an investment:

The shares of seven publicly held newspaper companies today plunged to the lowest point in modern history in perhaps the worst single trading day ever for the industry.

That blog link has a very scary picture of the trend in major media stocks in recent years. It makes even the Dow Jones of late look like a safe haven for your money.

More on the Post-Media World: Blogarama

Just on the changes impacting journalism in general, or the nexus of blog-dom and journalism at least. The buzz in some journalism circles of late is from a blog comment on some internal comments made following layoffs at the Tampa Tribune. Currently with over 200 comments see this blog post: '"It's Worth Fighting For"'. The author actually being an intern at the Tampa Tribune so you are getting the straight scoop. Not bad for an interns blog.


Blogger Burgher Jon said...

Hey Chris, along these lines (blogs vs. Traditional Media) I thought you would enjoy this story on the AP and Blogs.

Tuesday, July 15, 2008 2:40:00 PM  
Blogger C. Briem said...

they are trying to boycott AP? I am not even sure what that means. But AP has a lot of issues these days, the general media probelms to begin with but I think there is news out that some of their clients are trying to group together to share information that they would normally just buy from the AP. Tough biz all around.

Tuesday, July 15, 2008 5:10:00 PM  
Blogger Fifth / Forbes said...

Well print media writers should be a little depressed. Even the New York Times debt was graded just above junk status recently. I would say it's more of a technological change. I know that, for example, the Wall Street Journal website is printing money, even though I bet circulation is down of the print edition. People would naturally like to read the news instantly or get a reaction from a blogger than wait until the morning or after work to read the paper.

Tuesday, July 15, 2008 10:17:00 PM  
Anonymous Anonymous said...

Hate to say it, but the current financial state of the J-business makes it all the more amazing that we have two daily newspapers, regardless of ownership. I don't read the Trib, but I have to grudgingly admit that I'm glad it's there. And fortunately, the Trib's website is so bad that there's little chance of it overtaking the print version.

Thursday, July 17, 2008 9:41:00 AM  

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