The Amazon Post or Why Print Was Already Dead

HighTalk

AmazonPost2

One of my PR colleagues had this reaction to Jeff Bezos, the founder of Amazon.com, buying the Washington Post.

“This really is the end of an era for print media as we know it.”

My reaction?

Where have you been?

Print media, particularly print newspapers, official kicked the bucket in 2009 – after a long and agonizing death. In fact, 2009 was so painfully grim for print media that I dubbed it the year of the Great Media Collapse.

It was epic.

2009 ended with more than 14,000 journalism jobs gone forever. It ended with circulation rates at 1940s levels. It saw the end of dozens of newspapers including mainstay dailies in Tucson, Seattle, Detroit, Baltimore and Denver. Heck, in 2009, Businessweek was sold for less than the price of a really nice condo in Manhattan.

The situation has continued to deteriorate at a startling rate.

The Pew Research…

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Boston Globe lost 97 percent of its value in 20 years

The Buttry Diary

In the past 20 years, a great American newspaper has lost 96 97 percent of its value.

The New York Times bought the Boston Globe in 1993 for $1.1 billion. The Times today announced the sale of the Globe and related New England properties to John W. Henry, principal owner of the Boston Red Sox, for $70 million.

I used the Bureau of Labor Statistics’ inflation calculator to figure that $1.1 billion in 1993 is worth $1,777,540,000 today. And $70 million is less than 4 percent of that.

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