Monday morning lesson
On Monday, Aug. 28, 2006 Dow Jones announced its intention of selling six of the 14 community newspapers it owns. The six newspapers do not include the one for which I work, but I felt impacted by the decision nevertheless.
The publicly traded company stated three reasons for the decision, in this order:
1. Raise cash to repay debt;
2. Invest in the current businesses;
3. Use approximately $155 million of capital loss tax carry-forwards which expire at Dec. 31, 2006.
It is widely believed that reasons one and two are being polite and reason three is the only reason Dow Jones decided to sell half of its Ottaway Media Group newspaper assets.
The reasons don't really matter. The fact is I've never been this close to the challenges that face my industry and it's uncomfortable and scary.
I've often read about the changes in Corporate America and that there are no guarantees regardless of loyalty, skill, and knowledge. I never really considered that I would be part of that new corporate culture -- I work at a tiny newspaper in Northeastern Pennsylvania afterall what do tax breaks have to do with me?
The fact is that the challenges facing this industry are not going away. What's happening to our audiences and our advertisers is not a cycle. It won't "come back," a reaction I often heard at my last newspaper.
If anything, Dow Jones' decision should be a rallying cry for those of us left under their corporate umbrella. We must find ways to engage our audience and deliver results to our advertisers.
Our loyalty, knowledge and skill is needed as much now as yesterday.
I must shelve the question that has dogged my mind all week -- will there be another tax break offer next year and will the Pocono Record be the carrot so Dow Jones can exercise the option?
I think I'm ready to move forward. I feel changed in some way, though. My trust is a little bruised. I guess I grew up a little this week. It was exhausting.
I hope I'm better for it.
The publicly traded company stated three reasons for the decision, in this order:
1. Raise cash to repay debt;
2. Invest in the current businesses;
3. Use approximately $155 million of capital loss tax carry-forwards which expire at Dec. 31, 2006.
It is widely believed that reasons one and two are being polite and reason three is the only reason Dow Jones decided to sell half of its Ottaway Media Group newspaper assets.
The reasons don't really matter. The fact is I've never been this close to the challenges that face my industry and it's uncomfortable and scary.
I've often read about the changes in Corporate America and that there are no guarantees regardless of loyalty, skill, and knowledge. I never really considered that I would be part of that new corporate culture -- I work at a tiny newspaper in Northeastern Pennsylvania afterall what do tax breaks have to do with me?
The fact is that the challenges facing this industry are not going away. What's happening to our audiences and our advertisers is not a cycle. It won't "come back," a reaction I often heard at my last newspaper.
If anything, Dow Jones' decision should be a rallying cry for those of us left under their corporate umbrella. We must find ways to engage our audience and deliver results to our advertisers.
Our loyalty, knowledge and skill is needed as much now as yesterday.
I must shelve the question that has dogged my mind all week -- will there be another tax break offer next year and will the Pocono Record be the carrot so Dow Jones can exercise the option?
I think I'm ready to move forward. I feel changed in some way, though. My trust is a little bruised. I guess I grew up a little this week. It was exhausting.
I hope I'm better for it.
posted by Kathy Schwartz @ 9:27 AM
2 Comments:
At 4:15 AM,
Linda said…
Hopefully the fact that you are not fully invested only in the print media, but have credentials on the internet side of things will help should the need come to find other challenges. I guess the question is, how hard do you look for that transition, before the leaky boat brings the water to you.
At 9:39 PM,
Lynn said…
That is scary....especially not ever feeling like you have a good "grasp" of what's about to come next in life, and be braced for it.
I guess that's what life IS, yet we always seem to feel like we are in control. It is another avenue for the world to be able to change your life in a split second (seemingly) and leave you spinning.
I'm glad it didn't "hit" you personally, but am sorry for the way it did knock your sense of balance a little bit this week. Hell...doesn't having kids already do ENOUGH of that??
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