Minneapolis Star Tribune files for bankruptcy

In those days, most people read newspapers, whereas today, most
people do not. What caused this change? One big factor, of course, is
that people are a lot stupider than they used to be, although we here
in the newspaper industry would never say so in print.
—  Dave Barry

Less than two years after it was bought by a private equity group, the
Star Tribune has filed for reorganization under Chapter 11 bankruptcy.

The Associated Press reports:

Like many other newspapers, the Star Tribune has been dealing with declining print advertising.

Since 2007, the Star Tribune has made $50 million in cuts through attrition, layoffs, buyouts and other cost-cutting measures.

The Star Tribune filing is the latest sign of the struggles facing the newspaper industry, which is coping with a deadly combination of high debt and declining advertising revenue amid a deep economic downturn.

Read the full article here.

It’s not just the newspapers

Magazines too are experiencing desperate times. There is even a website devoted to listing magazines as they die, kind of an obit to the mags and rags: Magazine Death Pool.

The Pittsburgh Post Gazette reported:

In 2008, magazines, along with all media, experienced their worst year in decades, with ad pages plummeting 9.4 percent from last year, according to the Media Industry Newsletter, compared with a 7.8 percent drop in 2001. Luxury magazines have suffered even more, with ads in December dropping 22 percent from 2007.

Newsweeklies are particularly troubled: Time Inc. will cut 6 percent of its 10,200 employees and restructure its business, to the tune of $125 million, while Newsweek is cutting staff and reinventing itself as a less newsy, more thought-leader-ish analysis weekly modeled on The Economist.

Even recession-resistant Conde Nast — purveyor of fashion, fantasy and celebrity through its Vogue and Vanity Fair titles — couldn’t escape the impact of this year’s financial crisis and has cut jobs along with Meredith and Hearst.

How about you?

I subscribe to National Geographic because I want my daughter to be able to pore over the gorgeous photographs and so she has a library of fascinating articles to treasure hunt through, sans computer, on rainy days. I have subscriptions to Elle, Marie Claire, and Glamour because I got them for free with purchases I made. I pick and choose magazines at the stand for the level of interest they hold for me per issue. Other than that (and excluding literary mags,) I read the newspapers online and regularly check out online magazines and news sites. Video killed the radio star. Did Internet kill the magazine star? Did I?

Via YouTube: Video Killed the Radio Star, The Buggles

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s