35 posts tagged “media general”
Is it only in the TV business that you can lose money and market share and get a promotion?
This blurb about Savannah’s alwaysabridesmaid WSAV-TV caught my eye because the guy who has overseen the decline of the station’s fortunes over the past three years, Brad Moses, is being rewarded with a trip to a much larger market.
"During the past three years, Brad has provided exceptional leadership in all areas of broadcast management as general manager for WSAV," said Media General North Carolina President/Market Leader James R. Conschafter.”
Really Connie?
Cause the way I hear it, in addition to the layoffs imposed
on the station from those corporate geniuses up in Richmond, Moses couldn’t
keep a sales staff, fired a veteran anchor who was then hired at WJCL on the
same day and somehow managed to run off the entire marketing department, the crime
reporter, neighborhood news reporter, weekend anchor and sports director as well as the executive
producer.
I can’t give you a link to the ratings, they cost money and aren’t shared freely, but my understanding is they have been flat or down significantly during his entire tenure.
I guess the good news in all this is that WSAV may improve
under Moses successor; it certainly can’t get any worse. We need to say a prayer for the folks in Raleigh.
From the Vox - Dumb, Dumber and downright Stupid:
"The reason we have so much foreign trade today is greed. American merchants just want to make more money."
Yes. And?
For this little piece of ignorance I blame the schools. They apparently are no longer teaching the basics of economics.
Supply and demand… capitalism… is this ringing any bells?
"Grocery stores don't seem to be competing for our business. I'm clipping coupons and trying to save like a desperate fool. They have us figured out, charging $3.55 or more for a bag of chips."
Let me get this straight… you are clipping coupons and
beeatching about it because you can’t afford a bag of chips? A bag of chips
that, when consumed, will provide to your body absolutely no nutritional value.
A bag of chips that, when consumed, will probably make you less healthy due to trans-fats
and sodium levels and general greasiness?
How can you look at that level of intelligence and still believe in “survival of the fittest”?
"The caller who said he wouldn't buy a Chevrolet because of the stimulus funds doesn't understand that, without stimulus funds, there wouldn't be a Chevrolet to buy."
Yeah…I think that’s what they meant. There shouldn’t be a Chevy unless Chevy can survive without being propped up with tax money.
WSAV father figure Media General is apparently not above ripping off bloggers by printing their articles without paying them.
More Layoffs at WSAV’s Sire, Media General…wait…that must be a misprint.
I thought everything is rosy now?
“Media General Inc., the Virginia-based publisher of the Winston-Salem Journal, reported a profitable second quarter on Wednesday resulting from deep cost cuts.”
Marshall “Morty” Morton went from wallflower to prom queen in the Second Quarter and Media General stock is trading consistently above $4 a share for the first time in nine months
Just this week we saw headlines touting that the Bull had turned and Happy Days are Here Again! Apparently not Potsie;
“Three staff members have lost their jobs at WCMH-TV (Channel 4), including Amy Basista, co-anchor of NBC 4 Today and The NBC 4 Midday Update.
Channel 4 management would not comment on the layoffs.”
Perhaps this was isolated.
Perhaps the health of this station, in one of the company’s largest markets, doesn’t reflect on the company as a whole.
Perhaps this round of layoffs is just the beginning so they can look good for the 3rd Quarter report.
Wow all this seems eerily familiar.
This article showed up this morning on paidcontent.org and reinforces a lot of what I was thinking about the health of the media business of late.
“…even though revenues were down by double digits for all, optimistic execs made it sound as if the declines were slowing, holding out the possibility for a turnaround.”
“But it’s pretty likely that this “return to profitability” is only temporary…”
It goes on to point out, as I did Thursday, that the earnings reported by WSAV’s paternal unit Media General are based almost entirely on dumping staff which is cutting into the company’s ability to compete.
“Having cut editorial and sales staffs significantly, it’s worth wondering whether newspapers will be able to maintain their brands, since competition from the web shows no sign of abating. To be sure, the double-digit revenue declines that all four publishers experienced—with poor classified performance now afflicting online ads as well—will not be able to be masked by cost-cutting much longer.”
And perhaps my favorite line of all:
“Mere survival is the new profitability”
That is the only recent good news from media companies including Morris Publishing, New Vision Television and Media General; they are surviving.
Really? Was this really necessary? You had to include this piece of information in a story that is barely three inches?
“A man was robbed and assaulted after visiting a friend Wednesday at Candler Hospital, Savannah-Chatham police said Thursday.”
From that line we are led to believe that the attack had
something to do with the fact that the man had been at Candler.
Scary stuff, an attack near the hospital! OMG! I’ve been to that hospital! My best friend’s playcousin had his gall bladder out at that hospital! I went to visit him so that could have been me!
Yeah…NO.
“The victim was at the intersection of Augusta Avenue and Portland Street when he was approached by an unidentified man holding a black handgun. The assailant took $100, then hit the victim in the face with the handgun, the victim told police.”
Now, a show of hands, how many of you know where Augusta Ave is located in relation to Candler Hospital?
Okay, a few of you, I’m impressed. For the rest, here is your Savannah Geography Lesson for the day:
As the Crow Flies – Candler is 3.9 miles from the location of the attack.
On the Freeway- Candler is 11 miles from the location of the attack.
Using Surface Streets- Candler is 5.6 miles from the location of the attack.
So what in the world does the fact that this man had been at Candler Hospital a half hour before the attack have to do with anything?
The newspaper has simply created the false impression that something bad happened at the hospital by including information that has nothing at all to do with the story about a crime that took place in West Savannah.
I really shouldn’t stick a pin in Media General’s pretty pink balloon but…
Wall Street was abuzz on Wednesday after WSAV’s Commander n’ Chief reported a profit for the second quarter.
According to their press release:
“Media General, Inc. today reported net income for the second quarter of 2009 of $20.6 million, or 90 cents per share, compared with a net loss of $532.2 million in the 2008 period…”
Such good news doubled the price of MG stock between 10am and 11am. It is unfortunate that the fundamentals behind the headline still point to the same old problems.
Firstly, doubling a $2 dollar stock is fantastic if you bought the stock at $2, not so great for those who invested in MG back in the heady days of $60 and above.
Second, all the things that caused MG to tank from its highs are still in place. The “everything but what we’re good at” strategy hasn’t changed. Marshall “Morty” Morton is still touting their real estate and gaming sites as the way forward despite another million dollar quarterly loss in that division. Also, the company still hasn’t figured out how to turn its successful news brands into online money-makers.
“We're pushing into new digital and mobile platforms and creating new ways to serve consumers and advertisers. We're driving audience growth through new products, as well as our Web-First continuous news initiative. Our mobile delivery includes new advertising and marketing services such as text messaging, mobile coupons and classified vertical applications. We are aggressively executing on our partnerships with Yahoo and [Zilla] and we're accelerating the growth of the new revenue streams tapped by DealTaker.com and Blockdot.”
Plus behind the headlines today’s economic news from the company pretty much sucked.
“Operating profit from Media General’s 18 broadcast stations was $11.3 million, down from $14.9 million the year prior. Total revenues declined 21.4%, or $17.7 million, with ad sales declining $22.4 million”
They still have an a$$load of debt, they owe more than half of what they have in total assets.
(Unaudited, in thousands)“Long-term debt $711,458”
“Total assets $1,262,921”
And according to the Seeking Alpha transcript of today’s earnings call they don’t plan to pay down much of that in the last half of the year.
“…we paid down from the end of 2008 to the end of the first half of the year basically with the proceeds, of course, from the sale of our Jacksonville station. There will be a slight reduction from the $711 million where we are right now to the end of the year.”
Basically they wouldn’t have seen much change at all if not for the sale of that station in Jacksonville and cutting all the meat off the bone at their newspapers.
“The company, which operates more than 20 daily newspapers and 18 television stations, trimmed operating costs by 23 percent.
The deepest cuts came in publishing. The division posted $12 million in profit, up from $6.8 million a year earlier despite a 26 drop in advertising revenue.”
So what are they going to do when they can’t cut anymore?
There is nothing in what I’ve read today to suggest anything got any better at any of their stations or papers. They are simply surviving and eating their own to do that.
You can recall the search parties. I’m still here.
Summer doldrums have set in. Maybe it is the fireworks, maybe it is just the idea of a rapidly warming laptop on a 104* day, whatever the cause, the effect is that I just don’t feel like writing. Today, however, I have chained myself to the desk Hemingway style in order to churn out at least one brief missive this week.
I often complain about the level of journalist on journalist action that we get here. One of the curious perversions I’ve found in our local media is their seeming inability to report on themselves and each other. I mean, really, they report on every other industry in town but seldom if ever focus their novelty magnifying glasses on their own business.
Today I found a decent, albeit rare, example of what I would like to see happen in Savannah.
Katherine Ludwig had a cover story on Media General in what passes for an alternative newspaper in Charlottesville VA this week. Her question: What will Media General’s financial woes mean for their daily paper, The Daily Progress?
The story is overly long, makes some dubious jumps in logic and gives far too much credit to Media General talking heads, former MG employees and academics but at least they did it.
They took the time to examine the media business and what the debt ridden corporate giant is doing to the quality of news in their community.
Will anyone in Savannah have the huevos rancheros to even try?
I am all over the map today. Hang on.
Media as Tools
The Savannah Morning News ran a love letter to itself and other newspapers today.
Walter C. Jones attempts to make the case that it was good old fashioned, hardnosed, Woodward and Bernstein type journalism that got to the bottom of the Mark Sanford Mystery Tour.
“Mark Sanford might have finished out his tenure in office and mounted a stellar campaign for the White House without anyone learning of his extramarital affair, separation from his wife and lies to his staff and colleagues - if only tenacious newspaper reporters had not been on the job.”
Well thank GOD! I mean, really, we might have had a philanderer in the White House! The horror!
Beyond the dubious assumption that Sanford could have contended for national office, what Jones describes has nothing to do with Journalists doing their jobs. It is more about Journalists being used as tools for the political gain of Sanford’s rivals.
“The State newspaper in Columbia, S.C., had been probing into his behavior after receiving copies of romantic e-mails…”
“The paper's break came when alerted by Sanford's political enemies…”
“That story most likely generated the tip from an unknown individual that Sanford was returning to Atlanta on a flight from Argentina…”
So basically, what you’re saying is, the paper was led around by the nose and handed the story complete with email evidence to back it up? Where is the reporting in that? They simply went where the Governor’s enemies sent them and reported what they saw. There was no investigation.
There is no evidence that laws were broken, there is no evidence that the Governor lied to the public. So why is this news exactly?
He did lie to his employees but when did that become a crime? What Mark Sanford did is a sin but, then again, so is misplaced pride in oneself so perhaps SMN needs to say a few Hail Mary right along with the Governor.
Miley Gets a Break
I’m sure Miley Cyrus did not wish any harm on Michael Jackson but his death has resulted in a cessation of the STALK MILEY campaigns promoted by two local media outlets.
All news of the tween dropped from the local headlines on Friday and was replaced by “I once held the door open for Michael Jackson’s best friend’s playcousin” remembrances of the King of Pop.
These “We Miss Michael” stories are also not real news, but the Savannah Morning News and others apparently feel they need to report something and there isn’t much actual news coming out about his death so they fill up the space with the pabulum.
And because nature abhors a vacuum some in the industry have found a way to combine the Miley/Michael stories into twisted rumors.
Media General’s worm has turned once again.
When last we reported on WSAV’s Deadbeat Dad, things were looking up. Back in January the stock reached the peak of $3.45 a share it then dipped to a buck 25 in March but managed to climb back to near its 09 peak again in May then the bottom fell out again this month with a drop back down to a buck 88 in suspiciously high volume on Friday.
Of course all this looks like a midget jumping in the bottom of the ravine compared to the stocks highs of yesteryear. Oh to return to the good old days before Marshal “Morty” Morton pushed the company off the cliff of $60 a share with his winning strategy of “Everything BUT What We’re Good At!”.
Now we get word out of Tampa that the company is so strapped
for cash its Florida Flagship put a Gay
Bashing infomercial on in early prime. I think it is clear that they were
simply not in a position to say no to the money. I guess we've moved on from the days when MG could refuse to run an ad simply because it included the sponsorship of a competitor. or when they could nitpick the ads of candidates and refuse what they see as attacks. Next they'll be advertising hard liquor and sex lines... oops.
Addendum Thursday, May 28, 2009 1:57:14am
Apparently the cuts Wednesday in Tampa are worse than I was led to believe by earlier reports. Here is what they are saying now:
"Media General's Florida Communications Group announced Wednesday that it will cut 17 positions from The Tampa Tribune newsroom, six from WFLA-TV and two open positions. Another 60 were cut from positions outside the newsrooms."
Just when we thought things were going so well.
You did a complete corporate reorganization.
That mean ol' economy seemed to be improving.
Your stock price is way up there near 3 whole dollars.
It took years of massive losses, but that everything-but-what-we're-good-at strategy of yours looks to be finally working.
So… uh… why Marshall "Morty" Morton still be laying folks off?
WSAV Daddy Warbucks, Media General, has the machete out again.
We get reports
today that their Tampa Group, WFLA and Tampa Tribune, has dumped 25 more
people in a sixth round of cuts.
Today’s cuts come hot on the heels of the May ratings period where MG Tampa Powerhouse WFLA found itself in 2nd place in a key demo for every newscast. I wonder if all the earlier cuts have damaged their product to the point it is less watchable or could the bad ratings be the reason for the new cuts?
No word yet on what, if anything, this will mean for WSAV or
the other stations in the group.
Usually cuts in Tampa are followed by cuts in Richmond and company-wide. Really though, what is left to cut? I guess we’ll find out in the coming days.
I am reminded of that episode from WKRP where we got
a glimpse of the future in which all the employees had been let go except
for the sales guy.
I think if media companies could come up with workable news droids that would do the reporting for no pay, they would do it in a heartbleep.
Let’s see, you’ve fired a bunch of people, furloughed everybody else, dumped 401k match and pensions, rearranged your entire operation and sold a bunch of stuff but it looks like you will still be sitting alone on prom night.
WSAV-TV father who art in Richmond, Media General, is out with its full first quarter report today and it is oh so rosy:
“The Company anticipates a continuation of the fundamental shift of business within the Publishing industry as well as the challenging economic environment which it has been experiencing and expects revenue declines in most of its advertising categories. However, aggressive actions aimed at dramatically reshaping and reducing the Company’s cost structure are expected to more than offset the impact of lower revenues in the second quarter…”
But if Marshall “Morty” Morton is making all the right moves, why does Wall Street still treat him like a Wallflower?
“Media General, Inc. (MEG) is currently rated as having Very Aggressive Accounting & Governance Risk (AGR®), receiving an AGR score that places them in the 7th percentile among the approximately 8,000 companies in North America rated by Audit Integrity, indicating higher accounting and governance risk than 93% of the other companies.”
In other words, there are uglier girls in school, but not many.
There is some good news, well it is at least less bad, MG stock is hovering right around $3 a share now which is much better than where it was just three months ago and if you don’t remember when the stock was trading at $60 a share then it really seems like they are bouncing back.
What does all this mean? I haven’t a clue.
No seriously, with all the doublespeak and bureaucratese I can’t tell from the report if they plan to continue to fire people and cut salaries or shut down and sell operations to keep meeting their debt payments.
It looks like they have gained a bit of wiggle room and even have limited credit that they can play with which puts them in a much better position than Savannah Morning News parent Morris Publishing but again you would have to speak Vulcan to know for sure.
Fundamentally I believe they are still on the wrong track. The report shows they wasted a million dollars in the first quarter on those silly websites they borrowed to buy last year. The fact is they wouldn’t owe so much money and would have posted smaller losses this quarter if they had stuck to publishing and broadcast and used those existing operations as web platforms instead of trying to invent or buy new platforms outside of their core business.
So… is the Savannah Morning News only giving part of the story to save money on newsprint or what?
Headline: SAVANNAH COMMERCIAL BURGLARIES DECLINE IN 09
YAY! I now have the impression that crime is down so YAY!
But wait. The entire article is only about commercial burglaries. For those who haven’t had it drilled into their heads, the difference between a burglary and a robbery is that a burglary happens when nobody (but the thief) is there while a robbery means a person is confronted by a thief who then steals something from the person (or as Media General would call it "aggregating") .
So the police have managed to reduce the numbers on an annoying but usually not dangerous type of commercial crime and again that calls for a “YAY!” because any reduction in crime should be celebrated.
HOWEVER, the article in question fails to mention the rest of the story (does Paul Harvey’s company own that or can I use it?)
The rest of the story here is that while the numbers on that one, again annoying but not dangerous, crime is down, other types of crime are up so far this year.
Here is where I need to say that doing a 4 month rundown of crime year over year is in no way an accurate depiction of crime trends cause people don’t kill, assault, rape or rob people on a regular schedule and next month we could be way up or way down depending on how many people did stupid or mean things in May of 08.
That being said, they paper only reported the good news in today’s article here is the rest of the story.
There have been 11 fewer total burglaries year over year, meaning fewer people returned home or to their store to find things missing.
116 more cars have been stolen.
58 more people returned to their cars to find stuff had been stolen.
There were 25 fewer “other larceny” crimes (whatever that means).
The exact same number of people died at the hands of another (9 homicides).
6 more people reported that they got raped.
23 more people got hell beat out of them (aggravated assault).
57 more people were confronted by a robber and relieved of their possessions.
So in all that gives us increases in both property crimes and violent crimes but all the paper reported was a very small spark of good news on commercial burglaries.
I’m not saying they shouldn’t report good news or the advances police have made in restructuring to better handle commercial burglaries. I’m saying they should have included the other facts to balance this story and avoid fostering false impressions in reader’s minds.
Kinda makes me wonder what else they are not telling me.
Addendum: Wednesday, May 6, 2009 12:31:02 AM
I have been informed that the above link for the crime statistics is no longer valid.
Apparently the department removes the files each week. That makes it harder for a regular citizen to verify the numbers from month to month but I am sure that is not their intent.
Anywho since I keep a copy of each file I have been able to grab a screen shot for you as the source material for this article.
