The Chicago Tribune company, which also owns the Los Angeles Times, is on the verge of bankruptcy. In hock to a Lebanese-Mexican billionaire, the New York Times is trying desperately to stay afloat, laying off staff even as it pays its executives exorbitant salaries while mulling the option going behind a pay wall while still employing Frank Rich.
Times, in other words, are tough in the formerly lucrative racket of Joseph Pulitzer, Col. McCormick and William Randolph Hearst:
Now the Philadelphia papers, the Inquirer and the Daily News, are on the brink as well. They’ve declared bankruptcy and are battling now to stay afloat. Here’s Brian Tierney, CEO of the company that owns them both, discussing their bleak future:
What do you think? Is there a future for newspapers? If so, what is it?
Your early morning thoughts, with or without your old morning paper, welcome here.