By Jennifer Saba
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
One of the great payoffs of having lived a long life arrives on the day the newspapers publish your obituary. By out-lasting your competitors and foes, the storyline naturally bends your way. Time blurs precise recollection in favor of generous feelings, which we tend to bestow upon most famous survivors, no matter what sort of lives they lived.
Neil Barsky, a former Wall Street money manager, became the latest Medici of journalism this week when he hired Bill Keller, former executive editor of the New York Times, to head his new non-profit journalism enterprise, the Marshall Project.
Oh to be a fly on the wall Jan. 15, when Tribune Co. executives meet with the staff of Rep. Henry A. Waxman, D-Calif., in a command performance to explain the media conglomerate's plans to spin off its newspapers -- which include the Los Angeles Times, the Chicago Tribune, and the Baltimore Sun -- into a separate company named Tribune Publishing.
Sometime in the mid-1990s, the Web began to peel from the daily American newspaper bundle its most commercial elements, essentially the editorial sections against which advertisements could be reliably sold. Coverage of sports, business and market news, entertainment and culture, gossip, shopping, and travel still ran in daily newspapers, but the audience steadily shifted to Web sources for this sort of news. Broadcasters had dented newspaper hegemony decades ago, absconding with breaking news and weather coverage, and inventing new audience pleasers, such as traffic reports and talk. But it was the Web that completed the disintegration of the newspaper bundle that dominated the news media market for more than a century. In addition to pinching the most commercial coverage from newspapers, the Web has also made off with the institution's lucrative classified ads market, simultaneously reducing its status as the premier venue for content and advertising.
It is now a week since Jeff Bezos, the founder of Amazon, announced that he was buying the Washington Post, in what could be the most exciting case of convergence between the new media and the old since the merger of AOL with Time Warner. But how might Bezos re-launch this venerable flagship of U.S. journalism? And what could his ownership of the Post mean for news businesses around the world?
The last few days have seen a flurry of purchases of ailing print journalism flagships. The Boston Globe was sold. Newsweek changed hands again. And, most spectacular of all, the Washington Post was bought for chump change. Meanwhile, the Tribune group -- publisher of the Los Angeles Times and the Chicago Tribune -- is readying itself for sale.