Media, tech suffer along with everyone else

September 30, 2008

meltdown.jpgIt’s the economy, stupid. Or mostly the economy, says newspaper executive William Dean Singleton.In an interview with, Singleton, CEO of MediaNews Group, says that “more than half” of the problems facing the newspaper industry can be attributed to the economy. (Recall that most observers say the biggest problem is that people simply aren’t reading newspapers as often as they once did) Here’s what Singleton, who oversees the San Jose Mercury News and Denver Post, among other papers, says: “The biggest thing we need right now is an improved economy, because at least 60 percent of the revenue problem we’re facing today is good-old fashioned economic recession”Speaking of the economy, shares of some of the hottest tech companies were hammered yesterday on fears about evaporating consumer demand, Reuters reports.”Investors are no longer selling their losers in tech but have turned to selling stocks that still have meat on the bone,” Scott Kessler, head of S&P’s tech equities research, says in the story.Added Jeffrey Lindsay, an analyst who follows Internet stocks for brokerage Sanford C. Bernstein: “Nothing has changed fundamentally in many of these stocks… But everyone is trotting out their bear market scenarios.”Keep an eye on:

  • The nationally televised debate last week between U.S. presidential contenders John McCain and Barack Obama drew 52.4 million U.S. viewers, far below 1980’s record audience (Reuters)  
  • ABC came in first place for the week ending Sept. 28, led by the return of the two top-rated dramas on television, “Grey’s Anatomy” and “Desperate Housewives” (Hollywood Reporter)
  • Britain’s largest commercial broadcaster, ITV is to cut around 1,000 jobs including 430 from its news department as part of a cost-cutting drive (Reuters)
  • A group founded by several major media and technology companies, Arts+Labs, plan to promote the Web as a place for consumers to get songs, television shows and movies without resorting to piracy (Reuters)

(Photo: Reuters)

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Where is the time?

Posted by hanmi | Report as abusive