The news divisions at the big networks have been in a world of hurt lately as advertisers seek out younger consumers and viewers. This has lead to big cutbacks in staffing and resources over the years as the networks strive to keep profit margins from deteroirating even further.
Several media reporters wrote on Twitter on Thursday that this was one of the worst weeks in journalism, and it’s hard to argue with them. BusinessWeek is canning a third of its staff as Bloomberg gets ready to buy the magazine. The Associated Press is laying off 90 people as part of its effort to cut payroll costs by 10 percent this year.
Covering Thomson Reuters Corp for almost two years has taught me that people like to cast my company in a recurring role in media deal parlor games. Now that the company’s arch-rival Bloomberg LP will buy BusinessWeek magazine from McGraw-Hill, lots of my pals in the media world are wondering: Will Thomson Reuters buy a mainstream news or business news magazine? Or newspaper? Why not Forbes? Why not the Financial Times?
The Wall Street Journal, ever on the hunt for new ways to please its readers and new ways to make money (and what, we ask, is wrong with that?), will launch a new, pricier version this November. Called “The Wall Street Journal Professional Edition,” it is designed for business readers who want more than what the daily newspaper and website provide on their own.
It always makes me happy when one of the companies on my beat reminds me that I study Turkish for at least one practical reason. In this case, it’s our rival wire service Bloomberg, which will start broadcasting news in Turkey through local partner Ciner Media. Pronounced, more or less, “Jiner Media,” the company also publishes magazines in Turkey that include Marie Claire, Newsweek Turkey, OK! and GEO.The service will be called BloombergHT for “Haber Turk,” which translates to, “Turkish News.” The service will be a 24-hour, seven-days-a-week Turkish language financial news and business channel that will broadcast on cable and satellite in Turkey and “Turkish Republics.” I have to find out what that means, but I’m guessing it means parts of Central Asia where Turkic languages are spoken.The launch will come later this year, Bloomberg said in a statement on Tuesday. It also said that Bloomberg will retain editorial control over the channel’s business content and will provide Ciner Media with access to the Bloomberg news service and that a website will follow.This news comes months after Bloomberg held a rare round of layoffs and laid out plans to shut down some of its non-English-language TV operations around the world. Bloomberg, as we and others have reported, has been working to broaden its worldwide reach. The company, I have heard from people familiar with its thinking and also from employees, wants to raise its profile outside its hardcore financial industry subscribers and is trying to offer more news to a bigger audience to do it. Pursuing BusinessWeek is one way to do it. Another would be forging more deals like the one in Turkey — let someone else handle the distribution, and you just focus on the news. We might see more of these deals soon.UPDATE: While I’ve been obsessing over whether I’ll get to play Peter Ustinov’s part in a remake of Topkapi, Business Insider noticed some substantial changes on Bloomberg TV’s presentation for the rest of the world. In the world of financial journalism, less really is more, apparently.PS: Efendi = “lord” or “master” or a general “sir” might even do these days. “Efendim” = “My lord,” etc. and is a common form of address. For example, you might call me “Robert efendim.” Someone please correct me if I’m wrong.(Reuters Photo: Istanbul)
“Even Reuters’ Ralph Jennings — of whom I’ve been extremely critical for getting the story very wrong when it comes to Taiwan — tells us that ‘half a million’ attended the protest,” a blogger wrote in October after seeing the Reuters’s write-up of an opposition-led demonstration in Taipei against President Ma Ying-jeou.
We’re once again wondering who will blink first in Hollywood.
The Screen Actors Guild and the major firm and television studios are having another pow-wow today, and the subject is an ominous sounding “final offer” that management has presented to the union.
Two days before the iPhone’s launch, fans around Asia are queuing up to buy Apple’s latest offering. They don’t seem to care that it’s raining or freezing cold or if lining up early means missing work or school.