The New York Times - It is getting so bad for local television stations that some are turning to newspapers for help.
The bankrupt Tribune Company has merged its TV stations and daily newspapers in Miami and Hartford, and it already produces a lighthearted morning show in south Florida with the help of the newspaper’s columnists. Bob Gremillion, the executive vice president for publishing, calls it a “circling the wagons” approach.
No one would dispute that “the two industries are very challenged,” he said. “We’re combining and fighting together.”
The mergers are an example of local TV’s agonizing search for new business models as some balance sheets turn red. Starting Monday in Chicago, four stations’ news departments are combining their camera crews. In other markets, stations are adding newscasts on the cheap even as they lay off people. On the opposite extreme, a handful of stations are closing their news divisions completely.
The news for stations has been grim lately: without election advertisements to defray the losses in automotive ads, a cross section of station owners reported 20 percent to 30 percent quarterly drops in revenue last week, suggesting that the local TV business is almost as weak as its print counterpart.
“Unfortunately, there was nowhere to hide during the current storm, as declines in both local and national advertising accelerated,” Timothy E. Stautberg, the chief financial officer for the E. W. Scripps Company, which owns newspapers in 14 markets and TV stations in 10 markets, told investors last week.
About two-thirds of Americans say they regularly get news from local TV, according to the Pew Research Center. News is responsible for 40 percent to 50 percent of a station’s revenue on average, and many stations are still profitable. But owners see their audiences splintering and they see their parent networks bypassing them on the Web. What they are struggling to maintain is relevance.http://www.nytimes.com/2009/05/11/business/media/11local.html
- Jittery Bond Market Threatens President's Agenda
- Consumers Are Dealt a New Hand in Credit Cards
- U.S. Expected to Own 70% of Restructured G.M.
- Stocks of Retailers Surge on Consumer Optimism
- Consumer Confidence Rose Sharply in May
- Recession Turns Malls Into Ghost Towns
- Is the U.S. Going Socialist?
- Slump Creates Lack of Mobility for Americans
- Weak Housing Data Has a Bright Spot
- Home Depot Girds for Continued Weakness
- Shell Investors Revolt Over Executive Pay Plan
- Bond Yields May Signal a Recovery
- Credit-Card Fees Curbed
- What's Trump Worth? It Keeps Changing
- It May Be Time for the Fed to Go Negative
- Wal-Mart Says Its Market Share Is Rising
- SEC Poised to Charge Mozilo With Fraud
- U.S. Moves to Regulate Derivatives Trade
- Economists See Long Road to Recovery
- Cargo Ships Treading Water Off Singapore, Waiting ...
- U.S. Median House Price Declines 14%
- Retail Sales Post April Decline
- Officials at GM Sell Their Shares
- Advertising Losses Put Squeeze on TV News
- Estimate of Budget Deficit Now Tops $1.84 Trillion...
- Home Prices Continue to Crumble
- Economists React: Jobs Report Is ‘Less Bad’
- Recent Grads Face Hard Knock Times
- Jobless Rate Still Rising, But Not As Fast
- U.S. Jobless Rate Hits 8.9%, but Pace of Losses Ea...
- A Shrinking Trade Deficit, at Least for Now
- Obama Budget Cuts Point To Fights Ahead
- Move by General Growth Rattles Malls' Investors
- Economy Beers Give Brewers Lift in Downturn
- Losing Its Cool at the Mall
- ▼ May (35)
- ► 2008 (45)