The newspaper bailout proposal you may have heard about over the last few months? The newspapers want no part of it, says an industry spokesman.
That said, the industry wouldn’t turn down some help from Congress, says John Sturm, CEO of the Newspaper Association of America. He is testifying before a joint committee this morning.
Three years ago, Google invested $1 billion in Time Warner’s Web operation and said the entire business was worth $20 billion. Now, it’s shaving that estimate by 73 percent. Time Warner CEO Jeff Bewkes can’t be pleased.
Yes, this economic collapse is different than the dotcom blowup at the beginning of the decade. But there are some similarities. For instance, in 2002, Time Warner had to take a $54 billion write-down connected to its disastrous AOL deal. Today, the company has announced a $25 billion write-down, which is in part connected to… its disastrous AOL deal. Insult to injury: Time Warner is also paying for Lehman’s collapse.
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
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