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Vin Crosbie Vin Crosbie
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Dorian Benkoil Dorian Benkoil
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Bob Cauthorn Bob Cauthorn
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Ben Compaine Ben Compaine
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Dorian Benkoil senior consultant at Teeming Media. An award-winning journalist and editor, he was a foreign correspondent for AP and Newsweek, and international and managing editor for ABCNews.com. At ABC News he moved to the business side, handling sales integration and business development, before joining Fairchild Publications as General Manager for their Internet division, becoming editorial director for mediabistro.com, then a consultant for Teeming Media in New York. He graduates this year with an MBA from Baruch's Zicklin school of business. Learn more about him at Benkoil.com or his blog - MediaFlect.com.

Robert Cauthorn is a journalist, former vice president of digital media at the San Francisco Chronicle, and was the third recipient of the Newspaper Association of America's prestigious Digital Pioneer Award. He launched one of the first five newspapers web sites in the world and is generally considered to have delivered the first profitable newspaper web site in 1995. Cauthorn has been in the middle of the transition from old media to new and is recognized as frank-talking critic when he believes newspapers stray for their mission. In mid-2004 he became the president of CityTools, LLC a new media startup based in San Francisco.

Ben Compaine has divided his career between the academic world and private business. He was a journalist when manual typewriters were considered state of the art, but also led the conversion of his college newspaper to cold type. He has started and managed weekly newspapers. His dissertation at Temple University in 1977 was about the changing technologies that were going to unsettle the landscape of the staid and low profit newspaper industry. Since then he has focused his research and consulting on examining the forces and trends at work in the information industries. Among his most well-known works (and the name of his blog) is "Who Owns the Media?".

Vin Crosbie has been called "the Practical Futurist" by Folio, the trade journal of the American magazine industry. Editor & Publisher magazine, the trade journal of the American newspaper industry, devoted the Overview chapter of executive research report Digital Delivery of News: A How-to Guide for Publishers to his work. His speech to the National Association of Broadcasters annual conference was one of 24 orations selected by a team of speech professors for publication in the reference book Representative American Speeches 2004-2005. He has keynoted the Seybold Publishing Strategies conference in 2000; co-chaired and co-moderated last year's annual Beyond the Printed Word the digital publishing conference in Vienna; and regularly speaks at most major online news media conferences. He is currently in residence as adjunct professor of visual and interactive communications and senior consultant on executive education in new media at Syracuse University's S.I. Newhouse School of Public Communications, and meanwhile is managing partner of the media consulting firm of Digital Deliverance LLC in Greenwich, Connecticut.
About this blog
Two forces have shattered the news media. Technology is the first. Although media technology is undergoing its greatest change since the day in 1440 when Johannes Gutenberg first inked type, for more than ten years now the news industry has mistaken new technologies merely as electronic ways to distribute otherwise printed or analog products. Estrangement is the second. The news media has lost touch with people's needs and interests during the past 30 years, as demonstrated by rapidly declining readerships of newspapers and audiences of broadcast news. How we rebuild news media appropriate to the 21st Century from the growing rubble of this industry is the subject of this group weblog.
In the Pipeline: Don't miss Derek Lowe's excellent commentary on drug discovery and the pharma industry in general at In the Pipeline

Rebuilding Media

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October 3, 2008

When the Story is Bigger Than the News

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Posted by Dorian Benkoil

I heard Jeff Jarvis on the radio this week say he wanted someone to, in easy link-and-click fashion, explain what’s going on, what the current financial crisis is about. And I suppose he's right (while hoping he’s wrong) that that easy click and see doesn’t exist. (He did on his site say he likes this explanation.)

And, in so complaining, he put his finger on a major problem with journalism as it’s practiced. Amid all the tit-for-tat accusations, running around trying to dig up, follow the latest, get the scoops, journalists too often forget to explain to those who desperately want it what the story at its deepest levels is really about -- which also would serve to tell the reading/listening/viewing public why they should care. That kind of depth, of course, doesn’t get the quick pageviews, nor is it the kind of investigative journalism that tends to win Pulitzers and other prizes. In a business sense, it’s not the kind of journalism that will pay for the resources it takes create it. But it is a big public service that can accrue pageviews (on pages carrying ads) over time. And there are ways to “monetize” it beyond the pageview-ad formulation. (partnerships, re-branding, syndication, books, new sections ... that would be another blog post.)

Not that it’s easy to explain something like this crisis. A lot of people tasked with explaining what’s going on probably themselves don’t understand, and good journalists are trained not to let their grasp exceed their reach. Heck, some of the smartest professors I had in business school seem at a loss to completely explain what’s happening in the economy right now. (One wrote an email about the opposing views of who’s to blame, without answering a question I asked about whether models he taught us projecting increased value as debt is taken on were still valid, or formulations for calculating risk should be changed). And, the ones who can explain it all to us -- smart MBAs who do financial modeling -- are, after all, ones who helped get us into this, with the very financial models they created or followed. They’re likely to earn a lot more than the ink- and pixel-stained wretches working in newsrooms. Then, again, there’s a few of those folk who have a bit of free time at the moment. Maybe they could write a little something for the papers, even help come up with some graphics and videos to explain it all.

Even without the business justifications, though, the explanation would be worthwhile and a public service.

Comments (2) + TrackBacks (0) | Category: Magazines | Newspapers | Television


COMMENTS

1. Paul Pignataro on October 4, 2008 7:32 AM writes...

I very much understand your concern. Making these situations more understandable to everyone and even giving people the opportunity to question professionals on these a huge part of what we do at The Analyst Exchange. Here is a bullet summary of what happened: (and we have much more!)

Before Collapse
• Lehman Brothers struggles to raise capital after losses on risky real-estate investments
• Possible buyouts by Bank of America and Barclays fall through
• Fed decides not to bail out firm

Monday, September 15
• Lehman Brothers files for bankruptcy in the morning hours
• Largest bankruptcy in U.S. history with over $600 billion in assets
• Shareholders’ and bondholders’ investments wiped out
• Norway government pension fund had $800 million at stake
• Default insurance rates increased dramatically
• Largest one day increase in history
• Investors forced to sell assets to make margin calls
• AIG hurt as holder of $400 billion in bond contracts
• Concern over futures of Goldman Sachs and Morgan Stanley
• Bond holders try to buy additional insurance, driving up price
• Clients withdraw money from prime brokerage businesses

Tuesday, September 16
• UBS reported to have possible $4 billion in losses from Lehman exposure
• Stock falls 17% before report corrected by UBS ($300 million)
• LIBOR rate more than doubles overnight
• Banks still hesitant to make loans
• Morgan Stanley stock falls 28% percent in early trading
• Firm releases quarterly returns a day early to ease fears
• Money-market funds take loss from Lehman commercial paper
• Normally safe, net asset value fell below $1 a share for first time in 14 years

Wednesday, September 17
• UK largest mortgage lender HBOS shares fall by 19%
• Government brokers emergency sale to bank Lloyds TSB Group
• Morgan Stanley shares fell 24% by end of day
• Goldman Sachs shares fell 14% by end of day

Thursday, September 18
• Fed extends insurance to $3.4 trillion in money-market funds
• Proposed $700 billion bailout package for banks’ bad assets

Aftermath
• Morgan Stanley and Goldman Sachs apply to become commercial banks
• End of era of independent investment banks

Warm regards,

Paul Pignataro
Founder & CEO
The Analyst Exchange
www.theanalystexchange.com

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2. Diane Lowell on October 21, 2008 3:27 PM writes...

I'm an old-timer among journalists, but one who gets the connection between "public-service" journalism and marketing, really. No, that's not pushing ads via editorial content. It's selling the reader on the value of news or information that should be well-reported and well-packaged.

Today's journalism has passed through a wash of elitist, illuminati, political, ink-pabulum that is becoming more and more irrelevant to the people it is supposed to serve. If the Fourth Estate rediscovered its roots, newspapers and magazines might have a future.

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