You wont read about it in their newspaper, but this past week may have been one of the worst for the Times Publishing Co., in some time. On Thursday, media critic Jim Romenesko and a commenter at SportsJournalism both blogged about how the Times plans to cut its newsroom staff by ten percent. “In addition, the regional sections will be published only once a week,” the commenter reports, and adds: [Times staffers] also learned that the paper has hired a consulting firm to help it get through the current financial storm. The consultants reported — almost certainly with executive direction — that the Times’ copy desk is far bigger than those at comparably sized newspapers. … There’s unconfirmed word that the consulting firm mentioned previously was mandated by the company that gave the Times a $28 million loan in December. Boston’s Crystal Financial LLC — a company that specializes in “making loans to companies who require more debt capital than is currently made available from traditional lenders,” according to its investment profile — provided the loan, which matures in 2016. The depths of the Times financial troubles are explored further by the Tampa Tribunes Richard Mullins, who writes that the Times financial records, loan documents and real estate transactions paint a picture of a shrinking company under increasing financial strain. Nevermind that the Tribune has its own financial issues, Mullins examination of the Times struggles makes one wonder if there will even be a Tampa Bay Times in five years. The Times has pledged at least six parcels of land to obtain that $28 million loan from Crystal, including its headquarters. And that loan comes due in December 2016. What will change between now and then that will make the Times profitable enough to pay off that loan? Its not as if it will be able to sell more ads or charge more for the declining number of ads it will sell. Will there suddenly be a rush to scale the Times paywall? Thats doubtful? And if the Times thinks leasing PolitiFact franchises is its ticket out of the red, the news that the Cleveland Plain Dealer is dropping Politifact Ohio indicates this isnt a viable business plan, either. What may be the worst aspect of the Times financial troubles is the terrible job the company does communicating with its readers about the situation. Were the Times any other major local company, the newspaper would be reporting about an eight-figure loan or a ten percent reduction in staff. Yet Times readers have to learn about these development not from the newspaper it trusts, but from outside blogs and rival media outlets. Most Times readers are probably still unaware of just how much trouble their beloved newspaper finds itself. Then again, its no longer a sure thing that the Times airing its dirty laundry would engender much good will from the community at large. The decision to change its name from St. Petersburg Times to Tampa Bay Times has cost the newspaper dearly in terms of community support. Many leaders in St. Pete are still upset by the decision, while few in Tampa -- outside of Mayor Bob Buckhorns office -- have been impressed by the rebranding. The newspaper is still highly respected and widely read, but Im not so sure it is as beloved as it was even five years ago. Critics of the Times, including myself, may at first glance rejoice at the news that the Times is struggling. But this hathos is all empty calories. First of all, a ten percent reduction in staff impacts a lot of good people. Its never a good thing to see anyone laid-off, much less smart, ambitious reporters and writers. More important, the truth is, Tampa Bay is a one of the most vibrant media market in the country (this is still a two newspaper community, after all) because of the Times. The newspaper going the way of the New Orleans Picayune would be a devastating blow to a community already plagued by self-respect issues. No, what Tampa Bay needs is a profitable Tampa Bay Times, but one that is chastened by its financial issues. The Times needs to be more open with its readers about its operations. It needs an ombudsman. Its editors and writers, while they should be proud of their journalistic accomplishments, should be less smug about the Times place in the world. No longer should editor Neil Brown, after the newspaper wins an award, taunt, “If we dont do this work, if the Times doesnt speak up, who will? Just eliminate the entire culture of The Timesman and return to those heady days when a well-written newspaper delivered to a readers doorstep was reward enough.
Posted on: Sun, 02 Mar 2014 11:41:42 +0000
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