Today on Bostons WCVB News Channel 5, I saw that the Boston Globe could be forced to close their doors. For the past several months, I have seen nothing but more and more businesses closing everyday. Right near my home there is a large shopping plaza
(very convenient! ) but, it seems as though every time I drive by it there are people hired to hold signs to pedestrians that read 'Going Out Of Business 20 - 50% off''.
It makes you feel so uneasy to see all these familiar establishments have no other choice but to close. According to WCVB, The New York Times Co. has threatened to close down the Boston Globe unless the newspaper's union quickly agrees to $20 million in concessions. I have heard the newspaper industry was not doing very well, but I had no idea it was this serious. I have always thought of The Boston Globe as a very successful and respectable newspaper.
If you didn't already know, The Globe was founded in 1872 by six Boston Business men, and is currently owned by The New York Times Co. Times management told the unions that the Globe will lose $85 million in 2009, unless significant cuts are made.
We all are aware of the troubling economic times we are facing at the moment, but when does it stop? News is an ongoing process that will never end, but can our outlets be deceased? Like most things The Globe is being shown it too is not 'recession proof' and to add to this troubling situation on newspapers, according to the WCVB, last week 'The Christian Science Monitor' was forced to close their doors as well.
This is a scary time for print media. More and more I read that newspapers are in the decline stage and new technologies such as internet news and features are in the penetration stages. All technology brings in new ways to get your media fix, but I think the state of the economy is hurting newspapers more. Why would people pay extra for something they can get online with a service they already pay for? I am hoping the economy starts to look up and we can get a good read on the future of the newspapers. (no pun intended)
ReplyDeleteIt is scary to see these large companies folding like a cheap suit. You look at the auto industry. Oldsmobile closed a few years back, now Chrysler is on the verge of closing which is amazing considering how long they have been around. It makes me very uneasy to see these "powerhouse" businesses close one after another. To me it seems like a snowball effect, the more businesses close the easier it is for all of them to fall. Yikes!
ReplyDelete:( I've heard of this too. A lot of newspapers are in trouble because so many people are getting their news other ways now (tv, internet).
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