Paul Gordon’s business column in the Journal Star today is all about stock analysts’ view Caterpillar.
A consensus estimate of 20 industry analysts who follow Caterpillar, and compiled by Thomson Financial Network, is that the company made a profit of $1.55 a share during the second quarter, which ended June 30.
No mention of the consensus estimate of 4 industry analysts who follow GateHouse Media, and compiled by Thomson Financial Network, that the Journal Star’s parent company made a profit of 1¢ a share during the second quarter, which ended June 30. Nor is there any mention of their estimate for the next quarter: -1¢.
Is the Journal Star under orders not to cover GateHouse Media? Or do they just not find the potential demise of Peoria’s only daily newspaper newsworthy?
Of course, and I’m serious when I say this, nothing would make me happier than for someone to comment on this post telling me that the Journal Star is safe and all this speculation about their demise is an overreaction.
The Journal Star is safe and all this speculation about their demise is an overreaction. Enjoy your week!
On one hand, I want to not rub their faces in it. No one LOCAL is directly responsible for inevitable demise of the parent company. The business plan was doomed to failure.
But the Journal Star is the ONLY newspaper of record for Peoria. It has an obligation to keep the readers informed, even if the news is bad and it’s about the Journal Star.
But then, we also have three television stations, one public radio station, and several commercial radio stations. Exactly what sort of in-depth reporting have THESE news organizations done on GateHouse’s woes?
AT least the Journal Star can rationalize its lack of coverage as simply reporters and editors not wanting to get fired. What excuse do the others have?
Why would other media outlets do it? They graze over Caterpillar’s finance stories…they’re definately not going to do stories on Gatehouse.
It’s just stock prices. Until there is a massive layoff…a cutback in circulation, a reduction in days they print or something drastic ACTUALLY happens, it’s not news that anyone other than stockholders care about.
The blogosphere is making a huge deal out of something that hasn’t made an impact locally yet. Anything they report right now would be speculation.
It is more than speculation when an exchange halts floor trading in a stock that could now be delisted. In my opinion, Gatehouse is a company on life support that needs to either shed assets quickly to generate cash or file Chapter 11.
GateHouse needs to shed DEBT. That’s what has me worried for the Journal Star.
Filing Chapter 11…THAT’s news. Until it happens, it’s speculation that doesn’t really affect readers.
Someone sitting at home watching the 10:00 news sees a confusing story about stocks and the PJStar’s parent company…what can they do? How does the stock price affect them now? Not, how COULD it affect them in the near future.
I’ve been on the Pundit’s ass for years about his views on the changing media..while I don’t agree with everything he says and I certainly don’t like it, we are seeing a change and there are going to be drastic changes soon..and it may take the downfall of a major paper to do that, but until that happens, I don’t see the need to speculate on an issue that is just going to confuse people anyway.
All I have been seeing lately is employees leaving the JS like rats deserting a sinking ship. Others still there are being given double duty instead of new hires coming on board. That should tell us something.
That’s not just the Journal Star or Gatehouse though….that’s every media outlet in the country.
PJS is not the news organization it once was. Gatehouse has ruined it.
In related developments (I posted these over at Billy’s site too) the State Journal Register announced that its publisher, Scott Bowers, will also serve as publisher of the Rockford Register Star effective Aug. 1. The RRStar’s publisher is retiring. These are both Gatehouse papers.
Now let that sink in a minute. Newspapers in cities 200 MILES apart (Springfield and Rockford) are going to share the same publisher! And he’s supposed to divide his time between the two! (Hope his car gets really good gas mileage — he’ll be lucky to get any mileage reimbursements.)
This sounds like yet another really desperate cost-cutting move. It’s only a matter of time, in my opinion, before they decide to have the PJS share publishers with Pekin, Galesburg, Lincoln or all of the above.