The Walt Disney Co. is joining fellow multimedia giants NBC Universal and News Corp. as stakeholders and providers of content to the growing TV Web site. Disney is promising to distribute a host of programming via the service, including such ABC staples as Lost, Desperate Housewives and Ugly Betty.
Rupert Murdoch, the “man behind the news” and owner of The Wall Street Journal, says Google and Yahoo are violating copyright laws by aggregating news from news sites.
Sam Zell, who drove the Tribune company to bankruptcy, agrees with Murdoch.
Interesting blog post about the death of newspapers:
Some say print is dead. Perhaps it is.
The positive outcome is that the oppressive presence of chain-owned newspapers is collapsing under its own weight, giving rise to entrepreneurs with low costs and high ideals — the same kind of people who started these little newspapers in the first place.
Even as mighty redwoods fall, the shoots of the next generation emerge.
The Wall Street Journal reports that News Corp. posted a $6.4 Billion loss after the quarter. Rupert Murdoch, owner of News Corp. (which owns the Wall Street Journal), says he thinks that advertising sales will bounce back with the economy.
“I recognize that we may never return to record levels, but we think we can recapture a large percentage of the advertising that does return,” Mr. Murdoch said Thursday on a conference call.
Mr. Murdoch said the company was working to pare jobs and control costs to withstand the tough climate. As part of that effort, The Wall Street Journal said Thursday it cut 25 newsroom jobs through layoffs, buyouts and elimination of open positions. In addition, the film-and-TV division has cut $400 million in expenses, in part by shedding 800 positions.
At the same time, WSJ reported that McClatchy Co. also posted large losses from the quarter.
However, good news on the media front came from Warner Music, which posted a profit this quarter.
Overall U.S. music sales fell for the seventh time in eight years in 2008 as increases in digitally downloaded albums and songs weren’t enough to offset a nearly 20% plunge in compact-disc sales. But SoundScan reported Warner gained more than one percentage point in market share to reach 21.4%.
The Financial Times reports that the media company (which owns the Wall Street Journal and other newspapers) is cutting back staff.