The Internet has solved the basic distribution of event-based facts in a variety of ways; no one needs a news organization to know what the White House is saying when all press briefings are posted on YouTube. What we do need is someone to tell us what it means.
I typically refer to the IAC sale as “the worst business decision of my life.” I’m not sure IAC is worse than any other large company in this regard. An entrepreneur is someone who, almost artistically, designs a living entity which embodies the values, beliefs, and ambitions of the creator. It’s impossible for a larger entity to swallow a smaller one without completely reshaping it. When this process begins, a wild visionary – the entrepreneur type – is the most toxic, indigestible actor imaginable. And this is why I roll my eyes when a new acquisition is announced: Because I don’t see it as a triumphant graduation but a sacrifice to an industry that is afraid to dream big.
At Bloomberg, reporters could sit at their desks and use a keyboard function to see the last time an official of the Federal Reserve logged on. And the Justice Department obtained the records of The Associated Press from phone companies with no advance notice, giving it no chance to challenge the action. The absence of friction has led to a culture of transgression. Clearly, if it can be known, it will be known.
A shudder went through Wall Street on Friday after the revelation that Bloomberg News reporters had extracted subscribers’ private information through the company’s ubiquitous data terminals to break news.
…the top 20 companies in the United States ranked by market capitalization include no media companies. But according to figures assembled for The New York Times by Equilar, which compiles data on executive compensation, media companies employ seven of the top 20 highest paid chief executives.
Median pay for the top 20 media executives rose 10 percent in 2012, adding to a very tall stack. Not bad for a legacy industry that is supposedly under sustained attack from insurgents and secular challenges.
The Atlantic is using a company called NowThis News, and it’s a bunch of young kids and it’s real snappy and clever and fast-paced and quick. And it’s interesting. It’s along the lines of Huffington Post — very young. But you think about that for The New York Times, and that doesn’t feel right for us. We want to be quick and clever and interesting, but how do we do it in a way that leans into the web without being disrespectful to our audience?
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