Journalists who are constantly being asked to do more with less wonder why the owners didn’t invest to meet the coming threat and to add the funds to honor commitments to employees back when they were making great gobs of money.
This goes straight to the point I’ve been making for the past ten years. Just as the internet emerged but just before it completely disrupted the industry, news operations generated margins up to 30% and beyond. Where did that cash go? Perhaps new swimming pools, yachts, homes in Telluride, anywhere but back into operations, that’s for sure.