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Acclaimed newspapers throughout the nation shutting their presses – 60 Minutes

For roughly 20 years, the state of the newspaper business has been going through a gradual decline. A dramatic drop in readership, lack of advert income and the emergence of different types of media have posed main challenges for a lot of legacy print media publications. Lately, one other disrupter started coming into small-town newsrooms – monetary corporations. 

This Sunday on 60 Minutes, correspondent Jon Wertheim experiences on the monetary corporations crippling each day journals and weekly tribunes throughout the nation. 

It isn’t the primary time 60 Minutes has reported on the issues which have hampered native newsrooms within the twenty first century. In 2013, correspondent Morley Safer reported from New Orleans on the challenges confronted by the beloved paper The Occasions-Picayune. 


The Paper (2013) | 60 Minutes Archive

12:28

“Whenever you take away a venerable establishment like The Occasions-Picayune you actually type of take away a chunk of the soul of a metropolis,” Mitch Landrieu, the mayor of New Orleans on the time, mentioned to 60 Minutes. 

Created in 1837 and named for the one Spanish coin it price at its inception, The Occasions-Picayune employed basic American writers O. Henry and William Faulkner over the course of its historical past. In 2006 it gained a Pulitzer Prize for its reporting on Hurricane Katrina. Although its influence on New Orleans was profound, Advance Publications, proprietor of the Occasions-Picayune, had extra than simply the paper’s reporting to think about. 

“Delivering a newspaper, like, making it thump in your doorstep, it is a actually exhausting enterprise. It is an costly enterprise,” mentioned David Carr, acclaimed columnist for the New York Occasions and champion of media throughout the nation.

 “What the Newhouses did is alleged, ‘You understand what? This solely actually works three days per week. So, let’s lower to these three days.’ That is when it pays,” Carr mentioned.

Due to the evolution of touchless know-how and the unignorable prices of printing and delivering each day newspapers, the brand new financial mannequin now not favored a each day printed paper. Steve Newhouse, chairman of Advance Publications’ digital sector, introduced an enormous restructuring through which the print version can be printed on Wednesdays, Fridays and Saturdays, whereas the digital web site can be the brand new house of the each day paper. In 2013, the main focus of the Occasions-Picayune shifted, and roughly 200 folks misplaced their jobs. However it did not cease there. 

In 2019, Advance Publications offered the paper to Georges Media, proprietor of the New Orleans Advocate. The 2 papers have been then mixed, and extra job cuts and company restructuring befell. 

“The nice metal presses of The Occasions-Picayune are largely silent now, diminished to working lower than half the time,” 60 Minutes correspondent Morley Safer mentioned on the finish of his report. 

“The query is: Will it grow to be lower than half of what it as soon as was?”

Read Also:   Private finance professional Robert Kiyosaki predicts financial disaster in October
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