The Tampa Tribune had an estimated value of $400 million about 10 years ago. It was recently sold for $9.5 million. That’s an mind blowing loss of 98 percent. The land it sits on and the building are worth about $10.7 million. What does that tell you about the valuation of this, and potentially other newspapers?
If you’re a Tampa Tribune employee, you might be sweating bullets. The new owner; a private equity firm, will be forced to right-size and re-focus. Many good people will lose their jobs. But if you’re smart, you’ll keep your gig because you’re known as a profit-first, digital savvy exec. Especially if you know how to grow digital revenue.
We wonder why Media General was so anxious to unload the struggling newspaper and it’s TBO.com website. Maybe they know something we don’t? Maybe they have no idea how to compete in the digital age. Maybe you should no longer hope that someone else is going to convert you into a highly employable, online expert.
Gannett; the largest newspaper chain, might still look good to Wall Street. That’s because the TV side of their business raked in mucho dinero from the Olympics and political. Gannett’s print advertising continued to erode though, down 6.6 percent over past quarter. Gannett’s digital advertising grew only 4.7 percent, a reduction from past quarters.
Newspapers were hoping digital revenue would make up for print side losses. Some have said we need to ‘trade print dollars for digital dimes.’ Sounds like somebody is trying to lower your expectations.
Stop waiting for the newspaper business to discover the magic formula for Internet survival. Stop debating, discussing and researching. Start looking at where the money is going. Ask your local business what they’re planning for marketing in 2013. That’s where you will find the answer to Internet survival.
Want some private, one-on-one coaching….. to become a more attractive…in-demand… web-savvy ….local media exec? We’re taking on a few, new clients next month. This select few will soon be able to pick and choose their next opportunity. That’s what we do. And we do it well. Contact Mel Taylor Media