The Media Business Vs The Zimbabwean Dollar
by Brian Maloney, December 8th, 2008 at 08:14pm
What does the American media business have in common with the Zimbabwean Dollar? With a seemingly-endless series of setbacks, both are spiraling out of control.
In the southern African nation, a bankrupt, ruined society pretends to maintain a sovereign currency that is essentially useless due to hyperinflation caused by the policies of a sickening dictator.
Meanwhile, an obsolete mainstream news media pretends it can successfuly force-feed unpopular content down the throats of consumers, yet is baffled when subscribers, listeners and viewers flee. As companies fail, they blame everyone but themselves.
I’ve made the connection largely because this computer came with a foreign currency widget installed in the sidebar. Just for kicks, I’d switched it to show a US$ to Z$ comparison a few weeks ago. Sometimes, the moves in a single day can be shocking: US$1 can surge from Z$90,000 to Z$108,500 in a matter of hours.
Remember, that’s the New, New, New Z$, where zeros are removed each time. So one US dollar is essentially now worth quadrillions of old Z$.
Where does it end? Hopefully, with Robert Mugabe’s overthrow.
With the media, it’s the same kind of hopeless, downward spiral, but without the starvation, political repression and cholera outbreaks.
And yet the impact can’t be understated: every day brings new layoffs, which hit home particularly hard when former co-workers are affected. The average radio person has lived in many cites over the course of a career, so it’s hard not to know some, if not many of these people.
Now, we’re seeing the bankruptcies begin, starting with a doozy: the Tribune Company, owner of the Chicago Tribune, news-talker WGN, the Los Angeles Times and others, can no longer manage its massive debt load. A similar fate awaits nearly every other owner and operator of newspapers, radio and television stations.
The New York Times Company, owner of the Boston Globe, is now resorting to extreme measures to remain alive in the face of the coming evaporation of its credit line. How will that affect what’s left of the Globe? Could the Herald (shockingly) emerge as the surviving Hub paper?
Only the strongest will survive this mess, one they’ve largely brought upon themselves.
Despite the brutal macroeconomic environment, some radio operators are still pretending all is well. Firings are repositioned as “exits”, as though staffers and managers simply went for lunch.
We know that WRKO-WEEI owner Entercom and WPRO’s Citadel Communications are in deep doo-doo, but what about WTKK’s Greater Media? It isn’t publicly traded, so we don’t see their figures.
What we do know is that two key people have departed the company in the past week: WBT afternoon drive host Jeff Katz (formerly of WRKO) and now, in a shocking shake-up, Boston VP Phil Redo. Two big salaries cut just days apart. Seem like a coincidence? Didn’t think so.
Listening to these stations, the number of PSAs and promos where paid spots used to be tells the tale. WRKO runs the Ducks Unlimited spot so often I’ve just about memorized Morgan Freeman’s voiceover.
And if Greater Media can’t afford Katz and Redo, how can it possibly continue to pay Vay Cay Jay a million a year to sit on his ass, doing almost nothing?
Through his reckless and selfish policies, Robert Mugabe has destroyed Zimbabwe. Through their own rampant mismanagement, media operators have been brought to their knees, with no end in sight.
Radio has its own little Mugabes, mini-tyrants in the form of CEOs who stubbornly insist they have it all under control, even as the walls collapse around them.
Watch for newspapers shutting down, radio stations signing off and networks cutting back on programming (already in the works at NBC). Where does it end?
Newer Zim$ note: CBC
Entry Filed under: Finneran Deal, Uncategorized
32 Comments Add your own
1. Joe from Brighton | December 8th, 2008 at 8:40 pm
I don’t know where it ends, but I know where the next round of firings should begin: Tom Finneran, the crooked ex-pol “from Mattapan.”
2. ChrisNH | December 8th, 2008 at 10:51 pm
Dear esteemed sir…my great nephew, Volace, has left a princely sum of eighteen hundred million dollars ($18,000,000,000) which cannot be accessed without the help and kind assistance of you, dear esteemed sir. The finance minister of my country has approved the transfer of this money to you, dear esteemed sir, and I would like you to convey to me your banking information so that we may effect this transaction. In strictest confidence, dear esteemed sir, you are to speak of the Gods of finance, ‘Jason’ and ‘Julie’, in order to be presented with this money. Dear esteemed sir.
3. Larry | December 9th, 2008 at 8:32 am
Tkk’s boss Redo has not been a genius in putting the station’s line up together. Here are his recent moves: First bringing back an uninspired and uninspiring Jay Severin at a fat salary was not a good move, then expanding Margie and Jim’s show that gets sillier each day, then Michelle Mc Fee who won’t criticize any male with power or a uniform on, and then there is the move with Curtis Sliwa who was advertized as a local Boston talk show. I would say his firing was related to his performance and not necessarily related to the company eliminating a big salary.
4. WRKO Staffer | December 9th, 2008 at 9:10 am
Larry, you got to remember that Eagan and Braude were at 3 hours when they first came on the air. The show was downscaled to 1 hour when they went the syndicated route with Bill O’Reilly’s horrible radio show. When that predictably flopped, Eagan and Braude were brought back to their “old slot” (3 hours). The problem is, upon returning to the slot, they didn’t really bring any fresh ideas. If anything, they made their once (kind of fun) show a complete mess. Their “Ask the Gov.” and “Ask the AG” segments are an indication of this. These segments are nothing more than WTKK and Eagan and Braude brown-nosing the Massachusetts political establishment (so much so that I wonder if there is a Quid Pro Quo involved with such arrangements). Regarding the other aspects of the show, I don’t know if their humor has simply grown old and tired or if they never had it to begin with, but the show is now spinning its wheels. I predict some shake-ups. Eagan and Braude have been WTKK’s bread and butter for quite awhile but nothing last forever in radio. I wonder how much longer they can last. My prediction, the show will become a solo Braude venture and Margery will be canned.
5. Pat Lucci | December 9th, 2008 at 9:10 am
Larry,
You are so right in every fact that you present. The big question is, As bad as Jim and Margery are, would you rather have Barnicle, another massive error. He not only sucks at radio, his ethics should be an embarassment to any outlet, print or brodcast, who allow him to work.
6. WRKO Staffer | December 9th, 2008 at 9:26 am
One quick question, “Joe and Huggy”….what gives? I almost sort of liked them when they first came on the air. Now the show is a complete farce. I have to say, the worst radio I ever heard in my life occurred with this show. A couple of weeks back, they were talking about the East Boston toll protest McPhee was organizing. In doing this, they kept saying that the protest was going to a akin to a toga party on “Animal House”. Then, they just started randomly playing clips from “Animal House”. These were not short clips but long ones. They even played these clips over loud mouth McPhee when she was trying to talk (a taste of her own medicine I suppose). It got to the point where I was actually wondering if they were trying to deep six their own show. They then were mocking the fact that they were even allowed on the radio. This may have been the most pathetic thing ever on WTKK. I would say the most pathetic thing on radio but I have heard Depetro shows that were pretty much just as bad too.
7. Celtic Frost | December 9th, 2008 at 9:31 am
I have to agree with Larry and the estimable Pat Lucci. The thought of another go-round with the “tough street kid from Lincoln” / “bare knuckles journalist” (that’s a real laugh) reading the funny pages with Lobel and Dan Bambino strains credulity.
Are there no more good talkmasters left?!
With apologies to the Bard (and Richard III): “my kingdom for a modern day Gene Burns or David Brudnoy!”
8. WRKO Staffer | December 9th, 2008 at 9:40 am
Remember when Barnicle and Shaunessey used to go off on how much they hated talk radio and its dumb callers? When they would take a call (which wasn’t often), the usually would just mock whatever point the caller made and then bemoan the talk radio format even more. Shaunessey spoke in the worst flat monotone and Barnicle would then lash out talk radio even more. Fridays were always special because the late Will McDonough could defend Whitey Bulger. Ah, good times.
9. Massgopguy | December 9th, 2008 at 10:43 am
I’ve got a Billion Dollar Bill with Alice Cooper on it. How many shares of Entercom will that buy?
10. bjd | December 9th, 2008 at 11:15 am
staffer (lets cut the pretend julie),
I’m still laughing out loud at your comment:
“…I wonder if there is a Quid Pro Quo involved…”
you just can’t be serious. Would that be the same arrangement that RKO made by putting a disgraced, corrupt, convicted felon on the air that can not finish a complete sentence, has a rational and logical thought, and is nothing more than a cheerleader for people like the playtex bandidt and the rest of the crooks that should be locked up, tried, and convicted of evereything from petty theft to being ugly without a permit.
Seriously julie, come clean and tell us what RKO was sold for? What deal was made? What does RKO / Entercom get for hiring somebody that nobody else would employ?
11. Celtic Frost | December 9th, 2008 at 11:18 am
Was Will McDonough really a Bulger apologist?
The kind who spread the “Jimmy Bulger kept drugs out of Southie” fairy tales?
Wow, I had forgotten that — though I remember Mike Barnicle leading that chorus so it makes sense.
12. WRKO Staffer | December 9th, 2008 at 11:42 am
bjd - Regarding me being Julie….are you paranoid much? Although, if you want to think that fine by me.
Celtic Frost - Yes, there was at least one instance in which Willie was on on the WTKK Barnicle show in which he defended his old neighborhood pal Whitey.
13. bjd | December 9th, 2008 at 12:13 pm
staffer (julie)
quite frankly I don’t give a flying #$%& who you are, who you think you are, or who you pretend to be. (que the “Do you know who I am?” drop.)
my point is that it is an “RKO staffer” that’s accusing their competition of the action of which they appear to be the guilty party.
it’s exactly like the frank, dodd, and dem reaction to the mortgage meltdown. they accuse the failed policies of the bush admin for it, all the while THEY are the ones that forced the issue and prevented both mccain and bush from stopping fannie and freddie. you see julie, it is the OBLIGATION of the media to INFORM the masses about things like this. INSTEAD YOU CHOOSE to not only give obameissiah a pass, you were complicit in lying to the masses and we are poised for some verry difficult times ahead as a result.
go ahead, continue turning a blind eye to things that you should be covering and you’ll find yourself in line with the tribune company looking for a bailout. somehow I don’t think you’ll get the amount of money the exec’s at aig got.
14. WRKO Staffer | December 9th, 2008 at 12:16 pm
bjd - you need to get laid or something. Have a glass of wine…anything…settle down Waldo.
15. bjd | December 9th, 2008 at 12:42 pm
julie
i am relaxed, my job is secure, my family will be well, and my company’s stock is doing just fine.
tell me what ETM is trading at today? there were more “exits” last week, how much longer do you figure the lights wil be on a rko?
remember to always ask “would you lke fries with that?” at your new job dear. it might get you promoted to assistant manager someday.
16. WRKO Staffer | December 9th, 2008 at 1:04 pm
You apparently aren’t relaxed because ever post you put up on this site is full of all the pent up anger of a exurban office park drone. If you only knew what I actually did, you probably would revise your most recent comments. BTW, do you really enjoy yourself knowing that you go home to your horrible Wonder Bread lifestyle? No wonder you take your cues from right wing morons.
17. raccoonradio | December 9th, 2008 at 1:14 pm
Phil Redo (GMedia says they parted mutually; Redo said he was fired) was one of the folks trying to lure Howie to 96.9
Yes WRKO does have more than a few public service announcements running in place of
spots. In the Morgan Freeman one, he pronounces “it’s true” as “’strue”…
“Ask the Governor”= Slo-pitch softball questions.
18. bjd | December 9th, 2008 at 2:06 pm
julie,
given the amount of people that have “exited” from rko, what department / jobs are left there? let me guess, your the account rep for the colon wall spackel remover account.
“…exurban office park drone.”. well i’m not in an office park and my present job provides me all sorts of wonderful things starting with a STEADY check and AMAZING health coverage. perks like a car with XM radio (thank God for XM), travel, and a flexible schedule. being at a solid company seems like a good deal to me.
a “…horrible Wonder Bread lifestyle?”. yeah it’s tough going home to acers in nh where: my DROP DEAD GORGEOUS wife (your comment about me being needing to be laid really doesn’t apply here my dear.), my children that do not have to go to a public school, and dogs are seems just awful. how can anybody be expected to live like that? i mean where’s the crowding? it must suck not having to listen to the neighbors, busses, and emergency vehicles every day / every night. all that AND taxes too. sounds like a liberal utopia. i’d be worried that it would spread throughout the nation with the obamessiah elected, but he’s nothing mroe than devil patrick on a national level. guess i could move back to ma so i can become urban again. sounds to me like i’m missing out on way too much.
oh, and you should watch that “right wing moron” thing. i mean what little revenue that rko is taking in comes from who again? would that happen to be peole like howie and rush? (i’m sure felon is setting revenue records, i mean he MUST be, just look at his salary.) i wonder what would happen if those “right wong morons” pulled their shows from rko. what would kill RKO first? the lack of revenue from advertisers or the fees from the lawyers that you’d need to hire to prevent these “right wing morons” from going to better stations?
it’s amasing how those with no rational point go down to the level of personal attacks. it’s a riot and much more fun when their personal atacks false. enjoy your urban life julie. i’m sure it’ll be easier to find meaningful employment in the urban world. like i said ALWAYS ask if they want fries. you’ll make a good impression on the manager.
19. WRKO Staffer | December 9th, 2008 at 2:19 pm
bjd…You probably thought you had finally have made it to your dream redneck NH paradise (40 acres and a fool) only now to realize your entire state is Dem. LOL. Keep up your angry white male act…it is so entertaining.
20. bjd | December 9th, 2008 at 2:48 pm
julie,
you’re right, we’re missing things like: a sales tax, a state income tax, full time legislators that stuff bills in their bra, and leaky tunnels just to name a few. i’m angry because we don’t have any of that in nh.
you do have a point that it’s blue. that is the exodus from ma looking to escape all that is ma. they come up here hoping to get away from paying state government for taking bribes and it could be a problem. will it ever get to the point where the legislator goes full time and guns are outlawed? don’t bet on it in this lifetime sweetie. it may apear blue, but it’s still conservative.
hey, maybe you can use the rise of dems in nh as part of your explaination why rko has failed. you can tell them ratings and revenue are down because the population of ma has moved to nh. work it right and maybe you can syndicate felon, getting him on am drive in nh too. sounds like an even better idea than signing that “iron clad” contract with felon.
21. WRKO Staffer | December 9th, 2008 at 3:07 pm
bjd - When Shaheen, Shea-Porter and the like get done with your state, you are going to find a nice luxury condo (ie. 40B style “affordable housing”) sprouting up right behind your beloved acres. Taxes, you’re getting them, believe me. Your redneck paradise is about to become the People’s Republic of New Hampshire. Are you building your bunker yet? Have you stocked up on canned goods? LOL.
22. bjd | December 9th, 2008 at 4:05 pm
julie,
it’s not going to happen my dear. once you experience freedom, you don’t give it up. besides we all know that ma is the bastion of affordable housing. isn’t that were obamessiah’s aunt lives? (and health care too. didn’t mitt “fix” that one?)
besides, we’re so full of environ-mental cases that if you so much as even think of building condos where i am they chase you out of the state. it’s the ONLY good thing about the loons migrating north from ma. liberals place the interests of animals over that of people. once the “save the moose” herd runs down shaheen, porter, and hodes (yes it’s hodes where i am) they won’t be able to let it happen.
it must pretty slow at rko. aren’t there accounts to be handled? isn’t there time that needs to be sold and comercials that need scheduling? aren’t there decesions that need to be made by radio executives like yourself that will make a profit for the stockholders and get you guys off of the NYSE “naughty list”? or are you and the rest at rko just waiting for the lights to go out?
seems to me that if you spent a quarter of the time that you spent here answering my “… Quid Pro Quo …” comment on rational programming and management decesions or even just listening to rko in AM drive, rko would be dominating radio. if you listen to felon, and think that he’s worthy of a fill in spot, much less have his own 4 hour show, there is no hope for you.
instead you choose to make personal attacks and incorrect asumptions about a blog posters anger, race, and life. you are demonstrating why rko has failed for all the world to read.
remember always ask if they want fries, and then try to upsize them. i can already see you wearing that real cloth hat instead of the paper one.
23. WRKO Staffer | December 9th, 2008 at 6:39 pm
bjd - Your beloved New Hampshire will be gone before you know. Keep trying to convince yourself otherwise.
24. Skunky | December 9th, 2008 at 7:09 pm
Oh what a coinkydink…the REAL Robert Mugabe…not the soon to be Barack Hussein Obama…the Robert Mugabe of North America!
Oh, here’s another article that’ll restore your faith in the integrity of the Liberals/Democrats…even thou’ most of the Partisan Press is not sledgehammering the fact that he’s a DEMOCRAT.
Who was trying to buy Obama’s Senate seat…if anyone?
AP – This Nov. 5, 2008 file photo shows Illinois Gov. Rod Blagojevich at a news conference in Chicago. Blagojevich …
When the news broke that Illinois Governor Rod R. Blagojevich was arrested Tuesday morning by FBI agents on federal corruption charges - aka trying to sell President-elect Obama’s Senate seat (among other things) - our first thought was, “How exactly do you sell a Senate seat?”
The second was, “Who would buy it?”
The answer to the first question, according to a Department of Justice press release Tuesday morning, is that Blagojevich allegedly discussed obtaining the following things in exchange for Obama’s old job:
“- a substantial salary for himself at a either a non-profit foundation or an organization affiliated with labor unions;
- placing his wife on paid corporate boards where he speculated she might garner as much as $150,000 a year;
- promises of campaign funds - including cash up front; and
- a cabinet post or ambassadorship for himself.”
So, who could, or more importantly would, be able to deliver on such things? The short answer is: We don’t know.
The long answer is: There are 76 pages of an FBI affidavit to read through if you want to guess at it.
According to a press release from U.S. Attorney Patrick Fitzgerald’s office and FBI documents, Blagojevich was looking at a few people fill Obama’s seat, each identified as Senate Candidate 1, 2, 3, or so forth. The U.S. Attorney office’s press release immediately points to “Senate Candidate 5,” saying “Blagojevich allegedly told an advisor that he might “get some (money) up front, maybe” from number 5.
So, if you’re into speculation, the FBI affidavit — complete with excerpts from the wiretaps — can give you clues for guessing who “Candidate 5″ might be.
Here are a few key excerpts if your holiday shopping plans, work, kids or whatever preclude you from reading the whole 70-something pages:
Blagojevich thought Senate Candidate 5 could deliver something immediately:
“Later on December 4, 2008, ROD BLAGOJEVICH spoke to Fundraiser A. ROD BLAGOJEVICH stated he was “elevating” Senate Candidate 5 on the list of candidates for the open Senate seat. ROD BLAGOJEVICH stated he might be able to cut a deal with Senate Candidate 5 that provided ROD BLAGOJEVICH with something “tangible up front.”
Blagojevich said he had a history with Senate Candidate 5 not following through on promises:
“ROD BLAGOJEVICH told Fundraiser A to tell Individual D that ROD BLAGOJEVICH had a problem with Senate Candidate 5 just promising to help ROD BLAGOJEVICH because ROD BLAGOJEVICH had a prior bad experience with Senate Candidate 5 not keeping his word.”
Blagojevich believed Senate Candidate 5 could raise money or deliver money:
“On December 4, 2008, ROD BLAGOJEVICH spoke to Advisor B and informed Advisor B that he was giving Senate Candidate 5 greater consideration for the Senate seat because, among other reasons, if ROD BLAGOJEVICH ran for re-election Senate Candidate 5 would “raise[] money” for ROD BLAGOJEVICH, although ROD BLAGOJEVICH said he might “get some (money) up front, maybe” from Senate Candidate 5 to insure Senate Candidate 5 kept his promise about raising money for ROD BLAGOJEVICH. (In a recorded conversation on October 31, 2008, ROD BLAGOJEVICH described an earlier approach by an associate of Senate Candidate Five as follows: “We were approached ‘pay to play.’ That, you know, he’d raise me 500 grand. An emissary came. Then the other guy would raise a million, if I made him (Senate Candidate 5) a Senator.”)”
Blagojevich said he was getting a lot of pressure not to appoint Senate Candidate 5:
“ROD BLAGOJEVICH told Fundraiser A to tell Individual D that Senate Candidate 5 was very much a realistic candidate for the open Senate seat, but that ROD BLAGOJEVICH was getting “a lot of pressure” not to appoint Senate Candidate 5.”
25. Skunky | December 9th, 2008 at 7:25 pm
Oh, yes, Raccoon (”Rocky”),
Your Morgan Freeman comment was hysterical! I noticed that too and it makes me think of my beloved “Down Under” where they say (a slang) “struth”…meaning the truth.
So yeah, that Morgan part kinda aggravates me everytime but I smile when I think of beautiful Australia!
26. Celtic Frost | December 9th, 2008 at 9:50 pm
This macho mano-a-mano pissing contest is giving me a tingle down my leg!
27. WRKO Staffer | December 9th, 2008 at 10:35 pm
Celtic Frost…it was quite fun. It’s interesting that bjd calls himself content and yet he is constantly fuming on this blog. Oh well, it was a good laugh.
28. raccoonradio | December 10th, 2008 at 11:31 am
yes it’s related to British and Aussie slang; I have heard “S’truth” used on Monty Python. It’s short for
“God’s truth”. (Expression of surprise). (Seen in Python: During an interview with “a man with three buttocks”, the man says “my mate knows I’ve got three cheeks. We go cycling together.” Cut to a shot of Graham Chapman on a bicycle built for two, looking down for a moment and then up again: “S’truth!”)
29. bjd | December 11th, 2008 at 8:59 am
Julie (staffer)
It’s great to hear from you. I can’t help but notice that your last post is at about 10:35 PM. At that time my wife and I were spending some “quality” time together. You’ll have to forgive my not getting back to you yesterday as my job allows flexible time off and expecting to be back in the office yesterday afternoon, the judge needed to postphone our meeting in her chambers and I just never got around to getting into the office and answering your inane dribble about how angry I am. I have a life and read this blog when at my office, usually when I’m on the phone or while something is compiling. You are making it way to easy for me to display just how asinine your percieved notions about my life are. I’m reminded of an expression I’ve heard many years ago, “Physician, heal thyself.”. Maybe you should remove the beam from your forhead before you concern yourself with removing a splinter from another’s eye.
I don’t fume on this blog, I point out the obvious. If you fail to see the writing on the wall. Why not sign “Mr. Ratings” to another year and let me know how that works for you and rko. Oh wait, I think you did that already. Well it was nice while it lasted. I don’t expect rko to make it through 2010.
30. WRKO Staffer | December 11th, 2008 at 9:16 am
Quality time….talking about the property tax hikes, your exciting trip to the hardware store, dinner at Applebee’s?? Face it, you’re a redneck.
31. bjd | December 11th, 2008 at 9:35 am
ouuuuu a redneck. such anger julie. why all the hate?
at 10:35 PM, i was certainly not at the hardware store. having a real life, i was certainly not on a blog commenting on a failed radio station, their clueless management, or other posters.
32. stophate | February 28th, 2009 at 8:19 pm
Jeff Katz was fired from WBT because he managed to offend everyone, even the loyal WBT listeners started to hate him. He had a bad habit of being rude too, cutting off and then making fun of listeners that dared to have a differing opinion on a subject. He seemed to get a kick out of attacking black people, gays and Muslims. There is a difference being conservative and just being an a-hole. Wherever he lands be prepared to lose sponsors.
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