The Magazine of the Future Is Here

cityfile · 01/16/09 01:27PM

• How do you keep your magazine afloat? Put ads on the cover! [NYT]
• NBC is renewing 30 Rock, The Office, and The Biggest Loser. [AP]
• Music sales fell by about 7 percent last year. [NYT]
• The head of Hearst Magazines International is retiring. [NYP]
• Clear Channel is cutting $400 million in costs. [NYP]
• The Minneapolis Star Tribune has filed for bankruptcy. [AP]
Donny Deutsch's ad agency is laying off staffers. [AgencySpy]

Not Paying Debts Will Really Help Newspaper Save Cash!

Hamilton Nolan · 10/01/08 09:33AM

The Minneapolis Star-Tribune is in severe financial distress, of course, because it is a newspaper. It was sold (at a loss) by McClatchy in 2006 to a private equity firm, and has reliably lost value ever since. Though it still "makes money" in the strictest sense of the term! The paper has already laid off 100 newsroom people and put its headquarters up for sale, but now the company has hit on a new strategy for saving money: not paying the bills! The paper announced that it won't be paying creditors this quarter.