Marty Baron’s last week as Globe editor has been heaven and hell.
First they run a front page story about a whistleblower who warned of the ceiling in 1999….turns out the guy fabricated the memo.
Then they run their INCREDIBLY well-reported “Debt Hell” series, which today has Menino pondering whether to scrap entirely the 186 Boston constables – almost half with criminal records – who intimidate debtors on behalf of private collection companies. Just a tremendous series.
Made me wonder about Globe earnings. It’s worth reading just so you have an idea of the pressure on Globe management from stock analysts.
I learned a few things:
1. Ads are down in Globe in Q2. Closing of Filene’s hurt, and job listings down 12%, so probably Craigslist hurts, too.
2. The NY Post you sometimes buy at 7-11, to ponder Page Six? Now printed by the Globe’s presses.
3. Sidekick, they say, is profitable (!)
4. Their euphemism for firing people to increase profitability is “Streamlining to Success.” Hey Kerry Healey, meet your new slogan.
5. The totality of the transcript hammers you with the fact that stock analysts care NOTHING about the Globe as 4th estate. There is not a single question that would not be posed to, say, Procter & Gamble. This is not surprising, of course, but it still hits home. One might wonder if fewer editors means more fabricated memos, and one front-page fabricated memo can really damage the brand. One might wonder if investigative reporters, which can bring Pulitzers but not much revenue or readership gain, are on the block.
I’d love to hear from some Globe insiders on to what’s really going on….
…never buy a 52 week low. A grim technical chart.