In your treacly Tuesday media column: News Corp stock is a
sell, Dan Doctoroff is Bloomberg's new CEO, the economy barely beats Casey Anthony, magazine ad pages are flat, and Time Out Boston folds.
- In the past four business days, News Corp has lost about $7 billion in market cap, a full 15% of its value. This means BUY NEWS CORP STOCK BUY BUY BUY IT NOW, HOLD IT FOR A FEW YEARS, GOLDEN OPPORTUNITY, BUY IT ALL NOW. No... wait. It means that the market economy is efficiently enforcing our society's social norms, just as it should. To profit off this momentary dive would be wrong. Just... don't buy it. Don't buy it at all. DON'T TAKE THIS OPPORTUNITY TO CASH IN. Just leave it alone. Yes.
- Dan Doctoroff, Mike Bloomberg's former deputy mayor, is the new CEO of Bloomberg. He was promoted from his former position of president today. Bloomberg reporters are like "So? I'm fucking busy."
- The biggest news story in America last week: "The Economy," which barely edged out Casey Anthony. So the entire American and, by extension, global economy and all of its related issues are a few percentage points more important than some girl in Florida and her murdered baby. Who says the media is sensational?
- Magazine ad pages were up less than 1% in the second quarter, which is to say magazine ad pages did not decline in the second quarter. Big food magazines were mostly down, some significantly. Does that signify anything? Ehhh... ask us in December.
- Last month, we heard rumors that Time Out Boston was in serious trouble. Now, a TOB contributor has forwarded us the email from editor Jessie Rogers confirming that the publication is folding:
Hello Time Out Boston Contributors-
As some of you might already know, a large percent of Time Out was recently acquired by Oakley Capital (see attached press release) and they've decided to shut us down.
On behalf of all of us at TOB, I want to sincerely thank you all for your patience and understanding in dealing with the growing pains that come along with starting something new, and also for your enthusiasm, support and outstanding hard work and creativity. We really built something special here in Boston.
As Time Out America merges with Time Out London there will be a lot of reorganizing and rebuilding, and it has been decided that it'd be best to put Boston on hold for now. The company wants to put their focus on building and migrating all the sites to a new platform, as well as consolidating operations, so that they are truly in a position to expand to new cities. Once the foundation (i.e. platform, operations) is all set and poised for growth, they'll revisit Boston.
As for the current site, it will be updated on a regular but not daily basis. All of your articles, reviews and interviews will still be there-though I encourage you to back up your clips as well.
At this time it's my priority to make sure that everyone is paid for the work that has been done. There was a big cash infusion from the sale; so all outstanding invoices will be paid immediately. If you do not receive payment by the end of June, please contact the Accounts Payable department at firstname.lastname@example.org.