The Internet: Still killing journalism | Bleader

Thursday, July 23, 2009

The Internet: Still killing journalism

Posted By on 07.23.09 at 11:45 AM

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So it seems that TribCo executives have dispatched lawyers, again, to grovel for more bonus money.

Not sure what's most infuriating about this:

* The lack of dignity involved

* Referring to themselves as "key personnel"

* That the worst-case-scenario average bonus is within spitting distance of my take-home pay

* My naive assumption that people who run a bankrupt media company would want to invest in the product as a way of guaranteeing its continued existence

Ultimately, the worst part is that this whole TribCo mess has seemingly been a process of simply transferring wealth upwards. Let me know if I'm oversimplifying:

1. Management loads a profitable company down with inconceivable amounts of debt.

2. To keep up with debt payments, management cuts the help the people who actually make the product.

3. Management files for Chapter 11.

4. Protected from creditors, management then votes itself money out of profits increased by firing people to reward themselves for firing people ("leadership").

5. The hungry moral hazard monster licks its chops. See also the principal-agent monster.

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