A “storied media brand in crisis.” That is what the Wall Street Journal has to say about the Newsweek implosion. How long ago has this problem been going on for this alleged storied media brand? According the WSJ:
Two years ago, a loan application from the parent company of Newsweek raised the suspicions of an employee at a small Minnesota bank.The bank staffer’s misgivings helped trigger what has become a wide-ranging fraud probe by the Manhattan district attorney’s office, people familiar with the matter say.
Possible fraud at Newsweek? Oh, you don’t say, WSJ!
The problems in journalism go back much more than just two years ago. The entire industry has been trying to wallpaper over their various dysfunctions. It all about hype and trying to persuade people to buy a newspaper or tune in to a newscast.
The truth is that memes have replaced newspapers. People are not getting informed — but they have been not getting informed for a very long time.
You are not going to pay for a magazine when you can find out from other outlets for free.
But then, people didn’t even bother going to the free ones.
Scavengers bought media properties, and are squeezing the assets out of them — and this is not a recent practice. Hollinger did that over twenty years ago.
Who else is going to buy worthless media properties? The only people who still think Newsweek had any cache to it are other journalists. It is a highly incestuous industry that is too closed off to citizens to be of use, value, or interest to them.
The industry collapsed. It collapsed a long time ago. Journalists are denying the obvious, and then when a big name such as Newsweek is exposed, they try to spin things, calling it “storied” without looking deeper into the rot.
There are other properties like Newsweek: companies that bought name publications as fronts to keep prying eyes from seeing their own sleight of hand. This scandal is only the tip of the iceberg.
And when the second or third scandal hits, the industry will become completely toxic — and the notion that any wealthy benefactor wants to be associated with a tainted industry will fly right out the window.