When I covered the Canadian newspaper industry for Presstime magazine, the signs of the industry's illness were already present. Companies were buying and selling newspapers at a dizzying rate, and all this for inflated prices as advertising revenue was going down and circulation was also plummeting.
It was not a good sign. Newspapers that had the same own for decades were being sold to new owners with questionable motives -- all without letting workers know what was actually happening.
It was a scary time, but there was no shining knight in sight. I would express my concerns, but was always dismissed because, as people would tell me, it would all work out in the end.
It is now 2018, and the only kinds of owners journalism products can now attract are the hedge fund types who are asset squeezers.
These are not the visionaries or the innovators. They have no clue what journalism is about. They know how to squeeze assets out of a corpse.
They need a little time to pull out the last pennies, but once that happens, they rid themselves of the empty shell. Journalists are sounding the alarm, but I did so almost twenty years before, but no one takes warning seriously.
The squealing you hear now is in vain, and there is no stopping that train wreck.
You have to build a better vehicle -- and avoid the same unsavoury missteps to ensure the money you attract isn't of that same ilk...