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The Struggle To Save the Printed Word and the Challenge at The Washington Post

January 24, 2025 by Llewellyn King Leave a Comment

The printed word is to be treasured.

Two decades ago, I would have written newspapers are to be treasured. But the morning newspaper of old — manufactured in a factory in the middle of the night, shoved onto a truck and trusted to a child for delivery — is largely over. It follows the demise of its predecessor, the afternoon newspaper. These fell to competition from television in the 1960s and 1970s.

The word nowadays is largely carried digitally, even though it might have the imprimatur of a print publication. All the really big names in print now have more virtual readers than traditional ones. These readers may never have the tactile enjoyment, the feel of “the paper” they read, but they read. Increasingly, I am one of those. 

I plow through The Washington Post, The New York Times and The Wall Street Journal. I dip into The Guardian, The Daily Telegraph and the Financial Times. 

I also read — and this is an interesting development — a number of magazines which are de facto dailies. These include The Economist, The New Yorker and The Spectator.

The Economist is the only publication to which I have a digital and a paper subscription.

Much as I have loved newspapers down through the years, I am resigned to the fact there will be fewer going forward, and a generation of young people will find them more a curiosity than anything else.

But the importance of the written word hasn’t diminished. I make the point about the written word — and I distinguish it purposely from the broadcast word — because it has staying power.

I have spent my entire career working on newspapers and making television programs. It is words that are written on paper or online that last, that are referenced down through time.

Overnight television has an impact, but it fades quickly; the advertising industry has scads of data on this. The printed word — using that term to embrace words on paper and online — has staying power.

People often remind me of something I wrote decades ago. Few remember something I said on television years ago. Or months ago. But people remember your face.

My regard for the printed word brings me to The Washington Post, where the news staff is aligned against the owner, Jeff Bezos.

There are two issues here.

The staff feels that Bezos has sold them out to President Donald Trump and the forces of MAGA.

Bezos bought the paper without any interest in being a newspaperman, in enjoying the pleasures and pain of news ownership. He didn’t understand that you don’t own a newspaper like you own a yacht. 

A newspaper is a live, active, rambunctious and roiling thing. You have to enjoy the fray to own one. Hearst did, Pulitzer did, Murdoch did. You don’t retail words the way Amazon sells pizza crusts.

Not only must the newspaper proprietor deal with the news and its inherent controversies, but he or she also must deal with journalists, a breed apart, disinclined to any discipline besides deadlines. By nature and practice, they are opponents of authority.

The Post has been mostly untouched by Bezos, except for his decision to spike an editorial endorsing Vice President Kamala Harris. The staff took it hard. 

Bezos was undeterred and took what had become the billionaire’s pilgrimage to Mar-a-Lago to become, to staff fears, Trump’s liegeman, or at least to reassure Trump. Then Bezos got a seat at the inaugural.

Readers of The Post also took it hard and unsubscribed en masse. Thirty percent of those were among the critical digital subscriber ranks, indicating how political its readership is and just how difficult it is for the paper to please all the constituencies it must serve.

I was an assistant editor at The Post in the glory days of editor Ben Bradlee and the ownership of the pressure-resistant Graham family, under matriarch Katherine Graham. When I was at the paper, I was president of the Washington-Baltimore Newspaper Guild. The Guild negotiated what turned out to be the largest wage increase for journalists in any Guild contract. As I remember, it was 67 percent over three years.

Even so, the membership complained. The Post editors and writers are good at complaining with a high sense of self-regard. Len Downie, who was to rise to the executive editorship of the paper, declared, “King has sold us out.” 

It was a contract that benefitted both the management of The Post and journalism in general.

It was a loud reminder of how poorly journalists are compensated and how this affects the flow of talent into the trade. 

The driving force behind the contract from the union side was its professional head, the remarkably gifted Brian Flores and the equally gifted Guild chairman at The Post, John Reistrup.

Under Bezos, The Post first looked as though it would become a great force in the digital world, while the printed paper survived unspectacularly. Bezos clearly saw the digital potential.

But things unraveled and The Post started losing money. It lost $100 million last year.

It is still a good and maybe a great paper. But it needs to get its sense of mission back. That sense of mission can’t be at war with its owner.

The Post clearly would benefit from a new owner, but who has pockets deep enough and skin thick enough? It is a question Bezos and the querulous staff both need to ask themselves as the fate of the paper is uncertain.

Filed Under: King's Commentaries Tagged With: Amazon, digital, Jeff Bezos, Katherine Graham, newspapers, print, television, The Economist, The New York Times, The Wall Street Journal, trump

The Media-Pollster Axis Stole the Election

November 16, 2014 by Llewellyn King Leave a Comment

Politics is the hot ticket in journalism these days. Young reporters long to cover Capitol Hill, when once they longed for the exotic life of the foreign correspondent. “Timbuktu or bust” has become “Washington or fail.” Journalism's stars today are those who can reel off the precincts of Iowa or the hobbies of senators, not the wonders of rural Sri Lanka.

Yet the passion for politics that has seized the Washington press corps and those who want to join it across the country has not been reflected in the public – not, at any rate, by the abysmally low national turnout of 36. 3 percent on Nov. 4, arguably one of the most important midterm elections in a long time.

It was the lowest voter turnout in 72 years: a seeming monument to voter apathy. Certainly not the sign of a seething, unhappy electorate which believes the bums should be thrown out because the country is on the wrong track. That may be so, but you wouldn't know it from the voter turnout.

The voter turnout wasn't large enough for anyone to claim that the country has veered to the right, or that the victors have a mandate. Yet we know President Obama is held in low esteem, although not as low as the risible contempt in which Congress is held.

If the voters didn't come out in large enough numbers to give us a clear reading, how do we know that Obama is on the ropes and that Congress is despised? We know it, without doubt, from the innumerable opinion polls which are now part of the journalistic toolbox.

There is no doubt about the public mood. So why didn't the public vote when there was so much journalistic enthusiasm for the election; when an amazing amount of television time, especially on cable, was given to politics; and when radio goes at politics 24-7?

The paradox may be journalism and its commitment to opinion polls, largely funded by the media. If you know who is going to win the match, why buy a ticket?

The passion in journalism for politics has made politics a victim, robbed it of surprise and tension. I voted without passion because I had a very complete picture of the outcome before I did my civic duty. It was like reading an otherwise gripping who-done-it, when I already knew it was the butler.

The metadata people, like Nate Silver, aren't helping either.

When newspapers are cutting their staffs and budgets are tight, why is political coverage and polling out of Washington thriving? First, it is cheaper to create news than find it. With polls, you scoop the election result. Second, there is a large pot of money for “political issues” advertising that has given rises to a raft of new outlets, forcing old-line media to double down.

Washington politics is no longer a franchise of The Washington Post and The New York Times. It has its own trade press, led by the upstart and well-funded Politico, a big news predator in a school of hungry fish. There is The Hill, Roll Call, National Journal, RealClearPolitics and more than a dozen others, like The Cook Political Report and Talking Points Memo.

It is these new entrants, with their access to instant electronic delivery, that have led the change and fueled the frenzy. They are in danger of becoming the game instead of covering it. They have become more interested in what the polls say than what the politicians say.

On Capitol Hill, members of Congress are in bunker mode. They are afraid to say anything or look a bit tired, distressed or unkempt because these ill-considered words and unflattering images will be flashed across the Internet – there to be retrieved at any time, for all time.

There is a joke around Washington that if a member of Congress breaks wind, Politico will have the story. In this new world, every trifle is recorded and archived. Is this the way to foster statecraft in a dangerous and unforgiving world? Let's poll that question, shall we? — For the Hearst-New York Times Syndicate

Filed Under: King's Commentaries Tagged With: King Commentary, Nate Silver, National Journal, Politico, Politics, President Obama, Roll Call, Talking Points Memo, The Cook Political Report, The Hill, The New York Times, The Washington Post, U.S. midterm elections, U.S.Congress, Washington D.C.

Washington Post: Family Adieu

August 12, 2013 by Llewellyn King Leave a Comment

Part of the problem with dragging the news business into the 21st century is that newspaper people are so damned conservative. That's right, conservative.
 
Most journalists who work in print may be liberal, but we are conservative about our own trade. We like it the way it has always been. Gruff editors hammered into us how it should be, and we have passed the hammer.
 
While magazines experimented with new ways of presenting their wares and developing new voices, especially in the 1920s, newspapers clung to the past. Horizontal layout – the headlines running across the page rather than sitting astride vertical columns – was considered radical enough.
 
Even the sensational papers of William Randolph Hearst and Joseph Pulitzer were sensational within bounds. They pushed the limits of content and veracity, but the concept of the newspaper was unchanged. The carved-in-stone rules of the trade were not challenged — like the one that says headlines must have verbs, and another that says the first line of a headline cannot end with a conjunction or a preposition.
 
The most revolutionary of American newspapers was probably The New York Herald Tribune. In its last decade, even as it was dying a decades-long death from extraordinarily poor management, it became a laboratory for new journalism with certifiable newspaper geniuses like David Laventhol, Eugenia Sheppard, Red Smith, Tom Wolfe, Jimmy Breslin and Clay Felker. Working at the paper was like working for Orson Welles' Mercury Theater: great stuff was going on.
 
The Washington Post has had its share of dazzling reporters and columnists – and benefited from some of its Herald Tribune hires, including Laventhol, who created its much-imitated Style section. I was lucky to have worked for both papers.
 
The Post has shone in the coverage of politics, interpretative foreign stories and big investigative stories. Watergate gets the kudos, but there was good, even great, investigative work before and after that.
 
The Graham family presided over the Post in its golden period from 1954, when it bought its morning rival, The Washington Times-Herald, to 2000 to the present. It never achieved the global recognition that The New York Times enjoys, but it was a close second — and on many days, the Post was clearly the better newspaper.
 
The Washington Post Company, which is controlled by the Graham family and which owned the newspaper, is less of a success story.
 
While other publishing companies grew and prospered, The Washington Post Co. was less successful: After its acquisition of Newsweek in 1961, it faltered as a dynamic news entity, even though the newspaper was hugely profitable.
 
It failed to become a major player in television, athough it owned stations, failed to expand its magazine franchise and missed out on cable TV, which has been so important to the growth of old-line publishers Scripps Howard and Hearst.
 
The company bought and sold many properties on the fringes of its core business, but with little success, except for Kaplan Inc., which was very profitable until the student loan imbroglio.
 
Four years ago the Internet, like an invasive species, began choking the life out of the Post. It didn't know how to respond. It failed to create a credible Web site and watched two English newspapers, The Guardian and the Mail, build up huge Web presences in the United States. Helplessly, it also watched an upstart company, Politico, staffed with Post veterans, take hunks out of its political franchise. As recently as last year, the Post could not establish whether it needed a pay wall.
 
Now the Graham family, headed by Washington Post Co. chairman and chief executive officer Donald Graham, has done something very brave in the egotistical world of publishing. It has admitted: We don't know what to do.
 
Jeff Bezos, the inordinately wealthy founder of Amazon, has bought the paper. Does he know what to do? Nobody knows.
 
Nothing Bezos has done suggests that he either understands or reveres newspapers. But he can afford to be radical and he is not bound by newspaperdom's reverence for the way we used to do it; our conservatism. — For the Hearst-New York Times Syndicate

Filed Under: King's Commentaries Tagged With: Amazon, Donald Graham, Hearst, Jeff Bezos, Scripps Howard, the Graham family, The New York Herald Tribune, The New York Times, The Washington Post, The Washington Post Company, The Washington Times-Herald

Euro Shows One Size Doesn’t Fit All

December 6, 2010 by White House Chronicle 1 Comment


When do two diametrically opposed economists, one from the left and one from the right, agree?

Answer: When the subject of the euro comes up.

So it is that Paul Krugman of Princeton and The New York Times and Irwin Stelzer of the Hudson Institute and News Corp. both attacked the euro in the past week. They blamed the euro for the difficulty in bringing meaningful help to the troubled euro zone economies of Europe. And they were right.

Stelzer and other conservative economists had warned of the weakness of the one-size-fits-all nature of the common European currency at the time of its launch in 1999. Liberal economists, more sympathetic to the political dimension of the euro, were prepared to be satisfied with the assurances of fiscal probity from the aspirants to the new currency and endorsed it.

If everyone played by the rules and kept an orderly financial house, the euro would survive its structural weakness, reasoned the fathers of European monetary union. And for 11 years, it appeared that they were right.

The new currency found a lot of favor and hardened against the dollar early on. In some ways the euro was thought to be on its way to being a new reserve currency, supplanting the dollar. Iran and other oil producers with no love for the United States talked about designating the world oil trade in the euro rather than the dollar.

Now disaster, or near disaster. The weakness of a multi-country currency is revealed for all to see.

If Greece, Ireland, Spain, etc. still had their own currencies—the drachma, the punt and the peso—they would be able to deal with their financial crisis by devaluing their currencies, or by letting the markets do it for them. That would make their exports cheaper and their imports more expensive and leave the holders of their bonds intact, if a little poorer.

Likewise when the Irish currency was overheating during the property boom, interest rates could have been raised to cool things off. With a single currency there is no such flexibility, and each country must struggle with draconian internal economic measures that may take years to have an effect.

Why then did most countries of Europe, including this one, jump into a single currency when the potential for problems was known? Call it “The European Dream.”

I am writing this from Bratislava, capital of Slovakia. Here on the Great Hungarian Plain, where armies have crossed and recrossed for thousands of years, from the Romans to Napoleon, to Hitler to Russians, who put down the Hungarian uprising of 1956 and the Prague Spring of 1968, it is easy to understand the evocation, “Never again.”

The first and definitive purpose of integration was to end internecine war in Europe, its curse for more than 2,000 years.

Yet from its inception as a customs union in the 1950s to the 27-nation behemoth it is today, integration has come slowly. People have different cultures, speak different languages and still have not found a common European persona.

Aspiring young politicians still head to their national assemblies rather than the European Parliament, and most people still have difficulty in accepting the dictates of the bureaucrats in Brussels.

So, to the European idealists, a common currency seemed something that would further bind Europe together. Now it appears to be something to be hated rather than embraced.

Yet no country in the common currency can afford to pull out in the current crisis. Krugman rightly points out that this would lead to a run on the banks, ahead of the devaluation that would certainly occur if any troubled country sought to revert to its old currency.

What is missing in the halls of economic philosophy is a way to make a single currency work equally for the weak and the strong. In the present crisis—and it is a severe one—that would be for strong Germany, France and Italy and for weak Greece, Ireland, Spain and Portugal to weather the current storm.

One size has yet to fit all. But one size is what the euro zone has to work with.

 

 

Filed Under: King's Commentaries Tagged With: euro, euro zone, Irwin Stelzer, News Corp., Paul Krugman, Slovakia, The New York Times

The Virtues and Vices of a Press Secretary

September 18, 2009 by Llewellyn King Leave a Comment

 

The stature of some press secretaries grows the longer they are away from the podium in the James S. Brady briefing room at the White House. Others fade quickly. Brady himself is known more for his role in fighting for gun control than he is for his time as Ronald Reagan’s spokesman. His tragic wounding and subsequent disability dwarf whatever he said in his press briefings.

Jerry terHorst, who resigned after only a month in the job because his boss, Gerry Ford, lied to him, was a hero to the press for about as long as he had been press secretary. He ended up working for the Ford Motor Company.

Bill Clinton’s second press secretary, Dee Dee Myers, had a rough ride in the job and a modest career in journalism since then.

Among the revered are Marlin Fitzwater, who served George H.W. Bush; Jody Powell, who was Jimmy Carter’s press secretary and has just died of a heart attack; and Mike McCurry of the Clinton administration. George W. Bush burned through two press secretaries before he tapped the beloved Tony Snow and the admired Dana Perino.

Barack Obama’s press secretary, Robert Gibbs, gets mixed reviews. He said that he talked to Powell and others about the job, but he executes it in his own eccentric way. This has some of the White House press corps up in arms and others giving him a passing grade. It is a classic case of where you sit.


The irritation begins with time-keeping. For Gibbs, but not Obama, nothing seems to go on time. The principal press briefing–the one seen on C-SPAN–is scheduled the night before, and reporters are e-mailed this along with the president’s schedule for the next day. Sometimes, this schedule arrives after 8 p.m., making the planning of the next day difficult.

That is only the beginning of the time problem. Invariably, the briefing time slips the next day. Updates delay the beginning of the briefing by one or more hours. But that is not final: Gibbs may make his entrance 20 or more minutes late and without apology.

Then the fault lines within the press corps really open up. They have to do with who gets to ask questions and who is shunned—and this, in turn, has to do with who has assigned seats and sits in the first two rows.

There is ugliness here. Here is class warfare by employment, and here is an unwitting exposure of the White House’s hand.

Clearly, television counts more than print–even dominant print outlets like The New York Times and The Washington Post. Likewise, it is revealed in Gibbs’ world that the Associated Press trounces Reuters and Bloomberg. The foreign press gets very short schrift.

Gibbs’ clear favorites are the television networks and a new crop of correspondents he got to know on the campaign trail. Correspondents like Chuck Todd of NBC are often engaged in a colloquium to which the three dozen or more other correspondents are just spectators.

If you are not one of the favored, you sit in one of the back rows with your hand in the air for favor of recognition to ask a question. It does not happen often.

There is much less criticism of the substance of Gibbs’ answers than there is with his tardiness and favoritism. Gibbs will contentiously argue a point with a reporter, but he also will refreshingly admit when he does not have the answer. Also he does not indulge in dead-end referrals, such as “I refer you to the CIA,” or “I refer you to the vice president’s office.” George W. Bush’s first two press secretaries, Ari Fleischer and Scott McClellan, did this with exasperating frequency. Snow turned away wrath with philosophy and Perino handled heckling press with humor and efficiency.

Unfortunately, Gibbs’ fascination with a small number of TV reporters has carried over to the full-blown press conferences. The chosen few are again the chosen few. The rest of us are right there with the plotted plants: to be seen but not heard.

Filed Under: King's Commentaries Tagged With: Ari Fleischer, Associated Press, Bloomberg, C-SPAN, Chuck Todd, Dana Perino, Dee Dee Myers, James Brady, Jerry terHorst, Jody Powell, Mike McCurry, NBC, President Clinton, President Ford, President George H.W. Bush, President George W. Bush, President Reagan, Reuters, Robert Gibbs, Scott McClellan, The New York Times, The Washington Post, Tony Show, White House daily press briefing, White House Press Secretary

Right-Wing Publishing: Musical Chairs

June 10, 2009 by White House Chronicle 2 Comments

Word is out that Rupert Murdoch’s News Corporation is on the verge of selling its conservative political magazine, The Weekly Standard, to the publishing company owned by billionaire Philip Anschutz. If the deal goes through, it does not bode well for The Standard, founded and edited by William Kristol and Fred Barnes.

More than any other conservative paper, The Standard has been able to find and develop new and original talent.

The list of writers of real ability who have passed through the portals of The Standard, located on 17th Street in Northwest Washington, includes David Brooks of The New York Times; broadcaster and writer Tucker Carlson; and Christopher Caldwell, Matt Labash and Matt Continetti, who still write for the magazine.

By comparison Anschutz’s current Washington property, The Examiner, a free daily newspaper, is home to some old standards like Michael Barone, Byron York and Mark Tapscott, who came to the paper from The Heritage Foundation. No one pioneering or fresh. The Examiner is the exemplar of your father’s conservatism.

But worse, leaving aside the politics, which is why The Examiner and The Standard exist, is the basic newspapering of The Examiner. It needs work–just to make it more of a plausible newspaper. The headlines are too small. It covers national politics, but in all other respects, it is a local newspaper with wobbly news judgment.

If any of these weaknesses are to infect The Standard, an important voice of erudite conservatism will be lost. Scintillating new writers will not get a start. Bashing liberals is not enough.

At 10th birthday party for The Standard (founded it in 1995, when Irwin Stelzer, a News Corp adviser, persuaded Murdoch `that the United States needed a magazine of opinion and literary comment like the venerable Spectator in England), Brooks said The Standard was a magazine conceived to serve a government in power not to whine in opposition, which by implication is what Human Events, The American Spectator and National Review do. Even in opposition, it has kept its optimistic tenor and its book reviewing is of a high order.

Sadly, The Standard has never been able to totally learn from its English cousin. American conservatives want just conservative views in their political magazines, not the occasional piece of amusing heresy.

There is a third player is Washington conservative journalism: The Washington Times, a respectable daily with a definite rightward slant, sometimes in its coverage as well as on its opinion pages. It is the home to old-line conservative writers and some liberal ones, including Pat Buchanan and Larry Kudlow on the right, and Nat Hentoff and Clarence Page on the center-left.

The quality of the newspaper craft in The Times dwarfs The Examiner. But those two papers and The Standard are the toy things of rich men with a political point of view. The Times is owned by the Unification Church, led by the Rev. Sun Myung Moon. You could say that all three are vanity publications: They lose money, lots of it.

But this is not new. The late great New York Herald Tribune was bought by oil billionaire Jock Whitney to counter the liberal New York Times, and to save an important conservative voice in New York at a time of liberal ascendancy.

Earlier, during World War I, Max Aitken, a Canadian, bought the London Daily Express, at the behest of the Conservative Party, to keep a conservative voice in Fleet Street. The Tories were so grateful that they elevated Aitken to the Peerage, as Lord Beaverbrook. Both Beaverbrook and Tories lived to rue the day. Beaverbrook because he realized his chances of being prime minister had evaporated with the honor and the Tories because Beaverbrook was a maverick. Also, Beaverbrook soon started making money–lots of it–off his newspaper and did not have to worry about conservative orthodoxy anymore. Neither Murdoch nor Anschutz nor Moon is ever likely to make any money out of their publishing properties.

Amazing how unbusinesslike conservatives can be when it comes to defending the faith.  –for North Star Writers Group

Filed Under: King's Commentaries Tagged With: Byron York, Clarence Page, conservative newspapers, David Brooks, Jock Whitney, Larry Kudlow, London's Daily Express, Lord Beaverbrook, Matt Continetti, Matt Labash, Max Aitken, Michael Barone, Pat Buchanan, Philip Anschutz, Rupert Murdoch, The American Spectator, The DC Examiner, The New York Herald Tribune, The New York Times, the Rev. Sun Myung Moon, The Spectator, The Washington Times, The Weekly Standard, Tories, Tucker Carlson, William Kristol

A Little Hate Is Good for Fourth Estate

April 17, 2008 by White House Chronicle Leave a Comment

 

There must be some nostalgia at CBS News for the good old days, when the network was roundly hated and people at the political extremes longed to see it fail. Now that it is failing (it is a laggard in the ratings), nobody seems to care. Gone are the conservatives, who wanted to buy the network to sanitize it and rout out alleged liberal journalists. Also gone are the political lefties, who believed that CBS was the captive of its advertisers.

In media, to be hated is an affirmation that you are succeeding.

At The Radio & Television Correspondents’ Association annual dinner this week, the happiest people were at the Fox News tables. Roger Ailes, the principal architect of Fox’s huge success as a news network, and his star host, Bill O’Reilly, were beaming—well aware that most people in the room believe that the Fox cable channel has degraded broadcast news.

It is not just CBS that is hurting, but also other traditional media as well—most especially newspapers. Marylanders used to hate The Baltimore Sun. Now they worry that their venerable newspaper is on the ropes, and may be sold to quite the wrong kind of person.

They used to say in newsrooms, “If you aren’t hated, you’re not doing this job right.” Unfortunately, the quality of hatred that most news organizations face is sadly watered down. Generalized attacks on the “liberal media” and the “mainstream media” just don’t pack much of a wallop. They tell us more about the attacker than the attacked.

Happily, two newspapers—maybe two of the three best newspapers in the country—can still agitate those who believe in media conspiracies. These are The New York Times and The Washington Post. The third is The Wall Street Journal, which has never raised the same kind of intense feeling as the other two. Its editorial page is so predictable that even liberals cannot get mad at it. And its news coverage is pretty faultless.

The two big East Coast newspapers can really get the critics going. The New York Times, through a series of terrible blunders, has opened itself up to particularly virulent criticism. The Washington Post, which sells five times as many newspapers as its nearest competitor, The Washington Times, unerringly gets the brickbats. Civil rights groups accuse it of racial insensitivity. And radio talk show hosts like to refer to it as “The Washington Compost.” Even so, the paper has just bagged six Pulitzer prizes. Particularly, it showed the whole world last year that it could still deliver great journalism by revealing the scandalous treatment of veterans at the Walter Reed Army Medical Center.

Both The New York Times and The Washington Post have the resources to do the job right. Although The Times is in a slump, and appears to be in desperate need of an editor who has a vision and a publisher who is competent, it still triumphs on solid, day-to-day coverage of big continuing stories. Its coverage of the subprime mortgage crisis and its on-the-ground reporting out of Iraq are excellent.

Michael Wolff, the media critic of Vanity Fair, is in full pursuit of The New York Times in his May column. Wolff catalogs the humiliations the newspaper has suffered in recent times (including the Jayson Blair fictions, Judith Miller’s partisanship, and the insinuation that John McCain was having an affair with a lobbyist) and speculates on the possibility that the special voting stock, which gives the Sulzberger family control of the paper, may be under attack.

It may be very difficult to change the bylaws of the company, but Wolff thinks that angry shareholders could force the sale issue; or that the Sulzberger family, like the Bancroft family that used to own The Wall Street Journal, can simply be bought off. One way or the other, Wolff sees dissident shareholders changing the corporate structure of the paper.

At the same time, with a similar stock arrangement, the Graham family, greatly assisted by Warren Buffet, is firmly in control of its newspaper.

Yet, neither the Sulzbergers nor the Grahams have had huge financial successes with the properties they inherited. Both have had considerable editorial successes by lavishing resources on the papers. But as publishing ventures, the families have been timid and sometimes foolish. They profited from near monopolies, but mostly failed in diversification. Arthur Ochs Sulzberger, the father of the present publisher of The New York Times, confounded the publishing industry when he bought The Boston Globe. Analysts warned that two newspapers in the same advertising market would hurt more than a different kind of diversification. But the man who got it right in launching a national edition of The New York Times got it very wrong in Boston. The Globe is losing money and is a drain on The New York Times Company.

Katherine Graham, the late publisher of The Washington Post, who is revered in newspaper circles, did some pretty odd things herself. She clung to Newsweek, when it could have been sold profitably; invested in newspapers in New Jersey and Washington state; and nibbled at small publishing ventures in Washington, D.C. It can be argued that it wasn’t until Buffet came onto the scene with his steadying hand—he is a large shareholder and director of the company—that The Post started hedging the risk of newspaper publishing. In particular, it bought Stanley H. Kaplan Educational Centers, which has turned out to be a cash cow and is now more profitable than The Post.

Unlike The New York Times, The Washington Post had a clear idea of what to do with its Web pages, which are now in profit–as is Slate, the online magazine that The Post bought from Microsoft.

Nobody knows the future of newspapers. But we do know that the well-being of a democracy depends on them. Both The New York Times and The Washington Post are still making a profit, though not as much as in years past. And the public still has the energy and good sense to hate them.

Filed Under: King's Commentaries Tagged With: Arthur Ochs Sulzberger, Bancrofts, Bill O'Reilly, CBS News, Fourth Estate, Fox News, Grahams, Katherine Graham, news media, Newsweek, Roger Ailes, Slate, Sulzbergers, The Baltimore Sun, The Boston Globe, The New York Times, The Wall Street Journal, The Washington Post, Warren Buffet

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Llewellyn King

An old adage says “a stitch in time saves nine.” Indeed. But it is a lesson seldom learned by governments. As you struggle through TSA screening at the airport, just consider this: It didn’t have to be this way. If the government had acted after the first wave of airplane hijackings in the early 1960s, we […]

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