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Posts Tagged ‘John Carney’

Partytime With The Atlantic


Last night, members of the New York media gathered to toast The Atlantic and the incredible year the publication — and its parent company — have had.

There was plenty to celebrate. This year, the title reported a 16 percent increase in advertising revenue, thanks to a 115 percent increase in digital revenue. Events and subscription revenues also saw a boost, with digital subscription revenues climbing 158 percent. What’s more, 2009 saw the launch of the company’s new digital property, The Atlantic Wire, as well as politics, business and food channels on

“We had such an incredible year,” publisher Jay Lauf told us last night.

And there were plenty of people on hand last night to celebrate that year with Lauf and The Atlantic‘s president Justin Smith, including Glynnis MacNicol and Rachel Sklar of, All Things D‘s Peter Kafka, John Carney of Silicon Alley Insider, New York Times reporter Brian Stelter and PRNewser editor Joe Ciarallo.

More pictures after the jump

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Morning Media Menu Talks the Financial Meltdown with John Carney

mornmm.gifToday on the menu we are joined by FishbowlNY’s favorite numbers man (also our only numbers man, but still our favorite!) Clusterstock‘s John Carney to talk about all things financial crisis. John has lots to say, beginning with the fact that based on his theorizing my last place bracket ranking may have more to do with a random streak of bad luck than the fact I had no idea what I was doing when I filled it out. carneygf.jpgAccording to John money managers have just as much chance of success by basing their decisions on throwing darts at a board as any other method. Isn’t that reassuring!? Furthermore, Carney speculates that Geithner should consider giving the dart board a whirl. He also thinks that the financial crisis may be too complicated a story for newspapers to be able to cover properly and that blogs may be better suited to the job.

The complexity of the plans that Geithner has put forth makes it very difficult to translate into a comprehensible news segment or even a newspaper article…in some ways blogs have a great advantage in that we can address the story in a dozen posts rather than one big article, and address different angles of how each piece of the plan will work. And I think that traditional media is doing a pretty bad job of explaining what the plan to save the economy is going to be.

Meanwhile, John thinks Howard Dean is a good get for CNBC and also suggests that it’s entirely possible the recent rise in listeners at NPR is due to him. You can listen to all the past podcasts at and call in at 646-929-0321.

All is Not Rosy for Rupe: Layoffs at WSJ? News Corp Downgraded

20070629wsj.jpgMuch of the bad news this week has focused on The New York Times, but all is not well over at the Wall Street Journal. Portfolio is reporting that the newsroom will be hit by cuts next week, which may total up to 50 persons (depending who is offered/takes a buyout). There apparently are also rumors of “parallel cuts at Dow Jones Newswires, and that one or more Journal bureaus may be eliminated as part of the cutbacks.”

Meawhile PaidContent is reporting that Pali Research analyst Rich Greenfield has downgraded News Corp. from buy to sell.

His reasons include the usual — decreased earnings per share estimates for fiscal years 2009 and 2010; the possibility that COO Peter Chernin may not renew his contract, which expires midyear, more likely to Greenfield the longer it takes; hesitancy over stock buybacks. But his concerns also go to the heart of the company: Rupert Murdoch, chairman and CEO, who Greenfield now sees as a visionary without a strategy for many of News Corp.’s core businesses.

Our lack of business-world acumen is no secret around these parts, but since this sounded eerily similar to the Times being downgraded to junk status we thought it might be a good time to check in with Clusterstock‘s John Carney to find out whether this was similarly as dire. Turns out it’s not.

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Merry Christmas! Or Everything Old is New Again

They don’t call them classics for nothing! Twice this week we’ve noticed writers comparing storylines from our favorite Christmas movies to the current economic crisis. First in last week’s Times where Wendell Jamieson noted that in real life George Bailey could have been jailed(!) for losing all of Bedford Fall’s money (the not very wonderful bank run scene is after the jump). And today John Carney examines how Scrooge’s banking philosophy led to the panic of 1847. Bah humbug!

Be that as it may, we here at FishbowlNY are in the (real) Christmas spirit and would like to wish you all a Merry Christmas and Happy Holidays, and we will see you again next week.

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News Corp. Switches Stock Exchanges

marketsite5.jpgApparently despite News Corp.‘s plummeting stock value they are still a desirable to Wall Street! The Times reported today that News Corp. has switched its listing to NASDAQ from the NYSE amid accusations from the NYSE that NASDAQ had “bought the listing with a significant advertising commitment.” We are (not surprisingly) a bit in the dark as to how this works or whether it is common (or even legal) to purchase listings so we checked in with Clusterstock’s John Carney to see what the deal is. According to him it’s not illegal to “buy” a listing.

The stock exchanges want prominent names so they can get other companies to list on their exchange. Ordinarily, you actually pay to be listed. That’s part of how exchanges make money. But a big name like News Corp helps bring in other companies, so you might pay them. It’s like nightclubs giving free stuff to celebrities.

The Great Depression 2.0: What’s in a Name?

dustbowl1.jpgNeedless to say things are really bad right now. Everywhere. And considering that the auto bailout just fell apart in the Senate last night we suspect things are about to get worse. But what is about to get worse exactly? At a party the other night we were speculating with some people when exactly the Great Depression got its name — the consensus is it was not that long after the crash since, unlike today, people didn’t have such an issue throwing around the word “depression.” Still words are powerful, it took the government a year to concede that the country was actually in a recession, and this was after Wall Street required an emergency government bailout. Over at the Times Brian Stelter is contemplating this very issue (something we recall him contemplating a while back on his twitter feed, which come to think of it may have been what put it in our heads the other day). The question is what should people who have to report on it call this financial collapse? Says Stelter:

While the “economic crisis” — a term often used by journalists — has also been called the “credit crunch” and the “Wall Street crisis,” it remains the rare major news event without a defining logo, one that crystallizes attention and acts as shorthand for reporters.

Brian Williams says it’s hard to name something while you’re in the midst of it. We disagree. Anyway we are probably going to be in the midst of it for the foreseeable future. So! You readers are a creative bunch, what say you? We are partial to the Great Depression 2.0, but maybe that’s because we spend 18 hours a day online, Clusterstock‘s John Carney suggests the Great Reckoning, and Stelter mentions in his piece that the Great Recession is gaining some ground. Tell us what you think or make your own suggestions in the comments.

What Should We Call the Current Economic Crisis?
( surveys)

Sharing is Caring! Launches ‘Times Extra’

tmsexta.pngThose of you who get your New York Times online — and 99.99% of the time that includes us — may have noticed something different when you clicked on the homepage this morning. At first we thought it was just an extra level of advertising (turns out that was the WSJ!) but lo and behold the Times had decided to launch their Times Extra feature. Times Extra, once you click on the button (and you have to do it every 24 hrs apparently or it switches back) provides an “alternative view” of the home page and features news headlines with links from third-party sources.

So! What happens when the Times decides to link to you (they are apparently using a a news aggregator system called Blogrunner they acquired back in 2005)? Could it be the new Drudge (or HuffPo) of traffic providers? Earlier this morning we happened to notice that one of the external links provided below the home page story about all the money Rahm Emmanuel was for a Clusterstock piece written by our friend John Carney. Carney assured us he would look into his numbers and let us know whether it was a measurable boon.

NYT Co. Stock Falls to Lowest Point in Decades

ggf.jpgLast week at the Time Person of the Year luncheon Suze Orman cautioned the audience not to get their hopes up on days when the stock market rallied because it was not a sign that things were getting better. No fear of drawing that conclusion this week! Yesterday the markets tumbled again, closing below 8,000, and that includes media stocks. Does it ever. Yesterday, after Harbinger Capital Partners had reduced its stake in both Media Inc. and the New York Times Co., shares in both companies tumbled to their lowest point in decades.

Shares of New York Times fell 73 cents, or 10.3 percent, to $6.35 in Wednesday trading. The stock fell to $6.33, its lowest point in more than two decades…Media General’s shares slid $1.24, or 29.5 percent, to $2.96 in Wednesday trading and earlier in the session slid to $2.93.

Over at E&P Fitz & Jen are speculating that this may be a sign the newspaper sector is close to hitting a capitulation point — “that moment when great numbers of investors simply give up on their stock portfolio and cash out, leading to bargain hunting and a new run-up in prices.” We asked our numbers man John Carney for his thoughts on whether this was a possibility.

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Nick Denton: Doom-Mongering the Future of Media

custom_1226445829887_Picture_870.pngNever one to let things lie Nick Denton held a “doom-mongering” summit of sorts at Gawker headquarters last night apparenty feeling that it was time for a “reality check” (more like a brutal intervention of sorts, actually) regarding how this economic downturn will affect the media world. The short version is that we are all kidding ourselves if we think that the sort of cuts we have seen these past few weeks are bad. Turns out Denton thinks we are a long way from rock bottom:

From conglomerates to internet ventures, executives should be planning now on a decline of up to 40% in advertising spending during this cycle. Instead they’re sleepwalking into economic extinction — even those lean online ventures which were supposed to take up the mantle and preserve New York’s position as a media capital.

Denton backs up his prediction by looking at a number of other countries that have suffered a credit crunch in the last 20 years (Japan, Sweden, Indonesia) arguing that their experience points to a steeper decline than that which U.S. analysts, who are basing their “models on redundant forecasts for the world economy as a whole,” are predicting. People, Denton says, should be planning for the worst. Also, internet advertising isn’t immune and political blogs are a bad investment. For a full explanation, including a lot of numbers and a slew of graphs (we are big fans of the visual aid) go here. Of course, being glass half full types we immediately turned to our numbers man John Carney for some sort of reassurance. It was not forthcoming.

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John Carney Updates Us On the Not So Wonderful Life of the Financial Crisis Bailout

jamesstewart460.jpgJust because it is going to take an alien invasion or some such to knock the election off the front pages for the next two weeks does not mean that Wall St isn’t still going down in flames. It is. Big ones. This morning saw the return of the scary graph to the front page of the WSJ (though it has been noticeably absent from the NYT homepage in recent days). As a result we thought it was high time we checked back in with Clusterstock‘s John Carney to find out what the heck is going on!

More specifically why can’t the government come up with a plan that will work? And what about those scary graphs? Carney responds to all this and further explains to us how the Crisis of ’08 can (sort of) be compared to a plot line from It’s a Wonderful Life or, alternately, a stoop sale in Park Slope. All news is local!

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