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What Struggles for Companies like Audacy, The Messenger, and X Says About the Future of Media

With newsrooms shrinking, it’s becoming more difficult to be a journalist, meaning working your beat, cultivating sources, and working on hard-hitting investigative stories.

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Inaudible? Audacy, one of the country’s largest radio companies, files for bankruptcy. Return to sender? Jimmy Finkelstein’s The Messenger is reportedly “broke” and possibly being purchased after failing to make a profit. Untweet? Elon Musk’s X losing $75 million in advertising revenue in 2023. All three outlets may soon be joining the media graveyard, which seems to be ever-growing.

According to a Northwestern University study, 2023 saw on average 2.5 local newspapers closed each week. The same study found over the last 15 years news ‘deserts’ are growing across the nation. There are three common denominators in all of these situations: lack of funding, not enough resources, and too much competition.

With the exception of X all of these outlets; Audacy, The Messenger, and local newspapers, don’t have the greatest funding. Audacy, who officially filed for bankruptcy on Monday, is looking to eliminate $1.6 billion in debt. According to Axios, Finkelstein’s startup is looking to raise $20 million after laying off some staffers. As for local newspapers, Northwestern University reported philanthropists will give $500 million to support local news outlets over the next 5 years. This sounds good until you do the math.

If 6,000 local newspapers across the country are to equally split $100 Million in 2024, each outlet will receive less than $17,000 annually. On average starting salaries are $37,600, according to The Radio Television Digital News Association. The only states that would be able to hire a full-time employee with this extra cash would be Georgia and Wyoming whose minimum wage is $7.25. This lack of funding funnels into the media’s next problem, not enough resources.

Even well-funded and widely read outlets like The Washington Post, NPR, and Condé Nast, carried out layoffs in 2023. With newsrooms shrinking, it’s becoming more difficult to be a journalist, meaning working your beat, cultivating sources, and working on hard-hitting investigative stories.

An April 2023 study by The Hussman School of Journalism found 70% of local journalists experienced work-related burnout. The same study found 72% of those polled considered leaving their current job in journalism. Many do leave journalism for jobs in PR or Marketing. Why? Better pay, better working hours, and allegedly less work. A quick Google search will bring you hundreds of “why I left the media” articles and blog posts.

While these two things create a vicious cycle the question remains, where does ad revenue actually go? Statesta predicted 2023 would bring $352 Billion in ad revenue, $189 Billion of which comes from digital. They also predict ad revenue will hit $1 Trillion by 2027. News outlets are not just competing with each other for a slice of the revenue pie, they are also competing with clickbait sites like Buzzfeed and Upworthy.

Additionally, they are competing with Facebook, Google, and X, plus all other social media outlets and search engines (which is why Canada and Australia passed legislation requiring Facebook and Google to pay media outlets but I wrote that column already and the problems with the idea.) Keep in mind, before Al Gore unleashed the Internet unto the world there was competition but not to this level.  

Many outlets will likely continue to close due to mergers or bankruptcies because hard news is not profitable. Don’t get me wrong yes news outlets do make profits Fox News made almost $2 Billion in 2022, CNN under $1 Billion, MSNBC under $500 Million, and Newsmax just scratches the surface with $37 Million in profits for 2022. Fox and CNN have 3 things that make them billions. First, They are more centered than MSNBC or Newsmax. Second, they are incredibly good at self-promoting, (especially Fox they make very good use of all their resources). Third, and most importantly, they have more ‘magazine style’ news available than MSNBC and Newsmax.

Magazine-style news, which was brought to life by Don Hewitt, began in 1968 with 60 Minutes. The program was the first of its kind, turned a nice profit for CBS and took what was considered a bad time slot to one of the greatest of all time. FOX and CNN both have long-form programming with Fox Nation and CNN Original Series. Programing like this often subsidies newsroom spending allowing journalists to work their beat and cultivate sources.

Something else happened in the 60’s which brings us the news we have today, News and Entertainment began to collide. What would have been a bland ‘Murder in restaurant’ headline in 1961 was replaced with more saucy, borderline tabloid headline like ’Headless Body in Topless Bar’ by 1983. 2023 saw headlines like ‘UnTucked’ instead of ‘Tucker Carlson leaves Fox News.’

Audacy, The Messenger, and X are all competing for a piece of the same revenue pie. One which FOX and CNN have a pretty good hold on. Getting a piece of the ad revenue pie is way more difficult than it used to be. To survive, you have to provide entertainment (which can sometimes be viewed as biased) and provide some form of magazine-style news. Or you can go the easy way like Buzzfeed and create clickbait, however, you likely lose a little credibility in the process.

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BNM Writers

What to Do When Your Fear Your Media Career is Headed to the Graveyard

If you think about career death so much that it detracts from being in the moment, maybe it really is time to move on.

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“Do you guys ever think about dying?”

If you saw the Barbie movie, you know the line. Barbie is living the perfect and perfectly plastic life, perfectly choreographed and full of perfect smiles.

But the movie turns on that one line, basically shattering Barbie’s world with a concept no one there would ever have considered.

Death.

Why would you consider it when everything seemed in perfect order?

Well, when it comes to broadcasting and media, a lot of you think about dying … a lot. I do, too.

Of course, it’s not the stop breathing and get buried type of death but rather, the death of a career in media.

The truth is, when it comes to our business, very few people get to choose when it ends. Take a minute and consider a major media personality who truly “retired” after a multi-decade career.

It happens, but percentage-wise, it’s rare.

Take a minute and think. Name some. Name one. It’s not easy.

More often than not, you will get laid off or fired before you want to leave, and after a certain age, getting that next opportunity may be a bridge too far.

Then, you are done done.

That’s as much a music stopper as Barbie admitting she has considered her own mortality in the middle of the dance floor. Here on planet Earth, at least from the people in my orbit, the death of a media career often leads to even better professional options and more balanced lifestyle choices.

I have friends doing a million different things: Public relations, crisis management, content creation for large companies, political communications, fundraising, and teaching. Almost all of them tell me that it was such a stress relief to have a “normal” life, to not be worried about every pending contract or new boss.

Their work is appreciated. Their job is stable. And their schedule? Normal. Never has “normal” sounded so lovely than when they talk about watching shows with spouses, going out for a drink on a Tuesday, or having a regular pickleball game (or insert any middle-aged recreational sport).

I believe them.

Sort of.

The “sort of” comes from me not being able to actually envision that for myself. As enticing as it would be to see people on a more accessible schedule or play a weekly game with buddies, nothing beats talking and writing for a living. Nothing. And I am going to hang on until the lights are out, and we can’t pay to get them turned back on.

For me, I’m in too deep. I’m an indoor cat, incapable of survival outside.

Meetings. Deadlines. Reliant on other people. Meetings.

I’d be dead in a week. It’s beyond no, thank you. It’s, “I can’t”.

Sure, I have three teenagers and three college tuitions to pay. And two dogs. Two cars. And a mortgage.

Here’s where I am supposed to tell you that you should not only have thoughts about (career) death but also have a survival plan – a professional media-career living will if you would.

I should tell you that because you should.

But I don’t have one. And I don’t want one.

Why?

Because I don’t want to think about death anymore. I mean, I’ve already died twice. It wasn’t fun, and the third time most likely would be the charm in terms of getting me out of the business for good.

Why so stubborn? I don’t know.

Several times, I’ve said to myself, I need to make sure I have a backup plan … just in case. Each time, I find a reason not to get one.

Ultimately, what’s my point? Get a backup plan. Think about death. But it can’t take away from the essential joy of having the privilege of talking for a living. In that vein, don’t take it for granted. Ever. Even if the pay stinks and the schedule stinks. If you think about career death so much that it detracts from being in the moment, maybe it really is time to move on.

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BNM Writers

Is the Fairness Doctrine Even Possible in Today’s Media Landscape?

Is it right for media consumers to judge what is “fair” and what is “unfair” news?

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As many media outlets shutter their doors, some have clamored for the return of the Fairness Doctrine. Newsweek released the results of their new way to connect with readers, by asking if its reporting is “fair.” Since September 2023, readers were asked to judge stories on the site, 78% said the outlet is “fair.” Another 22% found at least one story they read to be “unfair.”

AllSides Media has judged Newsweek to be center. However, let’s not forget they are the same outlet that wrongly claimed President Donald Trump was golfing on Thanksgiving in 2019. As Sheryl Attkisson noted on Full Measure this week, on Thanksgiving in 2019 President Trump was visiting troops in Iraq and the Newsweek story was fabricated.

While the reader assessment of Newsweek’s content is on par with AllSides Media, is it right for readers to judge what is “fair” and what is “unfair” news? If outlets like The Daily Caller (Right) or Vox (Left) would ask the same of their readers, would their echo chamber subscribers find them “fair?” While historically print (and later digital) outlets could (and still can) embrace the political leanings of their owner(s), from 1949 till 1987 TV news had guidelines they must adhere to: The Fairness Doctrine.

Long before Americans argued about bias in news, every TV outlet (there were only three major ones at the time) would follow “The Fairness Doctrine.” The Reagan Library notes the doctrine was “enforced by the Federal Communications Council, [and] was rooted in the media world of 1949. Lawmakers became concerned that the monopoly audience control of the three main networks, NBC, ABC, and CBS, could misuse their broadcast licenses to set a biased public agenda.”

To put it simply, the Fairness Doctrine made it so all sides of any story were presented. In 1985, under the Reagan Administration, the FCC found “the doctrine hurt the public interest and violated free speech rights guaranteed by the First Amendment.” Two years later, a panel under FCC Chairman Dennis Patrick repealed the Fairness Doctrine unanimously.

Keep in mind, at this point in time, CNN was the first and only 24-hour news network in the United States (it launched on June 1, 1980). Fox News wouldn’t be launched until almost 10 years after the Fairness Doctrine was repealed, on October 7, 1996.

Also happening at this time, large corporations (with lobbying power) were buying media outlets. General Electric purchased NBC in 1986. Westinghouse acquired CBS in 1995. One year later, ABC was bought by Disney. These purchases did not go unnoticed. Saturday Night Live even mocked the acquisitions in a now-banned short called “Conspiracy Theory Rock!: Media-opoly.”

The unwillingness of news organizations to cover both sides of a story has led to the creation of biased outlets including: CNN, Fox News, MSNBC, OAN, Newsmax, and others. None of these would be able to exist in their current form if the Fairness Doctrine wasn’t repealed.

News outlets that aren’t overtly biased use another trick to manipulate their viewers/readers, using emotionally charged verbiage. AllSides Media defines sensationalist words as presenting information in a way that gives a shock or makes a deep impression. This includes words like “shocking”, “heart-breaking”, “explosive”, “scathing”, “chaotic”, “desperate”, and “remarkable”… this list goes on but you’ve seen and heard these words from the news outlets daily. This is the media telling you how to react to a story instead of letting you determine how you actually feel after they present the facts of the story.

Today, what’s most concerning are outlets saying ‘fair and balanced’ news is a disservice to the public. An August 2023 NPR article explored just this, saying “Objectivity actually comes from an accurate examination of facts (actions, documentation, and even educated opinions) presented in transparent reports. Often, that coverage should also encourage audiences to examine supporting evidence for themselves.”

The problem with this is three-fold:

  • Selective fact presentation develops a one-sided narrative
  • An “educated opinion” is not a fact. It’s an opinion that is neither right nor wrong.
  • It is impossible for human beings to be completely unbiased (see January 31st column)

While it’s great Newsweek is asking readers if their reporting is ‘fair’ is the reader’s judgment neutral, or just as biased as the outlet they prefer to read? Sometimes when we are clicking to satisfy our own confirmation bias it’s hard to tell.

What the media and all Americans need to start recognizing is their own echo chamber. Knowing we all have some sort of bias is not a flaw but what makes us human. Our flaw is the inability to recognize our bias yet call out others for being biased just because they are on the other side of an issue.

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CNN Sees Biggest Viewership Jump During Super Bowl Parade Shooting Coverage

All news outlets spiked upon live breaking news coverage with Fox News — already the weekday afternoon leader in cable news — leading in total viewers.

Doug Pucci

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(Photo: Getty Images)

The cable news outlets got increased viewership from two different news events during the week of Feb. 12, namely the shooting at the Super Bowl parade in Kansas City.

On Wednesday, Feb. 14, of the mass shooting at the Super Bowl celebration parade in Kansas City for the Chiefs football team. One person died and roughly two dozen others were injured.

All news outlets spiked upon live breaking news coverage with Fox News — already the weekday afternoon leader in cable news — leading in total viewers.

The following are what each network drew as the story unfolded on that Feb. 14 afternoon from Kansas City and how it grew from the same Wednesday time slots from Jan. 3 thru Feb. 7:

Fox News Channel

  • 3-4 p.m.: 1.656 million viewers (+18 percent)
  • 4-5 p.m.: 1.873 million viewers (+34 percent)
  • 5-6 p.m.: 3.175 million viewers (+7 percent)
  • 6-7 p.m.: 2.441 million viewers (+12 percent)
  • 7-8 p.m.: 2.250 million viewers (+4 percent)

MSNBC

  • 3-4 p.m.: 1.008 million viewers (+10 percent)
  • 4-6 p.m.: 1.504 million viewers (+7 percent)
  • 6-7 p.m.: 1.763 million viewers (+17 percent)
  • 7-8 p.m.: 1.474 million viewers (+13 percent)

CNN

  • 3-4 p.m.: 0.762 million viewers (+27 percent)
  • 4-5 p.m.: 0.913 million viewers (+35 percent)
  • 5-6 p.m.: 1.007 million viewers (+28 percent)
  • 6-7 p.m.: 0.985 million viewers (+43 percent)
  • 7-8 p.m.: 0.960 million viewers (+29 percent)

Newsmax

  • 4-5 p.m.: 0.343 million viewers (+23 percent)
  • 5-6 p.m.: 0.354 million viewers (+16 percent)
  • 7-8 p.m.: 0.547 million viewers (+13 percent)

Earlier in the week, on Tuesday, Feb. 13, the results were announced for the special election race for New York’s third congressional district between its former representative Democrat Tom Suozzi and Republican challenger Mazi Pilip. Suozzi left office in 2022 to run in the New York gubernatorial election but lost out to incumbent Kathy Hochul. Suozzi’s successor in Congress was the infamous George Santos who was officially expelled from office on Dec. 1, 2023 over charges of federal criminal laws including campaign finance fraud.

MSNBC and CNN were the only major national news outlets that provided live coverage of the special election results, stressing the significance of Suozzi’s eight-point win over Pilip as it reduced the GOP’s advantage in the House of Representatives by one.

From when the voting polls closed in New York at 9 p.m. ET, MSNBC easily topped CNN in total viewers at 9 p.m. (1.616 million viewers vs. CNN’s 0.847 million), 10 p.m. (1.903 million vs. CNN’s 0.879 million), 11 p.m. (1.112 million vs. CNN’s 0.541 million), and at midnight (774,000 viewers vs. CNN’s 299,000).

From 9-11 p.m. ET, though, both MSNBC and CNN scored the same performance among the key 25-54 demographic: a 0.15 rating at 9 p.m. and a 0.18 rating at 10 p.m. (Note: a 1.0 rating in 25-54 equates to 1.21 million viewers within the aforementioned age range.) 

For the 10-11 p.m. hour, when the New York candidate speeches had aired, CNN grew by 68 percent (in viewers) and by 80 percent (in 25-54) from its Tuesday 10-11 p.m. hour output from Jan. 2 thru Feb. 6 — a time period that included a Ron DeSantis town hall and New Hampshire primary results.

MSNBC was up as well at 10 p.m. hour — +16 percent in viewers, +33 percent in the 25-54 demo — using the same reference parameters.

Even though Fox News did not offer live coverage of New York’s special election results, Hannity at 9 p.m. (2.528 million viewers; 0.21 A25-54 demo rating) and Gutfeld! at 10 p. m. (2.357 million viewers; 0.31 A25-54 demo rating) still held the top spots in their respective hours on all of cable news.

Source: Nielsen Media Research

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