Before we get into this week's edition, I'd like to remind you that tomorrow(!!!) is NewStart deadline day. So get your applications in for our very generous fellowships and scholarships. Here's the direct link to apply: |
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If you've somehow forgotten, those selected for one of the prestigious fellowships will receive:
- A free online master's degree in Media Solutions and Innovation from West Virginia University
- An additional stipend to help you down the path toward media ownership
- Guidance and support from journalism and business experts
- A new network of industry peers who will help you reach your goals
What are you waiting for? Apply today!
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Pondering 2021 And Beyond, Part 2
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As we close out a grueling 2020, I am asking a lot of journalism folks who are way smarter than me for their thoughts about the industry. I didn't want them to look back on this year (because who really wants to think about 2020 again), but instead I am asking them to look ahead to 2021 and beyond and think about where we all might be going and how to get there.
Here is our second installment, courtesy of Margot Susca, an assistant professor at American University, associate editor at Investigative Reporting Workshop and all-around wonderful person:
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 “The Point is to Have the Journalism”
I think we’ll see growth in two trends next year, illustrating both the tension and opportunity in the local news industry. Private equity hedge funds will take a bigger role in newspapers, and alongside that trend, new nonprofit newsrooms will try to work in the void. Both will raise key questions about sustainability in a cluttered media marketplace.
First, private equity hedge funds will continue staking their flag in territory once occupied by corporate-owned and family-owned newspaper chains. Already private equity firms like Alden Global Capital, Chatham Asset Management, Apollo Global Management and Fortress Investment Group own chains outright or control huge chunks of shares in others, including Gannett. Gannett merged in 2019 with GateHouse and investments from private equity firms buoyed the purchase and subsequent debt restructuring. Not long after that merger, which company executives said would boost local journalism, the mega-company in control of 261 dailies began laying off newsroom staff.
I’ve been studying how hedge fund ownership and corporate culture impacts reporters’ ability to do key investigative journalism and watchdog reporting in communities nationwide. I spoke in October to Andrew Pantazi, who, at the time, was an award-winning investigative reporter at the Gannett-owned Florida Times-Union in Jacksonville who was tracking the layoffs. Pantazi told me, “I sympathize with readers who want to support journalism, but I have a hard time telling them subscribing is going to support journalism. The company doesn’t care about reinvesting that money. I want to see the paper continue to exist, but I don’t know if it’s worth saving. This business model is not healthy for democracy.”
On Dec. 1, Pantazi had his last day at the newspaper, and his move represents the second trend I think we’ll see in 2021: The rise of the local, nonprofit newsroom. Pantazi is launching a nonprofit news outlet focused on “investigating racism, poverty and barriers to opportunity” in Jacksonville called The Tributary. He’s started a Twitter feed and a Substack as he prepares to launch the nonprofit in the city where he’s worked for eight years that also is his hometown. He was weighing that move when we spoke two months ago, and his enthusiasm for the field was at the opposite end of the spectrum from his frustration with Gannett.
“The point is to have the journalism,” Pantazi said, “not for there to be a thing called the Florida Times-Union.”
Both for-profit newspapers and nonprofit news outlets will face sustainability challenges even in a post-pandemic news market. How can reporters at for-profit newspapers keep working amidst the cuts, the furloughs and the corporate culture that sees profit as paramount? Meanwhile, how can nonprofit news outlets in local and regional markets nationwide find not just readers, but financial supporters big and small to fund the kind of work citizens need in their communities? 2021 will be a big year to see how these issues start to shake out.
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Thank you so much for sharing, Margot!
Feel free to follow her on Twitter @MargotSusca for even more knowledge about the journalism world.
We will have more contributions from other industry experts in the coming weeks. If I already reached out to you and you haven't responded yet, don't fret! There's still time to send me something. And if I haven't reached out to you yet and you want to participate, that's great! Just drop me an email with your musings at jim.iovino@mail.wvu.edu or just reply to this email.
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Quick Hits
Now for the latest news and notes from around the world of local journalism:
Learn:
“The number one indicator of potential subscribers [are] newsletters. Newsletter subscribers are the ones who have the highest propensity to pay for your content. And when you think about it, newsletters are really a $0 subscription. They’ve already subscribed to something. I can’t think of a publication that I’ve worked with where newsletter hasn’t been their number one driver of subscription. And so we spend a lot of time working with our partners, big and small, on their newsletter strategy, because it is an incredibly important driver.”
It’s time for a look back on how the newspaper industry has changed in 2020. While few people could have predicted a global pandemic, many of the key learnings still build on important themes from previous years. Join us for a rundown of highlights from 2020 as we build the future of news together.
"In this segment of E&P Reports, Editor and Publisher's Mike Blinder interviews Coastside News Groups publisher Debra Hershon and editorial director Clay Lambert on how they were able to find investors to invest in local journalism and what it takes to build and maintain a local media company that is owned by local investors."
"However I see a jumping-off-the-cliff quality in Gannett’s embrace of the form. Too much regional reeks of being a fig-leaf cover for a token effort at the local level — at least for remaining print readers."
"As we emerge from this election, we face a choice: Will we let disinformation and propaganda fill the void left by shuttered newsrooms, or can we find new ways to maintain local journalism, a crucial pillar of American democracy?"
"As news outlets morph and multiply, both surveys and passive data collection tools face challenges."
“What happens when we make the best possible experience on our own site? What does that do for churn? What does this do for engagement? Will people stay longer and read more?” CEO Tony Haile said. “Those are some of the things that McClatchy is interested in with this partnership.”
"In its first year, FT Strategies has worked with 90 clients, 85 of which are European news publishers including The Independent, El Mundo and Bonnier News. It has also partnered with organizations like the Google News Initiative and International News Media Association."
"The publisher of a North Carolina weekly newspaper was handcuffed and forcibly removed from an Alamance County courtroom Tuesday after protesting that a hearing should be open to the press, The Alamance News reports."
And finally, this is a great thread of information from Jesse Holcomb that you should check out:
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Thanks!
That's all for this week. Thanks, as always, for reading!
A reminder: Apply for a fellowship or scholarship!
Another reminder: Share your success stories! Share your innovations! Share your 2021 outlooks! You can reply to this email, or hit up NewStart on Twitter @wvunewstart, and you can @ me @jimiovino.
Be like the fine folks at the Knight Foundation and the Benedum Foundation! Fund a NewStart fellowship position or a scholarship in Year 2! I'd be happy to talk! Seriously, I would love to offer more fellowships and scholarships, and you can help!
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Thanks again, stay safe, and we'll talk soon.
Jim.
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