"On the Media"
From
Bob Garfield's chat with retired Knight Ridder journalist
Buzz Merritt:
BOB GARFIELD: In fact, it's your view, is it not, that rather than the Internet being the greatest peril to the newspaper business today, that it's Wall Street itself and its unrealistic expectations for 20, 25, 30 percent profit margins from newspaper chains.
BUZZ MERRITT: Yeah, it's not just that it's 20 percent. Historically, newspaper operating returns have been very high. You had to be pretty stupid not to make a lot of money with a newspaper for about 60 years in this country. But it's the ever-increasing expectation if you did 20 this year, then next year you better do 22 and the next year after that 25. And there's a point at which the only way you can do that is to cut costs. Now, the issue for me is not so much can we save newspapers? The issue is can we save newspaper journalism and get it migrated onto the Internet and these other platforms before it's totally eroded by the economic pressures?
ALSO: Garfield talks to Newspaper Guild president
Linda Foley and St. Paul Pioneer Press reporter
David Hanners.
