Huffington Post: Sam's LA Times and Sam's LA Bagels
Marty Kaplan
July 14, 2008
What's the difference between Sam Zell's Los Angeles Times and Sam's Bagels on Los Angeles' Larchmont Boulevard?...
Sam's Bagels, unlike Sam's Times, is not safeguarded by the First Amendment. In fact, the press is the only business singled out in the Constitution for protection. The reason, of course, is that the founders intended the press to serve as a fourth estate -- a formidable check against the government's abuse of power, an essential outlet for dissent; not a mere privilege of democracy, in Walter Lippman's words, but "an organic necessity in a great society."
From John Peter Zenger until Sam Zell -- have those names ever appeared in the same sentence before? -- press owners have maintained that their mission is to do well while doing good, to turn a profit while also living up to their democratic responsibilities. Many of them have figured out how to do both: partly by subsidizing the stuff we need to be good citizens by selling us the fun and fluff we want; partly by deploying journalists' storytelling skills in order to turn essential information into compelling must-reads.
To Sam Zell, however, running the Times, as well the other papers he bought when he acquired the Tribune Co., isn't a public trust, and its stewardship doesn't include serving the public interest, no more than would running a bagel joint. Like the asset-stripping private equity buccaneers of the Blackstone Group, Zell's business is capitalism, plain and simple. Having saddled Tribune with more than $8 billion in highly leveraged debt (he invested only $315 million of his own money in order to take Tribune private), now he has to sell assets and cut costs at a furious pace in order to keep his debt service from eating up his profit.
In Los Angeles, that means not only putting Times Mirror Square up for sale (condos, anyone?), but also means slashing 250 jobs, including 150 news jobs; cutting 15 percent of the paper's pages per week, and, according to publisher David Hiller, "a redesigned flagship Los Angeles Times newspaper to debut in the fall, reflecting the work of the reinvent team." If Zell's editorially pared down, graphically tarted up and otherwise reinvented Orlando Sentinel is a sign of what's to come, our local paper will soon be a cross between My Weekly Reader and a ransom note.
I'm not saying that every one of the 150 Times journalists who'll be fired deserves a Pulitzer, but I am saying that a whopping proportion of them are assets that any community in its right mind would do all it could to keep on the job....
http://www.huffingtonpost.com/marty-kaplan/sams-latimes-and-sams-lab_b_112470.html 
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