The humanity behind the business

Earlier today, I posted an entry about Forbes' struggle to endure and how it has impacted employees. I then discovered a great example of a journalist finding humanity within a business story.
Simon Owens of Bloggasm kindly directed me to a piece about Steve McGookin, a Forbes journalist who took a severance package last year and is now attempting to hack it as a street performer in the New York subway system.
McGookin is using his time between journalism jobs not only to pursue other interests but to hone his reporting as well, blogging about his experiences at The Beat Below the Street.
Owens' article highlights the common struggle of journalists in an uncertain industry. Ownes and McGookin show that creativity and original journalism aren't confined to traditional media organizations and that opportunity is everywhere.
View the blog entry here.

Pinching Forbes

The New York Times reported today that even Forbes is feeling the squeeze of the economy.
While Forbes magazine has 920,000 subscribers, its average issue price has steadily decreased and its ad pages are down 15 percent in the first quarter compared to last year.
The article reports Forbes has stopped matching contributions to its 401k program, laid off roughly 100 of its 1,000 employees since November and started five-day unpaid furloughs for its staff.
In the story, Mark M. Edmiston of AdMedia Partners asserts Forbes isn't worth half the $75 million its worth has been estimated in the past.
Yet the Times reports that Forbes' misery isn't without company, with the Publishers Information Bureau listing revenue of over $338 million for Forbes, $276 million for Fortune and $236 million for BusinessWeek.
The story shows the recession is impacting both people's demand for Forbes' economic content and its employees' desire to cover it. From the story:

“Everyone here likes the magazine, the people who run it, and most of us believe in the mission,” said one editorial employee who asked not to be identified because he was not authorized to speak with a reporter. “But that sense of mission is sort of hard to sustain when most of the news is bad. Capitalism is a less sexy topic for everyone, including us.”

View the story here.

Is covering capitalism less sexy for you? What do you think about the struggling of Forbes and its competitors? Comment and let use know.

GM retirees get the shorter end of the stick

A flood of stories on General Motors Corp. washed over the unsuspecting public this morning. As of 10:04 am MST, there were 52,479 stories on Google News about G.M. filing for bankruptcy.
While many stories covered the necessary basics of what happened, some went beyond to look at the more detailed picture of the company's financial collapse. Forbes' story "A Sickening Outcome For GM Retirees" is a good example of highlighting the personal and devastating in what could be the faceless falling of a company.
At a time when people are still waiting to see the full fallout of a company's chapter 11, it's important to remember the people at the heart of the company and the story.
View the story here.

Still hope for newspapers

In a recent Forbes.com article, Lauren Rich Fine, director of research at ContentNext Media, urges newspapers employees to expand their boundaries and challenge current media norms with creative alternatives in order to prolong their longevity.
"The world is changing. Newspapers need to change with it," said Fine who also is a practitioner in residence at Ohio’s Kent State University College of Communication & Information.
Fine suggests media companies re-vamp their community relationships by having reporters interact more with residents. Also, newspapers can add value to their content for the communities they serve by embracing new media options for better engagement.

FBN Stock Market Editor: "We're not going to hit bottom until 2011 or 2012"

In an interview with Woman Around Town, Elizabeth MacDonald, stock market editor at the Fox Business Network, shared her views on the economy, the bailouts and a future turnaround for the markets. MacDonald said she is pessimistic, and noted that she does not anticipate a market bottom until 2011 or even 2012. She said the bailouts, which were a product of "hysterical blindness," may not work. "I have lots of concerns including the impact of government's fiscal recklessness (which I should note also occurred under President Bush) and a potential national security issue now that China holds massive amounts of U.S. debt," she added.

MacDonald has the following advice for investors:

Start socking away your money in a decent bond fund with long-term bonds, not short-term debt instruments, which tend to be more volatile, and max out your 401(k). Save, save, save because the U.S. government is deeper into the economy than ever before. And your taxes and costs are going to go up.

MacDonald has received multiple awards for her business coverage, including the Gerald Loeb Award for Distinguished Business Journalism. Prior to joining FBN, she worked for Forbes and The Wall Street Journal.

For more click here.

Forbes to launch business magazine in India

Forbes Media will partner with TV18 to launch a business magazine in India, according to a report from Business Standard.
Steve Forbes, chairman, CEO and editor-in-chief, said TV18 is one of the most respected and fastest-growing media companies in India.
The new magazine adds to Forbes international ventures including Forbes Asia, Forbes China, Forbes Russia and Forbes Arabia.
“Our partnership with Forbes for a business magazine is another compelling testimony to the growing acceptance of the Indian growth story worldwide. Rapid economic expansion, change in consumer mindsets and deepening of the market economy in the country have led to an enabling environment for business brands,” said Raghav Bahl, managing director, Network18.
To read the full report click here.

Bancroft family expresses emotion over sale of Dow Jones

The vote that ended Dow Jones tenure today as an independent company, something it has been for 105 years, was emotional for some Bancroft family members, according to a report in Forbes.
Jane Cox MacElree the oldest surviving member of the Bancroft clan, teared up when asked about the sale.
"It's a very sad day," MacElree said. "Something that's been in your family for many generations--to see it end is very sad."
Other family members openly expressed their opinion about selling their company to Rupert Murdoch's News Corp.
"I'm sad about this. This is a moment that I did not wish for,'' Dow Jones director Christopher Bancroft said, before the meeting.
To read the full story from Forbes click here.