The Deal from Hell: How Moguls and Wall Street Plundered Great American Newspapers
The Deal From Hell is a riveting narrative that chronicles how news industry executives and editors--convinced they were acting in the best interests of their publications--made a series of flawed decisions that endangered journalistic credibility and drove the newspapers, already confronting a perfect storm of political, technological, economic, and social turmoil, to the brink of extinction.
page two of the New York Times, the Chicago Tribune, and the Los Angeles Times, and I expected to see them there. I couldn’t—and still don’t—remember who advertises on page one of the Wall Street Journal. I pick up page one to get the news, not to see where I can get a good deal on a car. What will happen, I asked, if an advertiser buys an ad on page one of the Los Angeles Times and fails to get a good response because of readers like me? As I saw it, advertisers would be scratching their heads
scandal surrounding Bert Lance, President Jimmy Carter’s budget director, and carved out a new beat scrutinizing the impact of federal regulatory agencies on companies and citizens in Iowa. On the bus going home every night in Washington, I watched hundreds of chanting Iranian students in Lafayette Park across from the White House stage protests that eventually helped topple the Shah of Iran from power and led to the seizure of American hostages in Tehran. A severe recession loomed as President
characterizations of the Colonel’s political and cultural views and his linguistic preferences. 40 Every Saturday evening at 9 p.m. The Press, by A. J. Liebling (New York: Ballentine Books, 1964). The Colonel provided great material for Liebling’s tongue-in-cheek humor. Chapter 3: Otis Chandler’s Legacy 43 Bleakwood Avenue runs through, Author’s interview with Leo Wolinsky, Los Angeles, CA, fall 2010; and by telephone, 2008–2010. The author interviewed Wolinsky several times over the
air force pilot whom Erburu had brought to Los Angeles from Denver, replaced him. The health of Times Mirror fared no better on Wall Street. The company posted results that were so bad it faced the prospect of a dividend cut. Erburu, who was scheduled to retire after fifteen years at the helm of Times Mirror, rode to the rescue. To feed the beast, he and his management team suggested Times Mirror swap its sizable cable television division, which generated 36 percent of its operating income, for
urged me to turn down the opportunity. The odds that I would fail were high, particularly given the mistrust and resentment in Los Angeles of anyone from Chicago. The Chandler family had lost faith in Tribune Company and created a poisoned atmosphere in the city and in the boardroom. A new editor would be greeted by attacks from readers angry about cuts in staff and space that the city fathers blamed on Chicago. A number of friends at the Chicago Tribune couldn’t understand why I would go to