The Reports of Its Death Are Greatly Anticipated
As many of our well-read and savvy readers already know, Journal Register Company (JRC) is the owner of The Pottstown Fishwrap, the poorest of poor excuses of what is known as “dinosaur media” (outdated media that is soon to be extinct). Of the eight Philadelphia-area publications owned by JRC, The Fishwrap ranks 4th in circulation – right smack in the middle. Yes…it’s hard to imagine that there are folks who actually pay to read that trash. As it’s been said in the past…there’s a sucker born every minute.
So…now that JRC has been acquired by Alden Global Capital…what will happen next?
It’s worth noting here that in addition to its ownership of JRC, New York-based Alden has stakes in several other newspaper publishers, including Freedom Communications Inc., MediaNews Group and Philadelphia Media Network (The Philadelphia Inquirer and Philadelphia Daily News).
While vanilla press releases never contain any relevant information, the fact is that when a hedge fund firm purchases a newspaper company they are only interested in one thing…earning a strong return on its investment….and they don’t give a hoot about the future of journalism.
So while John Paton, the CEO of JRC, likes to spew his kittens and rainbow doublespeak about how everything is going to be just fine…that should be a warning sign to every obsolete Fishwrap employee that layoffs and consolidations are on the immediate horizon.
Which is a good thing…because with the consolidation and closure of The Fishwrap, it will mean the elimination of its print edition….which will result in the final nail in the coffin of antiquated political hacks like Pottstown School Board member Thomas Hylton and his personal tax-bloated paid advertising screeds masquerading as legitimate news commentary.
So…we look forward to and embrace the upcoming changes. Randall Smith, Alden’s CEO, is a much shrewder and more sophisticated financial engineer than John Paton…and he doesn’t care at all about being digitally first…he only cares about making a profit for his investors.
Pottstown just may be liberated from the stranglehold of the ethically-challenged Fishwrap sooner than we think.