According to 60 Minutes correspondent Scott Pelley, Wilmington, Ohio is "a little bit like Katrina without the physical damage, ground zero for unemployment." Last night, 60 Minutes featured a segment profiling Wilmington as its largest employer prepares to shut down. Pelley's words are a strong statement for a small town that's near and dear to my heart.
Jim Hopkins' Gannett Blog and some local sources are reporting The Enquirer has laid off between 5 to 7 people this week.
Two of the casualties were the person in charge of the incessantly promoted Moms Like MeWeb site and the assistant managing editor of operations, who performed the administrative functions in the newsroom.
A national coalition of community groups, including two Cincinnati organizations, are urging President Obama to push big Wall Street banks into writing down all “underwater mortgages” to market value. The groups said the action would pump up to $1.6 billion into Ohio's economy and create more than 24,000 jobs statewide.
It’s a tumultuous time in Greater Cincinnati’s media scene. In addition to The Enquirer’s ongoing staff shakeups, troubles abound at Clear Channel Communications and at the firm that owns Cincinnati Magazine.
This all occurs just a month after the recent sale of CityBeat to Nashville-based SouthComm, Inc.
Clear Channel, which owns the most radio stations in the local market, laid off several employees last week.
Among the people who were let go were Tony Bender, the program director for WKRC (550 AM) and WCKY (1530 AM); Sherry Rowland, promotions director for WLW (700 AM); Mark Bianchi, digital sales manager; and traffic reporter Brian Pitts. The staffers reportedly were laid off due to budget cuts.
Based in San Antonio, Texas, Clear Channel owns 850 radio stations across the United States, making it the nation’s largest radio station group owner both by stations and revenue. Locally, the media giant owns the previously mentioned WKRC, WCKY and WLW, along with WEBN (102.7 FM), WKFS (107.1 FM) and WSAI (1360 AM).
If you're in the media and need a job, you might want to consider applying to become The Enquirer's new sports editor. The last editor, Barry Forbis, recently quit to work for Fox Sports in Los Angeles. Here are the requirements for the job.
Meanwhile, Emmis Communications Corp. — which owns Cincinnati Magazine — is struggling to keep its stock listed on the NASDAQ exchange while the firm’s owner is being roundly criticized for asking an Indiana court to approve a plan to vote so-called “dead shares” of the company.
Indianapolis-based Emmis is seeking to vote the shares of preferred stock that the company had bought from shareholders at a sizeable discount. Typically, such shares are considered “extinguished” and no longer viable under tax and accounting rules. But Emmis executives said the shares weren’t actually bought, they merely were part of a “total return swap.”
If a judge agrees, Emmis will be able to vote those shares and convert its remaining preferred stock into common stock, so it doesn’t have to ante up the cash for unpaid dividends.
To deal with its financial problems, Emmis has borrowed a total of $31.9 million from controversial businessman Sam Zell, chairman of Equity Group Investments, to help keep the firm afloat.
Besides Cincinnati Magazine, Emmis owns similar publications in Atlanta, Indianapolis, Los Angeles, Austin, Texas and elsewhere. Also, it owns radio stations in New York, Los Angeles, St. Louis and Terre Haute, Ind., as well as in Bulgaria and Slovakia.
As part of CityBeat's continuing election coverage, we’ve once again sent a questionnaire to the non-incumbent Cincinnati City Council candidates to get their reactions on a broad range of issues.
Nine of the 14 non-incumbents chose to answer our questions. Others either didn’t respond or couldn’t meet the deadline.
During the next few weeks, we will print the responses from the non-incumbents to a different topic each time.
Today’s question is, “What is your stance on the property tax rollback? Do you believe the city's property tax rate should be increased to the maximum 6.1 mills allowed under the charter, or remain at a rate to generate $28.9 million each year, or be decreased? Please explain your answer.”
As part of its annual Christmas Day preparations for the needy, the Freestore Foodbank distributed nearly 300,000 pounds of food, its largest amount ever for the holiday.
During the past three days, the emergency food provider distributed 297,050 pounds of food to 6,677 households. That's enough to feed 18,516 people, according to a spokeswoman.
In a turnabout from a campaign pledge, Republican senatorial candidate Rand Paul is getting help raising campaign money by GOP senators who voted for the 2008 Wall Street bailout.
According to an Associated Press report, Paul is holding a fundraiser Thursday night in Washington, D.C. Although Paul earlier had said he wouldn't seek money from any politician who voted for the $700 billion bailout, nine of the 12 senators listed on the event's host committee were bailout supporters.
The U.S. stock exchanges have opened strongly this morning, following gains in Asia and Europe earlier today. The Bush Administration's ever-evolving bail-out plans are, as they say in the bidness world, fluid.
Barack Obama has opened a 10-point national lead on John McCain, according to The Washington Post. Some pundits think the race is even more lopsided in Obama's favor but that the mainstream media — either to gin up excitement over a "close" race or to not look like they're "liberal" and "in the tank" for Obama — are portraying the race as closer than it really is. We all know Obama is going to win, which will make these final few weeks of a long, negative campaign almost unbearable.
Speaking of unbearable, how about those Bengals?
I've been getting good feedback (as always) to our annual publication of the Project Censored report on stories the mainstream media missed in the past year. It's a good reminder that Americans aren't as informed as we should be, particularly on international issues, and another reason to be concerned as the the nation's major newspapers continue to struggle with economic pressure.
Enjoy your Monday and the beautiful fall weather.