We reported earlier that the NY Times is finding success with its paywall model for generating revenues and increasing profits. On the other side of the fence is News Corp, which has walked along similar paths over the past couple of years but can’t seem to find the right mix and is now showing a loss of $2.1 billion in its recent SEC filing.
According to Techcrunch:
The non-cash loss is attributed to the closing of the News of the World as well as “a write-down of New News Corporation’s goodwill of approximately $1.3 billion and a write-down of the indefinite-lived intangible assets (primarily newspaper mastheads and distribution networks).” The company also closed the Daily this month.
Media is changing too quickly for many of the older companies. Unfortunately, “older” means anyone who has been in the business for longer than a decade and who is unwilling to keep up with the changes.