While everyone knew that it was only a matter of time, it is still remarkable to witness the incredible, rapidly accelerating decimation taking place in the daily newspaper industry. Like watching the demolition of a Las Vegas casino from the 50′s, the countdown on setting off the explosives laced throughout the daily newspaper industry has been going on for years.
Well, we’ve hit zero and the explosions are rocking the country. First there was Chicago with the bankruptcy of the Tribune Company, followed by Minneapolis as the Star Tribune fell last month. And just this past weekend, the Journal Register declared bankruptcy, taking with it its 20 daily newspapers and 159 non-daily newspapers. And Philadelphia Newspapers, a unit of Brian Tierney’s Philadelphia Media Holdings and owner of the Philadelphia Daily News and the Philadelphia Inquirer, is expected to declare bankruptcy today.
We’re just getting started on what will undoubtedly be an incredible year of destruction. And even though we all knew it was coming, the ferocity of the devastation will be riveting throughout.