As NPR and the New Republic debate whether newspapers are in fact worth saving at all, News Corp.’s stock is revealed to be trading 75 percent off its peak. Plus, the Hallmark Company’s growing magazine and website get shut down.
• News Corp.’s stock is now trading for under $7 a share, nearly 75 percent off its peak. [LAT]
• Hallmark magazine folds, with its website, so that the company can focus efforts and resources on other, more steadily profitable interests. [FishbowlNY/Mediabistro]
• To reduce staffing costs, the Financial Times is reportedly offering employees a shortened week throughout the summer and extending their annual leave. [Reuters]
• “Why is the newspaper deemed too important to die?” asks NPR. “I don’t think there’s any magic about the bundle that does crossword puzzles and foreign correspondents simultaneously. I don’t think that that’s essential to preserve,” says journalist Steve Coll. [On the Media]
• The New Republic’s Paul Starr, on the other hand, says: “If we take seriously the notion of newspapers as a fourth estate or a fourth branch of government, the end of the age of newspapers implies a change in our political system itself. Our new technologies do not retire our old responsibilities.” [New Republic]