We have previously noted, in our 18th Century Technology category, the financial travails of newspapers these days. But it’s not just newspapers, and even companies owned and run by liberals are not immune from market forces:
Today’s news of a coming bloodbath at CNN and HLN is a reminder that while CNN has been able to use the unrest in Ferguson to race-bait its way to better ratings, everyone knows that’s temporary. Without something that allows the left-wing network to appeal to the lowest common denominator, CNN is almost certain to fall back into the ratings basement until something else comes along for the network to cynically exploit. So here come the layoffs and buyouts.
In the headline, The Wrap describes these layoffs as “imminent‘:
Some 550 buyouts are to be offered at Time Warner’s Turner network this week, including a large number of those at CNN and HLN, which will lead to layoffs if they are not taken voluntarily, according to an individual with knowledge of the network’s plans.
The buyouts will come across the Turner division, with a couple of hundred expected at CNN and HLN, the individual said.
A CNN spokeswoman had no immediate comment. …
HLN has been struggling in the ratings, regularly finishing fourth in total viewers and in primetime across the key cable news demo, viewers 25-54. It did edge out MSNBC in the demo across a total day measurement in 2014’s second quarter.
CNN’s ratings have been doing well during times of big, national breaking news — but the cable news net regularly ranks far behind Fox News and battles with MSNBC probably more than it would prefer.
More at the link.
In a way, it’s karmic justice once again making itself felt: it doesn’t matter how liberal or noble or whatever the good people at CNN are, the laws of economics and business realities still apply, and economics and business are inherently conservative in orientation. And, along those lines, it seems that voting socialists into power doesn’t always mean that they can stay socialists. From Donald Douglas:
At Telegraph UK:
The French president is forced to order a reshuffle after two dissident cabinet ministers launch an open rebellion against his economic policy.
François Hollande was forced to order his second reshuffle in less than five months today after a revolt within the cabinet threatened to cripple his presidency.
The Left wing of France’s ruling Socialist Party is furious over Mr Hollande’s shift to more centrist economic policies with the introduction of tax and spending cuts aimed at reducing the country’s huge budget deficit.
The outgoing government, headed by the reformist prime minister, Manuel Valls, was appointed in March with the aim of bringing an end to infighting and the cabinet’s apparent lack of direction.
However, it was plunged into crisis over the weekend by Left-wingers led by Arnaud Montebourg, the flamboyant economy minister.
He defied Mr Hollande’s authority by publicly urging him to discard austerity and break with what he described as deficit-cutting measures imposed on the eurozone by “the most extreme orthodoxy of the German Right”.
Reality bites, doesn’t it? Monsieur Hollande has introduced economic measures he finds personally distasteful, because he has no real choice: his socialist experiment has led to huge budget deficits, and all of Europe is, to paraphrase Margaret Thatcher, running out of other people’s money.