The hapless, and now worthless, newspaper chain which is in the process of going belly-up, really ought to serve as a case study some day regarding what went terribly wrong with the American newspaper industry. And how, during the last couple decades, greedy outsiders without the slightest commitment to journalism or communities, were able to drag some worthy newspapers into the abyss.
At the top of that list is the mid-sized Journal Register Co., which, I'm guessing, will soon shutter its 'flagship' daily, the New Haven Register in Connecticut, in part because the Journal Register Co. doesn't have the slightest idea of how to operate a newspaper, let alone turn a profit.
The destruction that the Journal Register has done to the Register, and to Connecticut journalism in general, over the years is almost beyond description. The company took a community-minded newspaper that enjoyed a monopoly and beefy subscribers rates, and gutted the operation through mindless cost cutting, and that was during the economic boom times.
Anyway, here's the latest:
The Connecticut attorney general's office objected Wednesday to a plan by Journal Register Co. to pay its top executives up to $1.7 million in bonuses even as the newspaper publisher seeks Chapter 11 protection from creditors.
What are the bonuses for? For gutting the company's newspapers, of course:
The bonus plan would apply to 31 "key employees" who could receive an average of $15,700 each if 450 positions are cut by March 31, according to the company's motion for "incentive pay" filed with the court. Further bonuses totaling about $1.2 million would be available if the employees met other goals including eliminating publications and reaching certain financial targets.