The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Tina Brown to Newsweek Staff: ‘Don’t Worry, We Can Lose Millions Forever’

Posted on | July 26, 2012 | 13 Comments

Or words to that effect. Tuesday we got the not-surprising news that the merger of Newsweek with Tina Brown’s Daily Beast has failed to stem the multimillion-dollar losses at both operations. Tina Brown has never done anything else but lose vast sums of money — a journalistic career written in red ink, as it were — and I had predicted exactly this result when the “Newsbeast” merger was announced in 2010.

After Tuesday’s announcement that the Harman family was pulling back from its “investment” (Sidney Harman bought Newsweek for $1 in 2010), this required some explanation from Barry Diller, whose IAC conglomerate holds the controlling interest in Tina Brown’s red ink empire. And in a Wednesday conference call, Diller seemed to signal that Newsweek would cease print publication later this year:

Newsweek will eventually transition to an online publication, owner IAC/InterActiveCorp (IACI) said today, marking the beginning of the end for the money-losing magazine’s 79-year run as a print weekly.
IAC Chairman Barry Diller made the announcement during a quarterly conference call, saying the New York-based company aims to curb investments in the business. Newsweek is projected to lose as much as $22 million this year, according to a person with direct knowledge of the matter. Still, Diller stopped short of saying the magazine would undergo a “total” shift online.
“The transition to online from hard print will take place,” Diller said. “We’re examining all of our options.”
A plan for Newsweek will be announced as early as September, Diller said. Newsweek became part of his media holdings in 2011 when it merged with IAC’s Daily Beast Co., an Internet news startup that Diller founded with former Vanity Fair editor Tina Brown. The merger was part of an agreement with the late Sidney Harman, who acquired Newsweek from Washington Post Co. (WPO) for $1 and the assumption of liabilities.

It has been estimated that the Daily Beast was already losing $10 million a year before the merger with Newsweek, a magazine that was carrying $50 million in debt when Harman bought it for a token $1. Jeff Bercovici at Forbes reports:

IAC doesn’t break out the Newsweek/Beast’s fiances, but published reports have consistently pegged its losses at around $30 million last year. . . . While Diller said in December that the losses were moderating, a source with detailed knowledge of the business estimates it is now on course to lose as much as $35 million this year, with Newsweek accounting for more than $20 million of that.

That’s a lot of money to lose on a Web site and a magazine. Nevertheless, when Diller expressed the obvious fact that these staggering losses cannot continue infinitely, it evidently set off a panic among Newsweek staffers, requiring Tina Brown to issue this note to her staff:

Barry Diller would like to make it clear that he did not say on the earnings call as reported that Newsweek is going digital in September.
He made the uncontroversial, industry-wide observation that print is moving in the direction of digital.
Below, in summary, are the points he actually made on the IAC earnings call when he was reporting the tremendous results of the company this quarter.
1. The Newsweek brand is strong, and far stronger than it has been in years.
2. We wouldn’t finance The Daily Beast at anywhere near the level of ‘12.
3. That eventually, over time, digital would replace much of print (hardly a controversial revelation).
4. In September we would be evolving our plan for the year ’13, with many options to choose from.
Best,
Tina

Lots to chew on in that brief note, e.g.: How is a brand “strong,” in a business sense, when it is synonymous with catastrophic financial losses? More important, however, is the revelation that Diller won’t continue funding Tina’s operation “at anywhere near” its current levels.

What that will likely mean — if you read between the lines — is a hiring freeze, at the very minimum, and the possibility of significant layoffs.

In other words, the gravy-train years at the Daily Beast are coming to an end, Diller’s stockholders can’t continue forever footing the bill for these extravagant expenses, and Tina’s employees will be expected to endure some belt-tightening measures in coming months.

Tina Brown herself, however, will continue to be the privileged publishing diva she has always been, with an amazing knack for convincing people to let her throw away their money.

Category: Newsweek

A Series Of Substantive Presidential Debates #YouDidntBuildThat

Posted on | July 26, 2012 | 10 Comments

by Smitty

Three debates? That’s it? And only one for the Veep? The WSJ, formatting and emphasis from me:

  • The first, which will focus on domestic policy, is set for Oct. 3 at the University of Denver in Denver, Colo., the city that hosted the 2008 Democratic convention.
  • A second meeting in a town-hall format will take place Oct. 16 at Hofstra University in Hempstead, N.Y., and
  • the final meeting, focusing on foreign policy, will be held Oct. 22 at Lynn University in Boca Raton, Fla.

Mallor on moderators: “we’ll probably end up with Wolf Blitzer, Diane Sawyer, Gwen Ifill, and Bob Schieffer.”

Not Chris Matthews, Christiane Amanpour, George Stephanopoulos, and Rachel Maddow?

Let’s face it: these debates are going to be so lame, rigged and devoid of life as to pass for an SNL cold open. Thanks in advance, Commission on Presidential Debates, for giving us prompt, sufficient, and informative debates that will enliven the national discourse and leave the electorate enriched. You guys are swell.

Vaguely related: timeline of #YouDidntBuildThat

Update: linked by Hogewash.

Category: Barack Obama, Election 2012, Mitt Romney

LIVE AT FIVE (CENTRAL TIME EDITION): 07.26.12

Posted on | July 26, 2012 | 8 Comments

— compiled by Wombat-socho

TOP NEWS
Norks Reveal Kin Jong Eun Marriage In Shift From Father’s Secrecy

Kim Jong Un and his bride Ri Sol Ju

Another in a series of moves designed to evoke the image of his grandfather?

Obama Calls For Gun Control Deal In Wake Of Colorado Shootings
Okay, who had one week in the pool?

Senate Passes Obama’s Tax Hike 51-48
Lieberman, Webb vote against; bill likely DOA in House

POLITICS
Poll: Romney Preferred To Manage Economy 2-1 Over Obama

Mitt Romney. He does stuff.

Democrat attacks having zero traction: is the MittStar fully operational?

Mother Of Man Shot By Anaheim Police Begs For End To Violent Protests

Occupod Pleads Guilty In Bridge-Bombing Plot

Another Politician Flexes Political Muscle To Block Chick-Fil-A, This Time In Chicago

Presidential Debates Set

Palin, DeMint Among Tea Party Cavalry Riding To Reinforce Ted Cruz

U.S. Chamber Of Commerce Endorses George Allen

THE ECONOMY, STUPID
Crude Falls On High US Stockpiles, Strong Dollar: NYMEX $88.67, Brent $104.11
Ex-Citibank CEO Sandy Weill: Break Up The Big Banks
Zynga Reports $22.8 Million Loss In Second Quarter
ROK Economic Growth Slows
Drought To Force Food Prices Higher: 3-4% Increase Expected
Geithner Under Fire On Capitol Hill Again, This Time Over LIBOR Scandal
Hyundai Motor Logs Record Profit On Overseas Sales
YouTube Creator Space London Offers Pro Kit For DIY Content
Microsoft Overhauls Printing: An End To Plug & Pray?
How VMWare Embraced Its Open Source Nemesis
Former FBI Agent Warns Of Cyber-Threats, Asks Hackers For Help At Black Hat Conference
Fourth Expansion For World Of Warcraft Coming September 25
Apple/Amazon War Heats Up

SPORTS
U.S. Women Rally To Beat France 4-2 In Soccer

Megan Rapinoe and Alex Morgan celebrate after Morgan's second goal

Ladies fight back from 2-0 deficit for victory

Furcal & Cardinals Spoil Ramirez’ Dodger Debut, Win 3-2 In 12

Suns Move Lopez, Warrick To Hornets In 3-Team Trade

SecState Clinton Asks IOC for Moment Of Silence In Remembrance Of Israeli Olympians Killed At Munich

Hamels, Phillies Agree To Six-Year/$144 Million Extension

A’s Crush Blue Jays In Brutal, Record-Settting 16-0 Shutout Beatdown

Strasburg K’s 11 As Nationals Sweep Mets With 5-2 Win

FAMOUS FOR BEING FAMOUS
“Game Of Thrones” Star Lena Headey Files For Divorce

Lena Headey

Plays Queen Cersei Lannister on the smash HBO series

Kristen Stewart Apologizes To Robert Pattinson For Cheating

Katherine Jackson “Devastated” She Lost Custody Of Son Michael’s Kids
Tito Jackson’s son TJ, 32, will be their temporary guardian

Lindsay Lohan – Another Day, Another Fender Bender

Demi Moore’s New Boy Toy Revealed

Holly Madison: I’m Adopting!

Carly Rae Jepson Nude Photo Scandal

Jon Stewart, Stephen Colbert Extend Contracts With Comedy Central

Sharon Osbourne Leaving “America’s Got Talent”

Jenna Jameson Pleads Not Guilty In DUI Case

FOREIGNERS
Syrian Rebels, Loyalists Mass Troops In Aleppo For Decisive Battle
Turkey Seals Syrian Border To All But Refugees
Will Ghana’s Success Survive President Mills’ Death?
Boy, 11, Boards Plane To Italy In Manchester Without Passport
Rumors Swirl Over Beijing Flood Death Toll
Nork Womens’ Footy Squad Flips Over Accidental Use Of ROK Flag
Assam Violence Continues; PM Singh To Visit July 28
Philippine Judge Orders Release Of Ex-President Arroyo
More Syrian Diplomats Defect

BLOGS & STUFF
Lonely Conservative: Dems Leery Of “Audit The Fed” Bill
Power Line: The Battle For Ballot Integrity In Pennsylvania
Protein Wisdom: Alderman To Chick-Fil-A – No Deal
Volokh Conspiracy: No Building Permits For Opponents Of Same-Sex Marriage?
Rush Limbaugh: Gallup Poll Shows Democrat Enthusiasm Down Sharply
Moe Lane: American Crossroads Releases “Two For Flinching” Ad
Legal Insurrection: Bring On The “You Didn’t Build That” Counterattack
Forbes: Tina Brown Tells Newsweek Staff To Calm Down, They’re Not Closing
Ed Morrissey: CIA Asks, “Did You Mean These Documents?”
Weekly Standard Blog: Blind Quote Used To Inject Race Into Presidential Election
NRO Corner: On Romney, Obama, And Anglo-Saxons
Zilla Of The Resistance: Bloggers Beware – An Important Reminder

Category: Live at Five

It’s Homophobolicious!

Posted on | July 25, 2012 | 19 Comments

Today my 13-year-old son Jefferson coined that word while we were driving to Chick-fil-A, a dinnertime decision I made after reading how intolerant bozos are trying to ban Chick-fil-A in Boston and Chicago. After seeing the headlines at Memeornadum, I did a quick Google search and learned that the nearest Chick-fil-A is 15 miles away — a relatively short distance to drive for freedom.

When we got there, the line for the drive-through was backed up — at 8 o’clock on a Wednesday night. We ordered five Chick-fil-A sandwiches, two large orders of waffle fries and two large sweet iced teas. When we got to the window, we paid $21.95. because freedom isn’t free.

Given the surging popularity of Chick-fil-A — and also, the penis-and-vagina combo — I think heterosexuality and freedom have a fighting chance.

Category: Gays

‘Gentleman’ Jim Moran Has The Right Of It: Audit the Fed Passes House, 327-98

Posted on | July 25, 2012 | 13 Comments

by Smitty

Good news via Freedom Works: the Audit the Fed bill passed. And now it goes to the Senate, where Dingius Maximus (Harry Reid), remains mostly paralyzed by a head-shaped object in an unlikely location (emphasis mine):

“Ron Paul’s ‘Audit The Fed’ bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve,” Romney posted on Twitter.
The bill, of course, is not without critics. Democrats say the Act could “politicize” the Federal Reserve’s decisions–what Federal Reserve Chairman Ben Bernanke has called a “nightmare scenario.”
“This bill would … jeopardize the Fed’s independence by subjecting its decisions on interest rates and monetary policy to GAO audit,” said House Minority Whip Steny Hoyer, a Democrat from Maryland. “I agree with Chairman Bernanke that congressional review of the Fed’s monetary policy decisions would be a ‘nightmare scenario,’ especially judging by the track record of this Congress when it comes to governing effectively.”
While Wednesday’s passage in the lower chamber is a victory for Paul and his supporters, the bill is considered dead on arrival in the Senate. Harry Reid, the Senate Majority Leader and Nevada Democrat, has vowed not to put it to a vote.

Now, why would you put it to a vote, Harry? That would be like doing your job, or engaging in reasonable stewardship while in office. Which would be totally out of character for you, sad clown.

Props to Jim Moran, my Congressman, for getting it right.

Category: End The Fed

Bucket List: @JonahNRO Retweet For “You didn’t do that”

Posted on | July 25, 2012 | 10 Comments

by Smitty

Because it seems to piss #OccupyResoluteDesk off so much, let’s encourage every blogger to devote a post a day to some variation one Barack’s collectivist “You didn’t do that” them.

Possibilities are only bounded by the fact that you didn’t do that, but could include:

  • Mocking the Obamateurism of the Day
  • Lampooning Obama’s risible record in office
  • Pointing out the things that Obama himself didn’t do, e.g. release any academic records

This blog has suggested to VodkaPundit that such posts could make a good Week In Blogs feature:


So, keep it zany, but, unlike Lefty work, fact-based. Nothing makes a liar feel self-righteous like an error of fact. Though I did hear that Obama’s last budget sucked so bad, it received a negative number of votes. Maybe delivering a comic book to Congress in lieu of a budget wasn’t a swift idea. But hey, when Pee Wee Herman is your Chief-of-staff. . .

Category: Barack Obama

Making ‘Anglo-Saxon’ Scandalous

Posted on | July 25, 2012 | 76 Comments

The English-speaking world shares a culture as well as a language, and the term “Anglo-Saxon” has long been employed as a shorthand designation of this culture, for good or ill. But use of the term becomes a shocking scandal when it is employed by Republicans:

As the Republican presidential challenger accused Barack Obama of appeasing America’s enemies in his first foreign policy speech of the US general election campaign, advisers told The Daily Telegraph that he would abandon Mr Obama’s “Left-wing” coolness towards London.
In remarks that may prompt accusations of racial insensitivity, one suggested that Mr Romney was better placed to understand the depth of ties between the two countries than Mr Obama, whose father was from Africa.
“We are part of an Anglo-Saxon heritage, and he feels that the special relationship is special,” the adviser said of Mr Romney, adding: “The White House didn’t fully appreciate the shared history we have”.

Oh, how terrible: Acknowledging that our history and common culture creates a “special relationship” between the United States and Great Britain, our ally in both world wars of the 20th century. How awful that anyone would risk “accusations of racial insensitivity” by expressing pride in “an Anglo-Saxon heritage” that includes William Shakespeare, Winston Churchill and Margaret Thatcher.

This is a dreadful scandal, you see, in the same way that practically everything any Republican does is interpreted as scandalous.

Ann Romney owns a horse? Scandalous!

Mitt Romney’s business made profits? Scandalous!

Democrats can engage in routine corruption, enact ruinous policies and leave campaign aides to die in submerged Oldsmobiles and nobody in the media ever blinks an eye, but anything done by any Republican is automatically a controversial scandal.

Category: Election 2012, Great Britain, Mitt Romney, Scandal

Like a Jeff Foxworthy Joke

Posted on | July 25, 2012 | 30 Comments

“You might be a redneck if …”

Richmond Co. Sheriff’s Office investigators say 36 year old William Bonner of Thomson was highly intoxicated late Friday night, and had a friend pour a shot of high-proof alcohol, Bacardi 151, over his head, then another friend set him ablaze. . . .
“He actually bet the people he was with that he could do this,” says RCSO Investigator Lt. Blaise Dresser.
It happened near the bar’s darts area, and witnesses say when they realized what was actually going on, the ordeal was over.
“Pretty much confusion,” says Adam Harden as he describes the scene. “I mean, not knowing what’s going on, what’s going to happen, what are we going to do. Then somebody drenched him out.”
Bonner was on fire for 10 full seconds before the flames were extinguished.
“It was the longest ten seconds you could think of,” says Harden, who stood just feet away when the flames erupted.
As Bonner burned, everyone in the crowded bar watched in stunned silence.
“All of us just stopped,” says Harden. . . .
Bonner ran around, trying to pat out the flames. After the fire was out, he walked out of the bar.
“His face was red, real glistening almost,” says Birmingham. “It had the consistency of melted plastic. It didn’t look good at all.”

Allahpundit headlined this, “Dude,” as if it were amazing, but I actually know guys like that down home. This incident is a manifestation of Southern honor culture — the double-dog-dare-ya impulse, the wild appetite for risk, the sense that one’s manhood is at stake in any challenge. Southerners are a people whose idea of a sport is driving bumper-to-bumper 190 mph into the third turn at Daytona.

And if you hit the wall, so what?

Dale Earnhardt is an immortal legend down home, for basically the same reason a guy lights his head on fire to win a bar bet.

William Bonner won the bet and walked out of the bar. The burns are probably superficial and he’ll be telling that story the rest of his life.

Thank God for rednecks. They make America a great country.

Category: Culture
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