Display 2012: New Valuations, Honored Ideals

By: Neil Greer "We lose ourselves when we compromise the very ideals that fight to defend. And we honor those ideals by upholding them not when it's easy, but when it is hard." Evidence of a new direction is emerging in our industry. Sure we are a smaller group, but look beyond our numbers. Stock prices are starting to hold ground and (gasp!) in some cases increase. Mergers are being announced. Costs are holding steady. Digital operations are getting more and more experienced and profitable.   All signs point to the fact that our media executives have figured out what the future looks like and are moving forward.   Need evidence? Look around. Select investment firms are placing faith in and directing resources toward large media operators.   In order for them to direct resources, the ownership and management teams of media groups had to forge key partnerships with them and convince them the future they see (whether near or long term) is worthy of investment.   Are the new investors in for the long haul or for consolidation profits? Not sure. Do they understand journalistic integrity? Probably not to the extent they should. Could new resources mean great things for a resurgence of quality, locally focused digital journalism? No doubt about it.   As the industry continues to go through change, the one ideal that is holding steady among newspapers is why local journalism matters to society, even if it does not look like such a great business on paper for a while.   When I see hard-nosed investors turning their periscope toward local media, I know it means industry leaders are winning support. It means, for whatever reason, and irrespective of the industry cause, investors see how they stand a chance to return a profit financing the business of local journalism.   Media executives are educating investors on the dual importance of supporting the future of journalism in a Facebook world. They are also duty bound to provide those investors with a return on their capital, which is a reality in a for-profit business. If productivity and resource utilization remain in the “outperform” category, new valuations will open up even more opportunities to protect and practice our honored ideals.   Neil Greer has been in the media industry since 1994. His column, Go Digital, focuses on sharing experiences that aid in solving key strategic and operational issues facing publishers as they invest in the growth of their digital operations.