Kelly writes, “While Smith was able to cut losses at Businessweek by two-thirds — by some estimates the red ink is down to $20 million a year — the magic has not been replicated across all the consumer-facing media operations.
“Those operations, particularly TV, still lose tens of millions of dollars a year. Many of the initiatives that were favored as ‘investments’ in the past regime have been seen as money pits in the current regime.
“Thomas Secunda, Bloomberg vice chairman and the No. 2 largest individual shareholder in the privately held company, just behind Mayor Mike, is a strong advocate for concentrating on the core terminal business that the company built its fortune upon.
“Rumors as to where Smith might be headed if he resigns range from a return to Atlantic Media, to CNN or to another cable TV outlet.”
Read more here.
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