OLD Media Moves

Financial Times needs to explain its future

January 6, 2013

Posted by Chris Roush

Peter Preston of The Guardian in London writes that The Financial Times needs to make clear whether it’s for sale.

Preston writes, “Uncertainty casts a blight on newspapering. When there’s stability there’s success: good people stay, good people want to join. But when the whole paper’s in play – maybe passing from one owner to another – then the precise opposite operates. Good journalists leave, good replacements go elsewhere.

“Marjorie Scardino gave the Financial Times 15 years of certainty. It was a prime Pearson responsibility and would stay that way while she stayed chief executive. But that pretty golden era ended as the old year turned and Dame Marjorie retired. Enter John Fallon from the education division: enter uncertainty.

“Is that a Bloomberg bid we see just over the horizon? Surely one of the big information operators would be tickled pink to have a prestige daily as part of its package? Fallon doesn’t move to quash the speculation. Indeed, he doesn’t move at all. Sitting there mum, though, doesn’t make sense for a property so fragile and precious. Anxiety hurts. Rumour hurts. If Fallon is wise, he’ll repeat the Scardino pledge – or admit he’s a seller pretty damn quick, and get on with it while there are good things left to sell.”

Read more here.

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