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We wanted to weigh-in for some time on the pressure Wall Street and other investors have been placing on publicly traded newspaper companies. They have done a great deal of damage to the vitality of the U.S. news media, including forcing the sale of Knight Ridder. Now, Morgan Stanley and others are pressing the Times Co. to change its shareholder voting policy [which helps the family maintain control] and to also make other moves designed to maximize revenues. Today’s Wall Street Journal has a good story on a recent meeting Morgan Stanley’s Hassan Elmasry had with the Times’ board [sub. may be required]. The Journal story said that Morgan Stanley may withhold their votes for the election of Times Co. directors as a statement of displeasure. T. Rowe Price is also one of the investment companies unhappy with the Times. But the key point is that Morgan Stanley is pressing the Times Co. to maximize revenues and shareholder return. According to the Journal: “Mr. Elmasry’s presentation to the board repeated many of the concerns he has already raised with the company’s management. According to a person who saw his presentation, he showed a number of slides comparing the shareholder return of the Times company to other media concerns, such as Dow Jones & Co., the publisher of this newspaper, Washington Post Co., Gannett Co. and Tribune Co., and showed that the Times’s returns were the worst of the group.” If Morgan Stanley’s leaders can’t see why the Times is such a valuable public interest benefit, that says a great deal about who they are. No one is saying there shouldn’t be criticism if people believe there are legitimate problems with finances, such as fraud and abuse. But newspapers are critically important to our nation’s culture. We have so few decent ones left. Morgan Stanley and other investors should not be trying to undermine a valuable news operation. “Greed” isn’t good, Morgan Stanley. It can wreck our democracy. Responsible investors should take note. Placing at risk a key U.S. news institution does not show sound judgement.

PS: As I recount in my book, Morgan Stanley was one of the Wall Street firms praising the merger between AOL and Time Warner. Morgan Stanley’s assessment about the merger’s financial benefits to investors was used to help get the FCC to approve the deal. Morgan Stanley made money from the merger by earning a substantial transaction-related fee. But most investors suffered.

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Rupert Murdoch’s MySpace could soon be offering its users news, including likely reports on entertainment and “gossip.” Part of the goal is to get MySpace users to add, rate, and tag more content–all so the site can be a better targeting ground for interactive advertisers. But we wonder what the role will be of Fox News in the mix? Given the relationship which Fox’s TV properties have played on MySpace, will we see a right-wing skewing news slant on the leading social “adver-network?” Will Fox’s fantasy version of the news [there’s a liberal plot to make the U.S. a more humane place to live!] subtly be given preeminence?

People tracking News Corp/Fox should focus on what’s going on with MySpace. Mr. Murdoch has seen the future: Fox News on the digital database building beat.

Former Democratic FCC chairs William Kennard and Reed Hundt are holding a $2,300 a plate fundraiser for Senator Barack Obama, reports both the WSJ and NYT [reg. or sub. may be required]. Both Kennard and Hundt have deep relationships with corporate media interests that would unlikely support the kind of public interest agenda for the U.S. digital era that is required [Senator Clinton recently was given a Los Angeles fundraiser by Haim Saban, of “Mighty Morphin Power Rangers” infamy]. The role which big, special interest media and telecom money plays in shaping what will ultimately become the communications policy agenda for the next presidential administration must be addressed–and neutralized–now. Regardless of whether the next president is a Republican or Democrat, media connected money in the campaign will provide people and their ideas not only “access,” but a defining role. With so much at stake, it’s now time to press the candidates to support an all-encompassing public interest digital agenda. Think of local Web 2.0 services extending the power of community media; digital programming operations diversely owned, including by low income groups, women, people of color; a series of independent, well-resourced and competing news organizations; readily addressing the digital divide; assuring funding and distribution for a cornucopia of educational, children’s, cultural and non-commercial content; election reforms requiring “free time” for all digital platforms; and meaningful privacy protections and safeguards related to interactive advertising. Of course, they must agree they will support–and sign–a bill requiring non-discrimination, or neutrality, for U.S. broadband. Media advocates should not wait before they press candidates to reveal their agenda–or lack of–for the U.S. telecom future. Otherwise, as in the past, special interest media, technology, and telecom money will make sure nothing truly meaningful comes to pass.

New personalized marketing technologies combined with a drive to occupy all communications channels to promote brands, is making advertising a more powerful force in our collective lives. From mobile to broadband branded video to interactive television, the global–and tightly consolidating–advertising industry is pushing for greater consumption of products. As technologies of persuasion are further mingled with pervasive interactive communications, one of the most powerful constant messages fixed to our identities will be to buy, buy, buy.

On April 14, 2007, there will be a “National Day of Climate Action,” also called “Step It Up 2007.” The goal is for an outpouring of public support in the U.S. telling Congress to “Step it up. Cut carbon 80 percent by 2050.” It’s time for leaders of the advertising industry to play a positive and proactive role to address the disastrous consequences of global warming. They must call upon their clients to change course. What’s needed now are messages promoting a world in ecological balance (at the very least). Ad executives should renounce efforts underway designed to create a marketing system featuring “immersive” environments, the constant data collection and tracking of our behaviors, and the exploitation of brain neuropsychology.

We will be returning to this topic frequently, as we shed light on the ad industry’s global schemes to create a “brandwashing” culture–regardless of the costs to society.

Google CEO Eric Schmidt told a conference March 5 thatGoogle and the rest of the industry are just at the beginning of our ability to target ads. There are many new technologies coming.” According to the Internetnews.com story, Schmidtpredicts an explosion of innovation related to targeted advertising over the next several years. “There are so many new places for targeted advertising…” One of those places is mobile phones and devices. Schmidt, who is on the board of Apple, spoke highly of the forthcoming iPhone and mobile phones in general as “the first highly targetable devices. The iPhone is an incredible product. It’s the first full-featured phone that’s a music player, Internet browser and computer,” said Schmidt. “I’m sure there will be many more of [these kind of devices] coming.” He said Google is exploring ways to better target TV advertising and leverage the fact that an increasing number of consumers have IP addressable set top boxes.

Former Attorney-General John Ashcroft has been hired by the National Association of Broadcasters to help it fight the satellite radio merger. Here’s someone responsible for helping undermine civil liberties and the First Amendment embraced by all those democracy loving radio and television broadcasters and networks (pardon the sarcasm). Broadcasing & Cable reports that “NAB retained former Attorney General Ashcroft to review and assess the proposed XM/Sirius merger,” said NAB spokesman Dennis Wharton. “His review was sent to all members of the House and Senate Judiciary and Commerce Committees.” Now head of the Ashcroft Group, B& C noted that “Ashcroft’s argument is the same argument the National Association of Broadcasters, including NAB President David Rehr, made on Capitol Hill in a House hearing this week.”

Source: “Ashcroft Says that XM/Sirius Deal Would Decrease Competition.” John Eggerton. Broadcasting and Cable. 3/2/07 [sub. may be required]

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Former Clinton-era FCC chair Reed Hundt and former G.H.W. Bush and G.W. Bush communications policy official Janice Obuchowski have joined forces to have the FCC grant their company–Frontline Wireless–a significant swath of spectrum. They have submitted a proposal to the FCC which urges a “market-based approach” for the development of a broadband public safety network. Without commenting on its merits, it will be important to place a spotlight on the lobbying done involving these two well-connected former officials.

We have long been concerned about the revolving door between the FCC and the media/telecom industry. With high-ranking Democratic and Republican former officials helping push this proposal, it is likely to receive some form of preferential treatment. Precisely because a former FCC commissioner is involved, Frontline’s proposal deserves closer scrutiny.

Today’s scoop by Stephen Labaton in the New York Times that the FCC will impose a fine on Univision for its failure to adhere to the Children’s Television Act rules has another important dimension. Last year, Univision–the leading Spanish language broadcaster–was sold off to the highest bidder. Hispanics/Latinos are seen not as citizens/community members–but as an incredibly lucrative brand-buying market. Instead of regulators ensuring that these channels and the network would serve the larger public interest–including more diverse and independent programming–a sale was blessed to a group of deep-pocketed investors. A combination of well-connected companies paid $13.7 billion for Univision. Among the buyers included former FCC Chairman Michael K. Powell’s Providence Equity Partners and Hillary Clinton donor Haim Saban (that’s the same Saban who made all his moolah selling his violent “Mighty Morphine Power Rangers” and “Teenage Mutant Ninja Turtles” (in deals with Rupert Murdoch and Disney). On Thursday, Mr. Saban held a fund-raiser for Sen. Hillary Clinton. As we’ve noted before, Michael Powell is a senior advisor to Providence Equity Partners.

A press report notes that Univision’s settlement on the kidvid complaint is “part of a settlement that will allow the company to proceed with a buyout deal…” In other words, paying out $24 million is chickenfeed for allowing a big deal to go through. But this episode illustrates how big media companies don’t really care about the public interest; that the revolving door between the FCC and private industry contributes to a “let’s make a deal, anything can go” media industry culture; and that the well-connected treat media outlets as just cash cows. It’s time for a serious challenge to the FCC and media industry policy status quo. It’s also time for advocates to press Congress to investigate the role of private equity in media mergers and buy-outs. Such an investigation is timely, as Michael K. Powell’s firm has just announced it has amassed the largest private media fund ever–$12 billion.

Source: “Record Fine Expected for Univision.” Stephen Labaton. New York Times. Feb. 24, 2007.

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