The Nation for sale - July 25, 2008
Sources report that the Nation Group is looking to sell off the English-language Nation and Xpress newspaper operations.
Among the rumored changes:
- deep cuts including firing all foreign staff and rehiring them on one-year contracts
- setting up a new company to hold liabilities (such as staff) to clean up The Nation balance sheet for an eventual sale (probably complicating this is are local rules that limit foreign ownership in media to 49%)
- replacing top editors with those "less strident" about Thaksin and the PPP to regain lost ad revenue
Well, what can I say. There is a certain feeling of satisfaction when your year and half of blogging is vindicated by the marketplace.
I don't feel happy that people will lose their jobs, especially those who are in no power to make editorial decisions. The publishers have had a long time to get their act together. They refused. Now some have to pay the piper.