10.19.2004
WHY I'M GLAD I DON'T PLAY THE STOCK MARKET
For those of you who have any sort of interest in Mass Media, you have no doubt, been aware of the Sinclair Broadcasting Group, and their plan to air an Anti-Kerry documentary - COMMERCIAL FREE - on their stations. They claim that it is newsworthy, but anyone with a bit more sense than a bowl of butterscotch pudding can see through that one.
Now this is where I usually go off on a rant about media consolidation, and curse Bill Clinton under my breath for signing the Communications Deregulation Act of 1996. All of those points I bring up about the airwaves being those of the people of the US, and how consolidation ultimately hurts the local markets where it occurs, still hold true.
But this is where the story seems to take a new twist.
Bloggers, who have been lauded and laughed at by the mainstream media entirely too much in recent months have actually sort of accomplished something. They have helped mobilize people in many of the local markets where Sinclair owns stations, and begun pressuring Advertisers to do bussiness elsewhere. It appears to be working in at least some of those markets.
It gets better. As a result of this boycott, and the attention it has garnered in the last 5 days or so, Sinclair stock has been in freefall. This is unfortunately where we have arrived as a society, the only way to have real influence with people and corporations seems to be via economic gamesmanship.
But wait ther's more - At 1pm Eastern today, a conference call was held concerning possible insider trading done my the very same execs that ordered the Anti-Kerry film aired. Sareholders are demanding that profits those execs recieved be returned to shareholders.
Sinclair has lost over $100,000,000 of market capitalization. All because of a documentary, and some favors to the current administration. Many have wondered what could have been offered to the SInclair execs to make them take such a gamble. Personally I think that the staus quo would have probably been enough to get them onboard. As CEO's continue to make magnitudes of order more money than the rest of us, their disconnect with reality seems to increase. I bet those fucks at Sinclair are wishing for the days when the worst press they got was because of indiscretions with hookers.
Rare that these types ever get what they deserve, I'm happy to see at least a little discomfort thrown their way for a change.
go and tell me all about it
Now this is where I usually go off on a rant about media consolidation, and curse Bill Clinton under my breath for signing the Communications Deregulation Act of 1996. All of those points I bring up about the airwaves being those of the people of the US, and how consolidation ultimately hurts the local markets where it occurs, still hold true.
But this is where the story seems to take a new twist.
Bloggers, who have been lauded and laughed at by the mainstream media entirely too much in recent months have actually sort of accomplished something. They have helped mobilize people in many of the local markets where Sinclair owns stations, and begun pressuring Advertisers to do bussiness elsewhere. It appears to be working in at least some of those markets.
It gets better. As a result of this boycott, and the attention it has garnered in the last 5 days or so, Sinclair stock has been in freefall. This is unfortunately where we have arrived as a society, the only way to have real influence with people and corporations seems to be via economic gamesmanship.
But wait ther's more - At 1pm Eastern today, a conference call was held concerning possible insider trading done my the very same execs that ordered the Anti-Kerry film aired. Sareholders are demanding that profits those execs recieved be returned to shareholders.
Sinclair has lost over $100,000,000 of market capitalization. All because of a documentary, and some favors to the current administration. Many have wondered what could have been offered to the SInclair execs to make them take such a gamble. Personally I think that the staus quo would have probably been enough to get them onboard. As CEO's continue to make magnitudes of order more money than the rest of us, their disconnect with reality seems to increase. I bet those fucks at Sinclair are wishing for the days when the worst press they got was because of indiscretions with hookers.
Rare that these types ever get what they deserve, I'm happy to see at least a little discomfort thrown their way for a change.
go and tell me all about it
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