As Digital First Media Slashes Newsrooms, Profits Are Scrutinized
The Nieman Journalism Lab, a project of Harvard University’s Neiman Foundation, published a lengthy analysis today regarding the financial earnings of Digital First Media (DFM) and its majority owner, a hedge firm called Alden Global Capital. DFM owns and operates the Southern California News Group (SCNG), which includes the Press-Telegram, as well as other print media groups across the nation that produce the likes of The Denver Post and The Mercury News. DFM recently reported a 17% operating margin for its 2017 fiscal year and profits of nearly $160 million. “That’s the fruit of the repeated cutbacks that have left its own shrinking newsrooms in a state of rebellion,” the analysis stated. The regional news group with the smallest profit margin for DFM is SCNG, with an 8% profit margin and $23 million in profit reported for 2017.
Interest Rates To Remain Stable For Now
The Federal Open Market Committee has decided to maintain the federal funds rate, which dictates interest rates, at 1.5% to 1.75%, the Federal Reserve announced today. The committee’s decision is meant to support strong labor market conditions and “a sustained return to 2% inflation,” according to the statement. The committee will consider and assess projected economic conditions related to employment and inflation when deciding future rate increases.
Airbnb Added $42 Million To Long Beach Economy In 2017
Utilizing data from guest surveys and a Los Angeles County visitor survey, the short-term rental service company Airbnb determined that Long Beach’s more than 950 Airbnb hosts helped contribute $42 million into the Long Beach economy last year. According to the report, more than 70,000 guests utilized Airbnb hosts in Long Beach and spent the estimated $42 million at local businesses.
Three New Businesses Opening At LBX
Long Beach Exchange, a new retail center on the southwest corner of Lakewood Boulevard and Carson Street at Douglas Park, is celebrating the grand opening of three tenants: MOD Pizza on Friday, May 4; Ulta Beauty on Friday, May 11; and Nordstrom Rack on Saturday, May 12. These tenants join Whole Foods 365, PetSmart, Dunkin’ Donuts and Orchard Supply Hardware, which have all opened this year.
Federal Agencies Offering Webinars For World Trade Month
Throughout May, federal agencies including the U.S. Small Business Administration, Export-Import Bank and the Department of Commerce are offering free webinars on exporting for businesses in honor of World Trade Month. The following are featured webinars:
Get Started – Wednesday, May 9, 2 p.m. ET
Get Paid – Wednesday, May 16, 2 p.m. ET
Prepare to Ship – Wednesday, May 23, 2 p.m. ET
Manage Challenges – Wednesday, May 30, 2 p.m., ET
New Play Opens Friday At International City Theatre
International City Theatre’s production of “Cardboard Piano” is opening May 4 at 8 p.m. at the Beverly O’Neill Theater, 330 E. Seaside Way. Tickets are also available for a preview performance tomorrow, May 3. The play tells the story of a star-crossed romance between the daughter of an American missionary and a local teenage girl in Uganda at the turn of the millennium. To purchase tickets, click here.