Thursday, July 23, 2009

Times slams capitalism, proves journalistic independence

The Los Angeles Times recently ran this post during the period when quarterly results are announced:

Midway Games has cut 46% of its 520 employees in the last few days, including about 100 developers in its San Diego office who have been working on a wrestling game under a license with TNA.

Some of the layoffs were detailed in a document filed yesterday with the Securities and Exchange Commission. In addition to the San Diego crew, the layoffs include 60 executive and administrative staff members in the company's Chicago headquarters and 75 developers in a U.K. studio.

It then goes on to say:

In addition, the filing shows that Mark E. Thomas, the mysterious Massachusetts investor who in November paid former majority owner Sumner Redstone a mere $100,000 for an 87% stake in Midway, received $5 million for his trouble [when Warner bought Midway]. That's a 4900% return, minus a few percentage points for legal and administrative fees. That's a tidy score in any economic climate.

If nothing else, this episode shows journalistic independence, since if the Times writers were toeing the corporate line, they'd be begging for someone to offer a huge amount to Tribune Companies to buy the paper.
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