WHAT'S NEXT: INNOVATIONS IN NEWSPAPERS

Canwest, a Canadian media company that wanted to play as a great newspaper publishers, has failed miserably.

Losing circulation.

Losing advertising.

Losing a lot of money.

Firing a lot of… decent journalists.

And I suspect, keeping a lot of bad managers.

A few years ago I had the opportunity to listen a presentation of its CEO at the Canadian Newspaper Association annual meeting in Winnipeg.

As soon as he ended my only reaction was:

Too much talk about business plans, money, strategic plans, money, money, money… and almost no references to journalism!

Always the same sad story.

Well, now the survivors ad the saviours have found the secret.

They are changing the name of the company: from Canwest to Postmedia Network.

Great trick!

Canwest is being sold for C$1.1 billion, including C$950 million in cash which will fully pay off Canwest’s bank lenders, who are owed C$925 million.

Good luck!

Prima Donna and photographer Annie Leibovitz is in a great financial crisis.

New York magazine tells the story at its best.

Conde Nast “contract for life” with Vanity Fair and a $250,000 day rate are not enough for a fancy photographer and that lived above her means for quite some time.

War photographers don’t have first class seats, champagne, cocaine and the best suites available.

Or butlers, nanies and Frech cooks.

So, her debts now total a staggering $24 million.

From the start, as NY magazine says, Leibovitz paid little or no attention to budget restrictions, and she spent money recklessly, losing cameras, accruing parking tickets, and even abandoning rental cars.

Yes, she is a unique photographer but her ambition and greed destroyed her artistic talent.

Covering celebrities, super rich and mega stars made here a poor journalist.

And a terrible boss.

The New York cover story must be read by any journalist.

When so many colleagues have no jobs or they are paid not well, this kind of excess explains why some magazines are in big trouble.

Shame to them!

In the NY magazine’s comments to this story, one reader makes a perfect summary of this tragedy:

It’s very clear that Ms. Leibovitz spends wildly out of her means because she is emotionally unfulfilled. It’s the classic story of buying things to compensate for lack of love. She’s been trying to fill that void for years with homes, outrageous, grandiose generosity, chefs, gardeners, and any other whim she feels can make up for her lack of emotional stability. She’s not hungry for stuff, she’s hungry for love. This really is the East Coast version of Michael Jackson, as one commenter stated earlier. A very unhappy, extremely talented individual who thinks that buying the best baubles will provide them with the true happiness they crave. I wish her all the best and instead of putting her energy into investigating the best things money can buy, she should re-direct her efforts into finding the best therapy money can buy. For her, that would be priceless.