The business of convergence

The Guardian is in the process of learning the hard way that employing SJWs and marketing to them is a very good way to lose considerable sums of money:

As much as any newspaper in the world, Britain’s Guardian has been single-minded and aggressive in its belief that conversion to digital distribution and a digital identity was its future and, for that matter, the only future for any newspaper.

The costs of that conviction are now clear: The paper lost almost $120 million last year.

The Guardian has been something of an ultimate experiment in the migration from paper to digital publishing. The enterprise is supported by a trust set up in the 1930s by the Guardian’s founders, the Scott family from Manchester, wholly dedicated to the survival of the paper. While the trust envisioned providing the paper freedom from commercial pressure to let it practice unfettered journalism, the transition to digital is, in the estimation of the Guardian’s managers, the only path to journalism’s future — and a necessary cost, whatever it amounts to.  (Disclosure: I’m a former contributor to the Guardian.)

In order to underwrite the costs of this transformation, most of the trust’s income-producing investments have been liquidated in recent years in order to keep cash on hand — more than a billion dollars.

Translation: they should be tapped out and done in about 15 years.