New England Malayalee Association’s blog

January 13, 2009

New foreign news website – GlobalPost.com and realignment in newspaper world

Filed under: Events,News — nemausa @ 3:13 pm
Tags: , ,

With news paper industry in dire straits the breed of foreign journalists are dwindling. News paper publishers are cutting down on spending and foreign reporting. Many newspapers are folding their print editions and many are deep in red and ready to be sold. Many newspapers are cutting costs and trying innovative methods to increase revenue. Recently Christian Science monitor was offering overseas news to other newspapers. CNN is going offer a new wire service to papers and political news website Politico is catering to newspaper customers.

One exciting development is the new World news website – GlobalPost.com, which was unveiled yesterday. This high quality news site initially will have 65 correspondents in 46 countries.Many of them are veterans of major news organizations such as CNN, The Washington Post, Time magazine and The Associated Press. Journalists will generally be paid $1,000 a month as part-time freelancers, meaning they’ll likely continue working for other outlets as well.The correspondents get a stake in the company as well. GlobalPost will have its own free site as well as sell in-depth, analytical news stories to other news papers.Charles Sennott, a veteran Boston Globe foreign correspondent is one of the key persons behind GlobalPost.

The investors have put up $8.2 million to start this venture. The major investors include include former Boston Globe Publisher Benjamin Taylor and Paul Sagan, chief executive of Akamai Technologies Inc. in Cambridge, Mass.

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