The Week Unpeeled
Social and the unsocial media dominated headlines last week, with President Obama staging his first Tweet-up as Twitter sought new rounds of fundraising that could value the Internet messaging service as high as $7 billion, while News Corp was forced to shut down the 168-year-old British tabloid News of the World amid incredibly devastating and numerous allegations, including that the newspaper hacked the mobile phone of a murder victim (and hosts of others) and bribed policemen.
- Allen & Co. staged its mogulpalouza in Sun Valley last week, with few news bits aside from commentary that social media took this year’s spotlight;
- The US employment picture dimmed further with the private sector adding just 18,000 jobs in June and the unemployment rate increasing to 9.2 percent for the month from 9.1 percent in May;
- The space shuttle Atlantis launched into space for the 135th and final mission;
- CNN canceled Eliot Spitzer’s show “In the Arena,” moving Anderson Cooper’s 10 pm show into the earlier time slot;
- South Sudan became earth’s new nation on Saturday;
- Derek Jeter became the first Yankee to clock 3,000 hits (and on a homer!);
- The Duke and Duchess of Cambridge entertained Hollywood while Posh and Becks delivered a baby girl; and
- The Dow ended the week with a slight 0.6 percent advance to ended at 12,657.
#NOTW: MIA on WSJ Front Page
One of the biggest news stories about news in recent memory—the shutdown of News of the World on Sunday and associated arrests for phone hacking—prompted Rupert Murdoch, the patriarch of News Corp, to fly back to London from the Allen & Co. fest to tend to the crisis but did not prompt his flagship US publication, The Wall Street Journal, to cover the story on its front page Saturday or even include the news in its “What’s News” index, while The Financial Times carried it below the fold on the front page of its Weekend edition.
Indeed, this is big news and could impact the business deal for News Corp to acquire the balance of BSkyB, big stories for business journalism. No one wants to air dirty laundry on one’s front page but news judgment should not waver, especially on stories about news judgment.