Monday, January 12, 2004

Looks like the word is finally out: Prague Business Journal is finally folding. It's been a long, long, long time coming.

Having worked there for a several years, and being close to most of the major players, I guess I should have plenty to say on the topic. But I don't. Though Erik Best of Fleet Sheet (see link) made all the correct and polite sounds about the editorial quality, the allegations of "tunneling" are not true, to the best of my knowledge. I don't think the shareholders ever got a cent out of PBJ. Not that I feel bad for them; PBJ's demise was a belated byproduct of 1990s irrational exhuberence and overexpansion (which I, among others, benefited from), and you won't hear any violins playing here either for the shareholders or top management. The real problem with New World Publishing, Inc., PBJ's parent company, was that they sought too many investors too early, and in the end, there were so many owners that nobody cared enough about the company to keep it afloat. The losers are the employees and the readers.


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