FEER Is Shutting Down
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http://www.forbes.com/feeds/afx/2009/09/22/afx6913787.html
Forbes.com, 22 Sep 2009
HONGKONG/NEW YORK Sept 22 (Reuters) - The Far Eastern Economic Review, one of Asia's leading print publications, will be shut down by News Corp as it struggles with losses and a dwindling readership migrating to the Internet.
The 63-year-old magazine, which was run by News Corp's Dow Jones and enjoyed a weighty reputation for its fearless and in-depth Asian business and political coverage since World War Two, will close in December, Dow Jones said.
The announcement marks the denouement of what observers and former staffers said had been a gradual decline in the fortunes of one of the great titles in Asian journalism, once considered essential reading for the region's intelligentsia.
'The decision to cease publication of the Review is a difficult one made after a careful study of the magazine's prospects in a challenging business climate,' said Todd Larsen, chief operating officer at Dow Jones Consumer Media Group.
In 2004, Dow Jones fired most of FEER's reporters and transformed it into a monthly publication. Articles were largely commissioned and only a skeleton editorial staff was retained.
David Plott, FEER's editor at the time, described the upheaval in 2004 as a loss of one of the 'greatest concentrations of knowledge and expertise about the region assembled anywhere'.
The magazine's demise comes as publishers gravitate towards electronic media and advertising revenues dwindle. In 2001, Asiaweek, another respected Asian weekly magazine, folded after 26 years.
'It's paradoxical that as the region becomes more and more important, there are fewer and fewer publications producing quality coverage,' said Hugo Restall, FEER's current editor. Restall will remain on the editorial board of the Wall Street Journal, also run by Dow Jones.
A string of notable figures and correspondents have worked for FEER, including John King Fairbank, the Harvard sinologist, and the writer Ian Buruma.
SINGAPORE LAWSUIT
Throughout its history, FEER's investigative and critical journalism has sparked tussles with Asian governments. The magazine is currently embroiled in a legal battle with the Singapore government, with the island state's High Court ruling it defamed elder statesman Lee Kuan Yew and his son, incumbent Prime Minister Lee Hsien Loong.
FEER subsequently appealed the verdict.
'If we lose that then there's a question of whether they want to try to enforce the judgment in Hong Kong. Conceivably it could continue,' said Restall.
Another FEER editor, Philip Bowring, also grappled with a lawsuit by the Singaporean government before he left the Review in 1992.
'It's important that these sort of battles are fought even if you don't win. At least you must put up a good fight,' said Bowring.
'The one thing I do wonder about is the timing of this closure -- whether or not Singapore is going to drop that suit now that (Rupert) Murdoch has said that he's going to close the magazine.'
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There's no money in shutting down FEER.
Is that good for Harry lee and son even if they win the lawsuit?
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Originally posted by googoomuck:
There's no money in shutting down FEER.
Is that good for Harry lee and son even if they win the lawsuit?
it merely reflect the readership has migrate to the net....I am not sure that is good for LKY as they loss the stream of lawsuit income. And they have no idea whose who is talking.... -
Originally posted by googoomuck:
There's no money in shutting down FEER.
Is that good for Harry lee and son even if they win the lawsuit?
It all depends on what "good" means.It is good for Harry and sonny - as there will no longer be any aggressive and fearless "reporters-without-borders" who will dare to make detailed investigative reporting, and bring out embarrassing details that messed up the carefully polished image of LKY, his PAP and their Singapore Inc.
It is bad for Singapore and the ASEAN region, as there will be one publication less that inform the World of the domestic political events that unfold in Singapore and the respective countries that form ASEAN.
Dictatorships will continue to rule with impunity, knowing that the abuses within the sovereign borders will not be known to the larger world.
LKY said it in such stoic and upright manner that he did not appoint LHL, and that it was GCT that decided "by himself" to appoint LHL as GCT's DPM, and GCT had stayed in the PM's seat for 14 years.
Those who are unfamiliar with the long term calculating mind of LKY will accept the statement based on facts.
Those who are familiar with the workings of LKY's mind, will know better then to take his words without any pinch of salt.
FEER's closure will be detrimental for oppressed Citizens in ASEAN.
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I am sad to know it is closing down
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Its ironic that FEER is failing.
Did they fail to plan, or did they plan to fail.
This kind of thing do not happen overnight.
They should have to seen it coming.
They should be able to see it coming. They see for others.
Pity they did not adapt to changes, and prepare for it years ago.
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Nobody here suspect that it could be a tactic to embarrass or frustrate the plaintiffs?
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Originally posted by mancha:
Its ironic that FEER is failing.
Did they fail to plan, or did they plan to fail.
This kind of thing do not happen overnight.
They should have to seen it coming.
They should be able to see it coming. They see for others.
Pity they did not adapt to changes, and prepare for it years ago.
Even Reader's Digest is shutting down.
Go figure.
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Originally posted by charlize:
Even Reader's Digest is shutting down.
Go figure.
Even Reader's Digest is shutting down, does that mean that it must be inevitable for others too.
Encyclopedia Britannica is still survive by adapting to available information technology and keeping abreast of progress.
Therefore did FEER, fail to plan, or planned to fail?
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Still remember I made use of FEER for my economics during my A levels :(
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Will this mean the downfall of the era of the printing media as readers move to electronic media ?
PS : I still hold some SPH shares, should I sell them ? SPH's share price falls to $2.3+ and it now rises back to $3.7+. Will the SPH's high dividend continue as readers move from printing media to electronic media ?
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It is not surprising!
for many years, FEER was considered the voice on the FE from the western point of view.
Since 1997, HK has returned to China, China has developed beyong recognition, Korean's culture flooded the whole region, Japan's influence drop significantly....but it appears that FEER hasn't changed.
The local readers now find other magazines such as yazhou zhoukan more relevant, its reports more reflective of what is happening , its analysis has greater depth, and this magazine is selling even in the US and Canada. It is not the case of electronic vs printed materials.
in summary, if this region is still considerd the East that is very Far away, the magazine should pack up and go home.
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Nobody reads it...nobody wants it...nobody buys it. It is no longer relevant and should go....just like some losers:)
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I am sad FEER is closing down. FEER always give alternative views of Sg that is lacking with our main media. I think Sg's leaders maybe celebrating that FEER is closing down as they have one lest media to deal with.
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Originally posted by oxford mushroom:
It is no longer relevant and should go....just like some losers:)
Very true.
You can't stay around FOREVER you know.
Everything dies. There's no point ranting about so called past glories.
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Originally posted by BJK:
I am sad FEER is closing down. FEER always give alternative views of Sg that is lacking with our main media. I think Sg’s leaders maybe celebrating that FEER is closing down as they have one lest media to deal with.
Singapore bashing is only good in Malaysian politics. World wide there is a very small audience, not enough to sustain the publication. So OM got a point there.