The Tango of Business, Politics and Journalism

It came to no surprise among media pundits that Time Magazine’s Managing Editor Richard Stengel will be taking a job as a spokesperson for the U.S. State Department.  His new title, under secretary of state for public diplomacy and public affairs, will have Stengel leading communications outreach for the department across many issues, ranging from cultural programs to terrorism.

Time Magazine is no stranger to the Obama Administration.  Former Washington, D.C. Bureau Chief Jay Carney joined the president’s staff as White House press secretary in January 2011 after serving as Vice President Joe Biden’s communications director.

English: Jay Carney giving a press briefing.

English: Jay Carney giving a press briefing. (Photo credit: Wikipedia)

Journalists historically have transitioned from hack to flack, probably more so in recent times as traditional news outlets struggle to survive in today’s Internet-based media landscape. It’s happening in the corporate world as well, and has for decades, with financial reporters taking jobs at public relations firms, including ours, as well as within internal corporate communications departments to focus on media and investor relations.
On one hand, it’s hard to deny these moves don’t affect the credibility of journalism or at least each reporter’s former news outlet.  Reporters accepting positions at organizations they once covered can create an allure of collusion within an industry that prides itself as being vigorously independent, unbiased and objective.

The pendulum swings both ways, however.  Scores of business executives and political officials   have transitioned to various media gigs, including talk show hosts and media contributors.

Business, politics and journalism always have had incestuous relationships. Some good, others not so good.  With New York City’s primary elections over, and Anthony Weiner and Eliot Spitzer losing their bids for mayor and comptroller, respectively, all eyes will be on which politician may be the next media pundit.  Perhaps both.

– George Medici, gmedici@pondel.com

Enhanced by Zemanta

Q&A with L.A. Business Journal Reporter

Business reporters play an important role in helping investors identify opportunities. PondelWilkinson caught up with James Rufus Koren, staff reporter of the Los Angeles Business Journal, to shed light on factors that influence his coverage of the banking and finance world.

 

James Rufus Koren, reporter with L.A. Business Journal

James Rufus Koren, reporter with L.A. Business Journal

1. How are social media influencing your coverage of companies?

 

I don’t know that it has changed the game that terribly much because of the type of niche business publication we are. We don’t do a lot of breaking news. We are looking for the analysis story; the exclusive deep read on what’s going on.  I also don’t find social media the best way to get information about banks. The three sentences at the bottom of a 10K are usually much more insightful. That said, if we are looking for a lead, I will search through Twitter to see if anyone is tweeting about a company or I’ll read blogs to see if anyone is talking about a company.

 

2. What characteristics make for a compelling story in the Los Angeles Business Journal?

 

Growth, change and new strategies that speak to the local economy are interesting to me. Big names are also interesting. For example, if Charlie Munger is doing something, we will probably be more interested than if Evan Pondel is doing something (laughter). But often times, what interests me may not interest another reporter. I like to explore parts of the banking and finance world that are not well understood. I look for things that I don’t understand and then try to take a crack at it.

 

3. How would you define an ideal source?

 

An ideal source is someone who is deeply in the know not just about their company or their particular corner of the world but also has a broader knowledge base and a big Rolodex. It’s very helpful when someone can say, ‘hey there is something interesting going on here that you should look at,’ such as a particular sector of the economy. An ideal source is someone who will give you information without the expectation that it will result in something immediate, or something positive for them.

 

4. How do you like to be approached about prospective stories?

 

In general, email is the easiest, but the ideal approach is developing a relationship with me. If you have been helpful in arranging interviews, I am more likely to follow up on story ideas. Sending gifts does not ensure a good story. A number of interesting things come into this office. Thankfully, no one has sent me a fish wrapped in a newspaper.

 

5. Where do you foresee the future of business journalism going?

 

I actually see business journalism continuing to connect with people in more real ways than other kinds of journalism. Many people have a hard time seeing the direct impact of stories about state and local politics, but people who read business stories want information so they can make wise decisions about their money.

 

6. How do you react when a call is not returned?

 

It depends on the information I left in a message. In general, I interpret it as the person has nothing to say for themselves, or that I have things pegged well enough in a story and the person cannot benefit from getting in touch with me. Also, as a business journalist, I understand the limitations of public companies and that certain things cannot be disclosed.

 

– Evan Pondel, epondel@pondel.com