Miami Herald Ombudsman roars: woaaa! stop the presses! by gimleteye

I can't resist an ill-informed comment on the Sunday editorial page of The Miami Herald. "When a partner goes too far, who is responsible" asks the Herald ombudsman, Edward Schumacher-Matos, of the Herald program that is feeling its way to online alliances with non-traditional suppliers of news, "as an innovative way to aggregate community information across South Florida into one site for readers and advertisers." So far, so good.

But now comes the rub; "Herald editors are finding themselves entangled with the owners of (some) whose ethics are challenged by readers." Hmmm. I'd never thought of that possibility: except as it might be applied to the ethics of Miami Herald editors and executives.

The Herald's example: Community Newspapers, a free advertiser supported give-away in twelve breath-taking editions owned by Michael Miller. Apparently readers have complained to the Herald, of the Herald's deigning to affiliate with such low merchandise. To wit, Michael Miller is a self-aggrandizing businessman whose primary interest is to increase the value of his property in South Miami-- where a density increase would be good for his net worth. A reader writes: "His goal is simply, to change the zoning governing height and density of commercial property that he owns on 62nd Avenue in South Miami." The ethicist Herald concludes, "... at least in his South Miami paper, (Miller) goes too far. The Herald should reign him in, or cut him off." En garde!

Wow. The Miami Herald dares not affiliate the fantastic power of its online readership with lesser organs that sully the good name of newspapers! Dilute the truth that readers expect? Never!

But wait. Wasn't there something about Miami Herald property adjacent to One Herald Square, figuring into the profits of Miami Herald shareholders and executives compensated on ROI and other deliverables that don't come in plastic wrap. Something about a parking lot and the plan by Greenberg Traurig attorney/developer Pedro Martin; was it a bankable promise for $190 million to turn that parking lot into a condo tower. And wasn't there something about the deal collapsing in the muck of the financial crash, skittering away on McClatchy's awful balance sheet. And what about the top guns at Greenberg Traurig playing footsie with Herald executives-- chasing Hodding Carter off to the sunset and installing Alberto Ibarguen at the Knight Foundation-- and what about the Herald's failure to report out the condo boom for what it was: rooted in fraudulent finance and speculation that contributed to keeping the greater Miami public in the dark about all the other excess, including the excess of executive compensation tied to profits based on... well, speculation? Yes the pot gets to call the kettle, black. Or is that politically incorrect to say so, or, does anyone remember anything anymore?

Mr. Ombudsman, I'm not a great fan of Community Newspapers. It is a trifle with the bite of a blind fourteen year old retriever. The scores it settles are not even the scores that count. But honestly, to see the debate on online affiliation carried out on the wings of the Herald's own sins of omission and taking to task a newspaperman for shamelessly shilling his own property value: well, sir, that is too much! Consider yourself served, by Eyeonmiami!


Posted on Mon, Jan. 04, 2010
Miami Herald land deal is extended

Miami Herald Staff Report

McClatchy Co., the parent of The Miami Herald Media Co., said it has extended the deadline of the contract to sell property surrounding The Miami Herald's bayfront property to Jan. 19. The contract to sell 10 acres of parking lots to developer Mark Siffin was set to expire Dec. 31.

In exchange for more time, the contract termination fee has been raised to $7 million from $6 million if the buyer doesn't close the transaction. The buyer also may pay McClatchy an additional nonrefundable deposit of $6 million by Jan. 19 to extend the agreement to Jan. 31, 2011.

The deal was first reached in March 2005 at the peak of South Florida's real estate boom. At the time, Knight Ridder, the Herald's previous owner, agreed to sell the surface parking lots and the Boulevard Shops on Biscayne Boulevard to a group led by Miami developer Pedro Martin for $190 million.

Martin's group later agreed to flip most of the 10 acres to Siffin for at least $230 million, though the price to McClatchy would remain at $190 million. McClatchy acquired Knight Ridder in June 2006.

Siffin has approval from Miami officials to build a big-box shopping center called City Square on the parking lot site and also planned to build a parking garagefor the nearby performing arts center.

McClatchy, which has been hit hard by the bleak advertising environment, planned to use the proceeds of the sale to reduce debt.

In 2008, when the contract was set to expire, McClatchy agreed to give the developer more time to complete the deal rather than to put the real estate up for sale again in a depressed market.


Read more: http://www.miamiherald.com/2010/01/04/v-print/1408640/miami-herald-land-deal-is-extended.html#ixzz0oqErrBci