RI Biz Winners and Flops

RI Biz Winners and Flops

This week we see an amazing number of changes in media that point to a very different future. This “right before our eyes” transformation of traditional media is  remarkable and transformative to how we live our lives and gain local information. The announced death of Newsweek Magazine coupled with the recent switch by the lead newspapers in New Orleans and Syracuse to print just three days a week changes the way some get there information.

For those under 45 years of age - the impact may not be relevant.  

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Winners:

Providence-based LIN Media, owners of WPRI and Fox 64, promoted their General Manager Jay Howell to Vice President. LIN gave Howell the opportunity to invest in content and innovate. Something that few media companies are willing to do. The result, improved local news ratings that allow the once dormant Channel 12 to compete with Channel 10 for market leadership and innovation in pseudo-commercial shows like the Rhode Show.

Channel 12 will not be leader less. Pat Wholey steps up from sales to take over as General Manager and he is known as an emerging media management star.

Providence Equity Group – the Providence-based mega-media investment bank invested $100 million in 2007 in HULU and played referee between the range of media interests for the past five years. They have cashed out and sold their 10% stake for $200 million. A good pay off for five years of work.

Taco Industries – while many manufacturers are declining and exporting their jobs, John Hazen White continues to invest in Rhode Island. He finished an expansion to his Cranston facility a few months ago and this week he announced the acquisition of of Hydroflo Pumps of Fairview, Tennessee. Good news when the RI company is the buyer rather than the seller.

Betaspring together with Brown University, the Providence Chamber, and the University of Rhode Island have combined resources to launch the Founders League. The effort is designed to create an ecosystem of support for emerging companies.

“Over the next 12-weeks, the team will convene groups of entrepreneurs, mentors and community partners to solicit input on how the platform can be deployed to support the sustained growth of a strong entrepreneurial ecosystem in Rhode Island."

Flops:

The plethora of conferences, roundtables, and panels on how to fix RI’s economy has reached a crescendo. The Publick Occurrences conferences hosted in part by the Providence Journal might have more credibility if the same company was not forcing buyouts and layoffs on upward of 25 reporters and editors. 

This week it was announced that the State’s unemployment rate had dropped to 10.5%. Charlie Fogarty, Director of the Department of Labor and Training went to the media with a message of “right direction.” Lost is that unemployment is still hideously high and still second worst in the United States.

The expansion of Twin River will be a boon to RI’s economy and employment, but the fact that it is virtually the only plan being discussed during this election cycle is quite sad. With millions being spent on political advertising more focus on tangible programs would be welcomed.

If you have a company who should get recognition as a winner or a flop, email us at [email protected]