Lost Sight of the Mission

Just read a great column by Peggy Noonan. http://online.wsj.com/article/declarations.html She nails it. The point, many of the nation's great institutions have lost sight of their core mission over the last decade.

Broadcasting is one of those who lost sight -- not so much the folks working in broadcast but more so those that own broadcast properties. Here's what happened. Investment bankers, private equity brokers and those who "manufacture" money saw large profit margins that exist in the broadcast industry. They said to themselves, "hey, we can buy this station(s), cut some costs and drive the margin higher." In short, stations became investment vehicles.

Once TV stations focused more on profit than on providing for the community they serve, the operating efficiencies came at a cost to the viewer; to the community and to the people who chose broadcasting as a profession. The numerous bankruptcies are a direct result of losing sight of the mission.

I consider myself an optimist. I'm convinced that many of the the financial types have had enough and will look to unload their properties once the economy and multiples improve. It is my contention a wave of owners who are broadcasters first; who are in the community; who will not slash costs to hit a profit number but accept the double digit profit margin that the industry is known for; these new owners will understand the mission.

This will take time. It will happen because I believe the best thing about the Great Recession is the lessons we've learned and we will take them forward for our betterment.