Shannon Ryker | Jan. 30, 2009
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| Photo by Shanna Rottinger |
| BusinessWeek editor David Rocks talked about the magazine’s coverage of the financial crisis Thursday night in the Ernie Pyle Auditorium. |
But that doesn’t mean his publication isn’t facing challenges as its reporters cover the stock market, the credit collapse, unemployment and bankruptcies. As with other news organizations, even a business magazine covering one of the biggest financial stories since the Great Depression isn’t safe from rising costs, downsizing and staff cuts.
“We have a lot of interesting material and more to write, with less space to put it in,” said Rocks, whose visit was sponsored by the School of Journalism in collaboration with the Kelley School of Business.
Rocks, who oversees BusinessWeek’s correspondents and bureaus around the world, emphasized many times during his informal question and answer session in the Ernie Pyle Auditorium how much the current economic situation is affecting journalism.
“This is a very tough time for our industry. It will probably get somewhat worse before it gets better,” he said.
While many publications such as the Chicago Tribune or Los Angeles Times have resorted to layoffs, BusinessWeek has yet to join.
“We are not firing people, but we probably won’t replace someone who quits,” Rocks said. Even so, the magazine has downsized over the last five or 10 years.
Despite having fewer people doing more work, Rocks believes that the quality of the material has gotten better.
“Journalists have more training or a better ability to handle more work,” he said.
Rocks oversees global news staffs and, prior to his current post, was BusinessWeek’s Asia editor for four years. Before joining the magazine, he was a correspondent in Prague, reporting for the Wall Street Journal, the Chicago Tribune and the San Francisco Chronicle.
He shared his world view of the state of the print journalism industry with his audience.
“Newspapers are booming in India because Internet access is not as widespread and they are early in their news development,” he said, adding that BusinessWeek has a good following in that country.
“They are very interested in our business school coverage,” he said. “Indians are desperate to get into American business schools and it makes them know our brand.”
The healthy state of the media in China and India, combined with their economies, means new media’s prospects are good in those countries, Rocks said.
“Americans and America will have to adjust our expectations of what our share of the pie will be,” he predicted.
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| Photo by Shanna Rottinger |
| BusinessWeek’s David Rocks told journalism students that job-hunting will be challenging. |
“You need to be creative in getting and finding a job in journalism,” he said.
For example, new grads may want to think about going global. Rocks said young people are appealing to employers hiring foreign correspondents because they are willing to jump from hot spot to hot spot to look for an interesting story.
“If you are good at telling stories and finding stories, and you’re willing to devote your life to it, there will be jobs out there,” he said.
Rocks also spoke at IUPUI Thursday morning and will talk with MBA students at 10:30 a.m. Friday, Jan. 30, at the Kelley School, Graduate and Executive Education Center Room 0034/0036.
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