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Archive for June 2nd, 2014

Patrick Cannon expected to plead guilty tomorrow

So reports the UPoR. The feds also released a few crumbs more of information about the investigation on Monday:

While it raises the amount of bribes Cannon is accused of taking to as much as $70,000, the so-called Bill of Information released Monday does not include charges against any new targets. But those are still possible.

“This investigation did not end with Patrick Cannon’s arrest,” U.S. Attorney Anne Tompkins told the Observer on Monday.

According to the new document, Cannon is accused of soliciting and accepting a series of bribes from a Charlotte businessman, identified as “Businessman #1,” whose adult entertainment club was in the path of the Blue Line Extension through north Charlotte.

In January 2013, prosecutors say Cannon pocketed $2,000 from the club’s owner to influence zoning, planning and transportation department to make it easier for the night spot to stay in business.

Twin Peeks, owned by Charlotte strip club mogul David “Slim” Baucom, fits the description of the property. Baucom’s club, adjoining the Blue Line Extension, was demolished in June 2013 but could be rebuilt on the remainder of the lot, according to Charlotte Area Transit System documents.

The question now is whether this is all there is or whether additional arrests are coming in the future. And we still don’t really know what got the FBI interested in Cannon in the first place or what their other investigation, which was referenced when Cannon was arrested back in March, is all about.

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Newspaper revenue continues to fall

This chart by economist Mark J. Perry says it all:


And some quotes from his accompanying article for the American Enterprise Institute’ Carpe Diem blog:

It took a half century for annual newspaper print ad revenue to gradually increase from $20 billion in 1950 (adjusted for inflation in 2013 dollars) to $65.8 billion in 2000, and then it took only 12 years to go from $65.8 billion in ad revenues back to less than $20 billion in 2012, before falling further to $17.3 billion last year.

And digital and other niche and non-traditional revenue sources aren’t going to save the industry either:

…digital advertising increased only 1.5% last year, the niche/non-daily category fell by almost 6% and direct marketing increased only 2.4%. Print advertising fell last year by 8.6%, and overall total advertising revenue fell by 6.5%. Those new revenues sources are certainly helping to stop the revenue decline from being even steeper, but won’t likely ever be high enough to reverse the precipitous overall decline in ad revenues in the coming years.

H/t: RH

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