Has
the media lost its bark, not to mention its bite? Most often, it’s a
case of simple incompetence mixed with a dose of NIH (not invented
here), but occasionally it can appear more conspiratorial.

A
case in point is the non-reporting of Mike Mangan’s brave piece on how
he lost his job as a top-rating media analyst after putting a “sell”
signal on News Corp. EurekaReport.com.au is not the most
widely-circulated publication (at least, not yet), but Crikey’s
coverage of it on Friday meant just about every newsroom in the country
should have been aware of it.

It was an important story, cutting
to the heart of the ASX and ASIC’s tendency to turn a blind eye to the
rorting of investment banks’ research. Yet, as far as my own reading,
listening and Googling have been able to establish, it has been
followed up only by modest stories in the business sections of The Age and Sydney Morning Herald and a brief item in The Guardian.

Of
course, the 68% of Australian newspapers controlled by the subject of
the story are most unlikely to run anything critical of their dubious
corporate culture and muscle-flexing. But what is the Financial Review‘s excuse for non-reporting?

The Fin,
with its circulation problems, could always do with a good story and
this is one was central to its core market. But maybe it doesn’t want
to offend. And perhaps being critical of News Corp is something no
editor takes lightly as it is not a positive for employment prospects.

I am forever mindful of the warning of an old family friend: we’re more
likely to be damned for our sins of omission than commission.

Peter Fray

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Peter Fray
Editor-in-chief of Crikey

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