MEDIA STOCKS PLUNGE ON JACKSON VERDICT

Japanese news crew sadly leave Jackson trial

Los Angeles, WPI - Share prices of the major media companies plunged yesterday on the shocking decision in the Michael Jackson child molestation case. Jackson was found innocent on all ten counts in the indictment.

Several companies immediately reacted announcing massive layoffs. Meso Hornae, spokeswoman for Time-Warner Inc., owner of CNN, said that the company handed out pink slips to nearly 2000 employees. “It is an unfortunate situation. Most of those laid off today are part-time, consultants and support personnel. Our core corporate employees remain intact.”

Fox News announced lay-offs of 600. Disney/ABC cut 450 jobs.

Beyonce Resonne’, speaking for ABC said, “This unfortunate verdict has left a large segment of our News Features Group project-less. Expert legal forecasts had predicted a guilty verdict which would have triggered months of additional Jackson programing. Projects as diverse as prison food, haircuts and entertainment, based on the success of the Martha Stewart model, had been planned. This unhappy verdict has sunk that strategy.”

Especially hard hit are the expert attorneys contracted to cover the story. Robert Shapiro, of OJ Simpson fame, sounded a despondent note, “I actually sold my practice to do network consulting full-time, it was very lucrative. I guess I’ll have to go out and find some clients.”

Adding to the distress is the fact that nearly every consultant and pundit predicted the wrong outcome to the case. A WPI survey showed that 98% of TV news experts employed to give their, ”professional opinion” had forecast a guilty verdict. Only Geraldo Rivera of Fox had predicted an innocent verdict.

“We will take a hard look at the caliber and cost of these ‘experts’ in the future,” said Fox News Director Nobel Veridis in a statement. “When so much money has been spent to educate and entertain our audience, and predictions and promises turn out entirely wrong, it’s time for a full review.”

In addition to on-air experts, the cuts will mostly impact support staff . Cameramen, stylists, caterers, drivers, tent suppliers, producers and production assistants will all be affected.

“We had some great stuff lined up about prison rape,” complained one producer who wished to remain anonymous. “We could have milked that cow for another year. Oh well, some other celebrity will do something and I'll be working again soon!” he added as he departed CBS’s Rockefeller Center building.

For losses and current share prices go to: www.WPI.medianews/stockticker.com/