Wells Opens Stores in the Carolinas, Buys off Local Press

In a new low for newspapering, Wells Fargo bought the front page of newspapers throughout the southeastern United States on Sunday. In North Carolina, both the Charlotte Observer and the Greensboro News and Record sold their dignity and their front page. The Richmond Times-Dispatch did the same.  Fifteen years ago, media critics groaned when USA Today began to sell strip ads across the bottom of its front page. Well, today we can begin to pine for the glory days of USA Today. Two of North Carolina’s largest newspapers agreed to sell everything but the space below their masthead to Wells Fargo. John Robinson, editor of The News and Record, chose to acknowledge his newspaper’s fall with a short letter to readers on his blog:

“A few readers have called to express concern about today’s front page….It is a first for us…Unlike Charlotte, we tried to tell readers at the top of the page that the News & Record they are used to is right inside…that the message from Wells Fargo is an ad. I’m tempted to say that it’s not any different than the ads on the plastic bags that occasionally wrap the paper.I know, though, that it is.”

On October 15th, Wells took down the Wachovia signs and transitioned all of its former Wachovia branches in to Wells Fargo stores.

The real shame of the event was that readers did not seem to mind. To the editors that might have groused and gruffled when word came down from the business side about the ads (as was surely the case), the lack of reaction sends a clear message that most readers think the newspapers gave up on their integrity a long time ago. At the Times-Dispatch, the news editor reported that he only received no emails and no phone calls about the ads, although he did hear about two complaints. On most weekends, more people write in to complain about the choice of photos for Friday night high school football.

Wells seems to have been a real leader in buying the integrity of the local press. Last spring, Wells convinced the San Diego Union-Tribune to change its name for one day. Wells had a similar front-page ad, but in this case their choice of media content was a reprint of the 1852 “Tribune” published on the day of Wells’ founding.

But Wells really should not be faulted for this ad. Businesses have probably been hoping to get this kind of thing over on the local newspapers for a long time. The fact that the newspapers are willing participant is the real shocker. I have to ask “why now, and why for Wells?” Did Bank of America try to emblazon the Charlotte Observer with a “We’re One” when they bought Countrywide? I cannot blame Wells for trying to make its case before the people in its new service area. What I cannot understand is why the newspapers would think this is an exceptional event. I have to wonder when it will happen next. The slope is now slippery.

One blessing was that there was not a major news event over the weekend. Can you imagine what would have happened if there had been a plane crash in Charlotte or a hostage situation downtown? What if there was some big and not so favorable news about Wells Fargo? Loretta Lynn was hospitalized, but what if Jeff Gordon had an accident? What if Billy Graham passed away? These kinds of decisions are made by executives that work Monday to Friday. Some front page editions “go to bed” after midnight on Saturday evening. Most papers try to hold a spot on the front page for a “refer” to late sports. Even Wells would have been upset if their ad ran in front of the death of Rev. Graham.

Maybe readers in the Carolinas will open the Charlotte “The Way Forward is a Wells Fargo 2-28 Adjustable-Rate Mortgage Loan” Observer next week.