Nothing Good to Print
Originally published In the News 7/18/07
Running a newspaper ain’t what it used to be. The industry’s woes have been well chronicled, and now they have an additional problem to address. Residential real estate advertising has always been a lucrative part of their business, but the ongoing housing slump is adding to their pain.
Gannett Co. reported earnings that are failing to inspire any affection from either the buy or sell side. The stock is flailing around just above its 52-week low, but management is putting on a brave face. After all, its not their fault.
``It’s not our business model people have a problem with,’’ Gannett Newspaper Division President Sue Clark-Johnson said at the NAA conference. ``It’s their own—and it’s the economy.’’ Bloomberg
If that is indicative of their thinking it is hard to see Gannett printing anything....besides new lows. No position
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