Along with steel, autos and airlines, daily newspapers would seem to be yet another mature U.S. industry that is prime for consolidation, the Wall Street Journal says in an article today by Joseph T. Hallinan and Joe Hagan. Analysts are increasingly pessimistic about the prospects for growth as advertising revenue continues to move online. Stocks of many newspaper companies now trade near multiyear lows. In a letter to the KR’s board, PCM chief executive Bruce Sherman said that Knight Ridder has determined that its breakup value far exceeds its stock price, and that directors should “aggressively pursue the competitive sale of the company.”

SF Press Club News

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>