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Copley Press sold the Union-Tribune last spring for the sharply-discounted value of its real estate. At the time, everything looked gloomy for the newspaper industry. In the last three months, newspaper stocks have rebounded strongly. However, they are still far, far below their earlier highs, and the volatile stock market is often disconnected from economic reality. Today (Oct. 12), stock of Lee Enterprises, owner of the North County Times, soared 18.8%, closing at $3.79. It has been as low as 24 cents within the last year. However, in 2004 Lee stock hit $49.83. Stock of Gannett, the largest paper chain, has been as low as $1.85 this year; yesterday it closed at $13.24. But this stock reached $91.36 in 2004. McClatchy closed at $3.36 today, up almost 6%. It has been as low as 35 cents in the last year. But it reached $76.05 in 2005. There is a feeling newspaper stocks got hit too hard when they were at their lows, which was right around the time Copley was negotiating and consummating the sale. However, there is still a feeling that the old, profitable day of metropolitan daily newspapers won't return, particularly since they have lost classified advertising revenues, that used to be as much as 40% of revenues.

Comments
12

there is still a feeling that the old, profitable day of metropolitan daily newspapers won't return

David Copley may* have left a few crumbs on the table, but the newspaper heydays are over.

The personal computer and the Internet changed the world.

Oct. 12, 2009

A rising tide lifts all boats--even those that are actually sinking.

Oct. 12, 2009

Response to post #1: Agreed. It will never be the same. But newspapers can try to compete and make money in the Internet world (better than they are doing now), and the written versions will appeal to at least one more generation. Best, Don Bauder

Oct. 12, 2009

Response to post #2: Wisdom from Visduh, as always. Best, Don Bauder

Oct. 12, 2009

I agree with you Don that there will always be room at the table for the written newspaper.

I prefer to read the paper, in my chair (or at the House of Pancakes), relaxing, with a cup of joe.

You can't do that at a computer, and never will be able to do that at a computer.

Oct. 13, 2009

Response to post #5: I don't think there will always be a market for a newspaper. Those 65 and up will remain readers for awhile. Some of the baby boomers will remain committed to newspapers. So it will be a couple of generations before papers in printed form die. Best, Don Bauder

Oct. 13, 2009

I'm in my mid-50s, and I preferred to read the paper online even when I worked for one.

Oct. 14, 2009

I beg to differ.....I enjoy a cup of joe, relaxing in my favorite restuarant (no plug!) to the click click click of the computer

And I see many others doing it as well...........

GOD BLESS WI FI

Oct. 14, 2009

Response to post #7: My wife and I drive ten miles in and ten miles back every morning to pick up the New York Times and Wall Street Journal. By the time we do this, we have already looked at the Times online. We could easily get the Journal online, too. Old habits and predilections die hard. Best, Don Bauder

Oct. 14, 2009

Response to post #8: Don't forget Kindle. I can't disagree with your assessment of Wi Fi. Best, Don Bauder

Oct. 14, 2009

Interesting little banner on the SignOn San Diego website.

There is a small announcment proclaiming:

"Notice: Changes to how you read the Union-Tribune online are coming"

I have not noticed that before and wonder if anyone knows what that's about?

Oct. 22, 2009

I bet it means get ready to pay $$$$$$ for viewing.

Oct. 22, 2009

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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