Tuesday, August 5, 2008
The stock of Journal Register Co. hit 1¢ a share yesterday. You can't go lower than that. They'll probably be broken up like an old horse sent to the rendering plant. Barring the obdurate stupidity and greed of newspaper management, I suspect a lot of papers could survive in a slightly truncated form. Lots of newspaper owners who always had the thought somewhere there that they could sell out to big chain like Gannett may have to find another thought to think. The Advocate today had maybe a page and a half of retail display in 16 pages of news and sports. The paid obits are gold mines, but a sensible publisher would see that particular gold mine as a mixed blessing, as those old farts dying off are the people who subscribe to and read newspapers.