Wednesday, January 21, 2009

Death of the Newspaper

Financial Times (hat tip Felix' Market Movers) reveals that News Corp may have been a bit too early with their acquisition of Dow Jones (i.e. the Wall Street Journal), though it is important to note that the value of News Corp stock (it was a stock acquisition) is down 2/3 since the 2007 acquisition:

The $5.6bn Rupert Murdoch’s News Corp paid in 2007 for Dow Jones, owner of the Wall Street Journal and several local papers, would now be sufficient to buy Gannett, the New York Times, McClatchy, Media General, Belo and Lee Enterprises, even at twice their current share prices.

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