Newspaper Stories

Why are there newspapers anymore?

Everyone gets their news off the web, right? I mean, just fire up your computer, surf to your favorite sites, get your Google Alerts, and update your RSS aggregator. Doesn’t everyone do this? Or not. What I just described is a lot of trendy new-speak.

The newspaper business is still huge. Last year it had over $45 billion in total revenues. That’s more than Google and Yahoo combined.  But because the number of subscribers is falling, many observers have written off the industry as dead.

But not so fast. They may not be great growth investments, but the right structure can be very profitable. Buy a paper and manage it down in size. It will end up smaller, but more focused. And the right manager can double his investment.

This can explain why many papers are consolidating rather than just dying. And for creative investors, the opportunities are endless.


Douglas R. Tengdin, CFA
Chief Investment Officer
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