What’s the newspaper, catalog and magazine industry going to look like in 10 years?
WSJ:
Lately, some of the most successful newspaper companies have stayed in
the newspaper business by getting out of it. Washington Post Co. and E.W. Scripps
Co., for instance, have both diversified into other industries. The
Post bought the Kaplan Inc. educational-preparation business, and
Scripps got into cable television with HGTV and other ventures. Post
stock is up nearly 40% in the past five years, and Scripps has risen
about 60%.
In a filing with the Securities and Exchange Commission, Mr. Sherman
said PCM, based in Naples, Fla., has been investing in Knight Ridder
since April 2000. That looked smart as shares rose to almost $80 and
Mr. Sherman built up a stake of nearly 19% of the company’s shares. But
the stock price has fallen more than 30% in the past two years.