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.