03/24/2008 - Critics of newspapers say that part of the problem is that the industry has lost its ability to surprise. Tell that to the guys who have just bought in.
“The news business is something worse than horrible. If that’s the future, we don’t have much of a future,” Sam Zell, who bought the Tribune Company last year, said recently in The Baltimore Sun.
“I’m an optimist, but it is very hard to be positive about what’s going on,” said Brian P. Tierney, who bought The Philadelphia Inquirer and The Philadelphia Daily News in 2006.
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Rick Edmonds, a business analyst at the Poynter Institute and one of the authors of a new report, “State of the News Media 2008,” from the Project for Excellence in Journalism, thinks this year will be a doozy.
“You already were looking at more of the same, which has not been good, and now with the potential of a recession, you are looking at the possibility of double-digit declines in earnings and revenues,” he said. “This is a year when some of the newer players may be hard-pressed to pay the bankers.”
Read the full article Newspapers’ New Owners Turn Grim on the New York Times' Web site.