Sunday, January 25, 2009
A $250 million loan that the New York Times took last week trained a fresh spotlight on the woes in newspaperland. The devastation to the industry is apparent in the steep declines in market capitalization of major newspaper publishers in the past year. Worst hit was E.W. Scripps, operator of community newspapers and TV stations, which lost 98 percent of its value. Lee Enterprises, publisher of daily and weekly papers, was next with a 97 percent decline. McClatchy, the nation's third-largest newspaper company, lost 93 percent of its market cap.