The news:
Gannett, McClatchy, and the New York Times Company last week reported unexpected second quarter profits on the backs of cost-cutting efforts amid 30% declines in advertising.
Gannett reported that 2009 second quarter earnings per diluted share were $0.30 compared to a net loss per share of $10.03 for the second quarter of 2008.
The McClatchy Company reported net income from continuing operations in the second quarter of 2009 of $42.0 million, or 50 cents per share – more than double the earnings per share in the second quarter of 2008.
The New York Times Company announced also second-quarter 2009 operating profit of $23.3 million.
Mort Zuckerman says he plans to spend the cash he’s raising from a sale of his real estate company stock on new color printing presses for his New York Daily News newspaper. Zuckerman has raised about $31.6 million in two stock sales this week.
My take:
Nothing has changed.
The newspaper industry faces today bigger challenges than one year ago.
So, they cannot dream with the past, that it’s gone.
They must face the future.
How?
Becoming not “print-centric” but “on-line centric” news organizations.”
Period.