This is an interesting picture by Jin Lee for Bloomberg News:
Arthur O. Sulzberger, Jr. chairman and publisher of The New York Times Co., departs the company’s shareholders meeting at the New Amsterdam Theatre in New York, Tuesday, April 24, 2007 … using a back exit door.
Just in case.
New York Times Co. shareholders, led by Morgan Stanley, withheld 42 percent of their votes from directors to protest the Sulzberger family’s control over the company.
Five years ago, The New York Times stock was $51.88 (July 5, 2002).
This Friday, the same shares were traded at $18.87.
Not the best financial performance for a first-class newspaper.
The Sulzberger family has a problem.
They need money.
But Wall Street is not listening.
The stock is so cheap that almost any rival could buy all the available shares for next to nothing.
You don’t need to be a Google to buy all this stock.
The problem and the solution here is, again, the family.
The shares for McClatchy are going down, down …
Last quote this Friday: $16.35.
So, it seems that the compny that bought the Knight Ridder group is not having an easy ride.
The Miami Herald has problems but its parent company is not doing very well either.
The Sacramento-based company — publisher of The Sacramento Bee, The Miami Herald and 29 other daily newspapers — announced last month disappointing preliminary third-quarter earnings of $23.5 million, compared to $51.8 million for the same three-month period in 2006.
The company’s advertising revenue declined 10 percent, while circulation revenue fell 4 percent.
McClatchy officials also announced the company would take an accounting charge because of the dismal condition of the newspaper industry and its hard-hit stock, which has fallen 62 percent from its one-year high.
Well, the stock market in Estonia is not doing very well.
But covers like this need a lot of good “why journalism.”
Your readers want to know more. They are always asking papers to:
Give me solutions!
Give me hope!
Help me!
