Just when you thought that the print media industry had been roughed up enough on the wrong side of the velvet rope, along comes the bouncer to lend a few more blows.
A few morsels of bad news that emerged over the weekend:
- The Pulitzer Prize-winning Albuquerque Tribune closed shop after Saturday's paper. The E.W. Scripps
newspaper had been around since 1922. However, circulation had dropped to less than a quarter of where it was 20 years ago. (NYSE: SSP)
Time Inc. magazine arm will lay off more of its workers this quarter. (NYSE: TWX)
- Deutsche Bank downgraded shares of New York Times
to sell. (NYSE: NYT)
In sum, it's a dim prognosis. Papers are closing down. Magazines are scaling back. And as battered as shares of print media moguls appear, analysts apparently feel that they are still overvalued.
The troubling aspect of this is that you can't blame the companies for falling asleep at the wheel. Old media companies have learned new media tricks. Whether it's a matter of joining Yahoo!'s
They're fighting. They're just not landing punches. I wonder if my children will grow up to forget what it was like to have the soft smears of ink on their hands as they consume the morning news. Who knew that clean hands would be the grim result of such dirty deeds?
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Longtime Fool contributor Rick Munarriz realizes that trees must be loving this. He does not own shares in any stocks in this story. Rick is also part of the Rule Breakers newsletter research team, seeking tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.