Newspapers are breaking records -- and it's not a good thing. A double-digit drop in newspaper ad revenue, the third consecutive year of declines, and record margin contraction makes this the industry's worst year ever. The newspaper industry's ad revenue is down 12 percent this year, on top of last year's already dismal 8 percent drop.
There's no question the newspaper business is in trouble. The question IS: Can Sam Zell, chairman of the Tribune Company, build a profitable business in an industry that's in decline?
Warren Buffett ranks number one on Directorship magazine's new list of the most admired board directors. Its Annual Survey of Exceptional Directors is compiled using "data from proxy firms, reader polls and governance experts."
The story lines are unabashedly goofy. Cavemen invent the wheel to transport a beer cooler made of stone, and a car buyer enlists the help of a tribal warrior in case he needs some extra negotiating leverage at the dealership.
CNBC's Becky Quick spoke by telephone with Warren Buffett this morning. Mr. Buffett tells Becky that all the speculation (specifically today's Wall Street Journal piece) about what he might be buying in these times of turmoil is just that, speculation. PLUS: A video clip of the Motley Fool's Bill Mann on all that speculation and an interview with Buffett-watcher Andrew Kilpatrick.
Tribune shareholders on Tuesday approved a proposed $8.2 billion buyout of the newspaper publisher and broadcaster by real estate tycoon Sam Zell.