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Valerie Everett Newspapers |
It was all the expected culprits: newspapers' biggest category, retail, suffered an 11.7 percent drop. Classified ads dropped 30.9 percent, much of those ads likely moving online to the likes of Craigslist. And while local ads have suffered the most, even national ads took a hit-- that category down 18.4 percent in the quarter.
Newspapers are counting on online ads to be their future, but even that great white hope disappointed this past quarter. Online newspaper ads dropped 3 percent in the third quarter after falling 2.4 percent in the second quarter.
Newspaper stocks have been suffering -- all down far more than the Dow year-to-date. Of all the major newspaper players, Gannet [GCI
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] is suffering the most, year-to-date, GCI down more than 80 percent at one point last month, now down more than 75 percent. News Corp's [NWS
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] exposure to publishing through its acquisition of Dow Jones last year hasn't helped it any. NWS now trading down just over 60 percent year-to-date. The historied New York Times [NYT
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] company's stock is off nearly 60 percent year-to-date and the Washington Post Company [WPO
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] (which also owns web sites like Slate.com and test prep services) is off closer to 50 percent year-to-date.
Do these huge declines mean any of these newspaper stocks are a buy? Sure they've got content. But there's good reason to be wary when their best hope for a future business model -- online ads -- are on the decline.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes