Extra! Extra! Read all about it! Newspapers are dying! The words echo along the street corner as a young man with dailies under his arm cries out to strangers rushing by. A distinguished looking gentleman tosses the lad a coin and begins to read:
Authorities say the cause of death was declining circulation and advertising revenue. Police are pursuing suspects Sergey Brin, Jerry Yang and Matt Drudge.
Clues of the industry's demise were evident all this year. For example, The New York Times said it will cut more newsroom jobs in a desperate attempt to prop up shares that have gone nowhere since their IPO in 1986. And newsprint maker AbitibiBowater (ABH) lost a quarter of a billion dollars on plunging demand.
A faint ray of hope emerged last year, when Rupert Murdoch bought the Wall Street Journal for $5 billion. But a deepening housing crisis could be the final nail in the coffin.
So, how do you profit as the business of print starts to perish?
I’d recommend shorting the New York Times (NYT), says Jeff Macke. And if you’re looking for buys check out Yahoo! (YHOO) and Time Warner (TWX).
And overseas there are also media opportunities, adds Tim Seymour. Check out Grupo Televisa (TV),Central European Media Enterprises (CETV), and CTC Media (CTCM).
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