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October 12, 2008 7:57:03 PM CDT

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Newsday Sale Another Bad Sign in Teetering Industry

Posted Mar 24, 08 11:07 AM CDT in Business 

(Newser) – Just last year, Sam Zell was optimistic enough about newspapers to buy the Tribune Company. Now he’s selling Newsday, one of the conglomerate’s top publications. “The news business is something worse than horrible,” he said recently. Across the industry, gung-ho new owners like Zell are experiencing buyer’s remorse, David Carr writes in the New York Times.

Competition from online media has already made newspapers a tough business, but with a recession looming, one analyst is predicting double-digit hits to earnings and revenues. “This is a year when some of the newer players may be hard-pressed to pay the bankers,” he said. Zell, for example, needs to cut expenses 10% to pay his debts.

Source New York Times

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The mastheads of the New York Post and Newsday are seen in this photo in New York, Friday, March 21, 2008. News Corp. chairman Rupert Murdoch has made a bid for Long Island-based Newsday.   (AP Photo/Richard Drew)
Billionaire investor Sam Zell smiles during an interview in Chicago in this March 20, 2007 file photo. Zell bought the Tribune Co. last year, but has since grown gloomy about the news industry.   (AP Photo/M. Spencer Green, file)
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Rupert Murdoch  • newspaper  • Tribune Company  • Sam Zell  • Newsday  • Mortimer Zuckerman  • Gannett  • Avista Capital Partners


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