Once upon a time, owning a newspaper was literally a license to print money. Then came Craigslist and EBay, there went profitable classified ads and then came the waves of layoffs and furloughs.
How far a newspaper’s value has fallen is shown by the sale of 16 regional papers – including the Wilmington Star-News and the Lexington Dispatch – by the New York Times Company to Halifax Media Holdings of Florida.
The price: $143 million in cash.
The Times printed a brief article on an inside page that contained this revealing quote from an industry analyst:
“That’s saying basically each title is worth about $10 million, which is just breathtaking when you consider what kinds of profit machines these newspapers used to be.”