You heard me right: Publicly traded newspapers stocks have been doing quite well lately.”
Rick Edmonds the Poynter Institute‘s Biz Blog analyzes the stocks of publicly traded newspaper companies and finds some interesting results. Of the nine stocks listed almost all are up at least double from their 3-month low (the Washington Post Company’s stock, now at $370, isn’t because the stock price is so high, and McClatchy at 69 cents a share (finally more than the cost of a single issue of many its papers!) is up only 75% from its 3-month low). Many of the stocks are still quite low–well below 5 dollars a share–so they’re still considered risky buys. The news is good sign, however, after weeks and months of bad financial news for all media companies. And, if you’d bought any of these stocks in early March, you would’ve doubled your money by now. Long-term prospects, of course, remain dismal. Warren Buffett’s recent pronouncement that “For most newspapers in the United states, we [Berkshire Hathaway] would not buy them at any price,” does little to reassure.