Thursday, October 11, 2007

Smart Money Doesn’t Bet on the Dying

More signs of the dead tree media moving towards being simply dead media.

24/7 Wall Street: Major newspaper groups will report their September revenues within the next several days. The market does not seem to be anticipating much in terms of good news.

The New York Times (NYT) is trading at $20.10, less than a dollar from its 52-week low.

McClatchy (MNI) trades at $19.70 against a 52-week low of $19.28.

Journal Register (JRC) is changing hands at $2.73 with a 52-week low of $2.33.

Gannett (GCI) trades at $45.26 against a 52-week low of $43.63.

As September numbers and Q3 earnings come out, watch for new lows.

This does not necessarily mean the desire for hard new is moving to blogosphere. Publius Pundit comments on an internet battle of words between Michelle Malkin's Blog and Ezra Klein's Blog, but if you check the visit numbers even for Michelle who resides at the apex of the internet media, the audience is at best a couple hundred thousand readers world wide.

The public is, by and large, busy dealing with the problems of daily existence. Their mental focus is almost entirely on work, family and friends. When they do find time to turn their attention towards entertainment, the printed word is way down the priority list. Television is still the media that matters for shaping public opinion.