Stat of the day, from Andrew Edgecliffe-Johnson on FT.com:
The $5.6bn Rupert Murdoch’s News Corp paid in 2007 for Dow Jones, owner of the Wall Street Journal and several local papers, would now be sufficient to buy Gannett, the New York Times, McClatchy, Media General, Belo and Lee Enterprises, even at twice their current share prices.
Mark, you're onto something.
Wall Street, forever cautious, is saying, "No one has a plan to do anything with these declining behemoths - RUN!"
But if you have an idea, a plan to use the still-significant amounts of cash those behemoths still throw off to fund something innovative, then there's no better time every to to shopping. (Alan Mutter noted a couple weeks ago that Lee, on the verge of delisting, is still running at an '08 EBITDA margin of 20%; if I weren't on a lousy connection, I'd have added the link to his post.)
Now where did I put that spare $100 million?
Posted by: tgdavidson | January 22, 2009 at 07:54 AM