Sunday, March 1, 2009

Don't count out local newspapers

Don Miller writes:

Newspapers were once part of the community fabric -- often family owned and immensely profitable. Then came an era of corporate ownership, and these corporations, sometimes publicly traded, often used borrowed money to expand their media empires.

We all know what's happened to companies that are highly leveraged. When the recession hit, and credit became nearly impossible to obtain, many once-mighty titans of industry began to fall, like tropical rain. ...

Newspapers remain profitable -- especially if not dragged down by corporate debt. Readership, while aging, remains committed -- as long as the paper does what is should do: covering the news, acting as a watchdog on government and other publicly funded agencies, entertaining, explaining, making sense of the seemingly senseless, bringing clarity to the cacophony of the daily babble.

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