FROM TODAY'S Wall Street Journal:
With profits and revenue falling, newspaper companies are increasingly looking to real estate to shore up their finances. Though newspapers are still largely profitable, they are seen by many on Wall Street as a dying medium. In some cases, the Inquirer and the Boston Herald among them, financial pressures are forcing newspapers to sell their property as a quick way to come up with cash.
Last week, Philadelphia Media Holdings announced that the landmark 1924 Philadelphia Inquirer building - which houses both the Philadelphia Inquirer and the Philadelphia Daily News - was for sale.
After massive staff reductions at the two newspapers in recent years, the building has only a 40% occupancy rate.
Read the full WSJ story.
Photo courtesy of Flickr.
8 months ago