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.
4 comments:
First newspapers massively reduce staff (in the case of the Inquirer, its hundreds of journalists over a few years) and then they sell their iconic homes? That doesn't worry you?
Next they'll be forcing writers to deliver papers on their way home from the office and maybe sell a few ads when they are reporting.
More likely, they'll make reporters shoot pictures and package video, and then give those journalists fancy new titles like, "converged journalists."
I just scared myself.
- George (the teacher)
I think it's sad that the Inquirer Building is for sale, because whenever I see it, I always wonder if I'll ever get a chance to work there someday.
My paper was delivered late this morning... would you PLEASE try to get it here a little earlier!!! Perhaps, this could be accomplished by jumping on your next story a bit quicker - better for beating out the competition, too!
It's sad that major newspapers are slowly changing their format from print to web. The possible sale of the Inquirer building accentuates this point. I still believe nothing is better than sitting outside on a warm summer day reading the New York Post (in print!!).
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