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Sagging TV Stocks: The Graphic Evidence

Relying on a dozen dramatic graphs, Terry Heaton illustrates the unhealthful condition of the broadcasting business in the U.S. Each graph plots the 12-month stock price of public companies that own and operate TV stations. Among them: Emmis, Gannett, Hearst-Argyle, Media General, Sinclair, and Tribune. Every one of the graphs shows a steady decline in share price through the year. "It's a sad state that the broadcasting industry ... is so wed to incumbent practices that they have been all but left behind. The proliferation of channels makes network television anachronistic," says Heaton in his blog. "Television companies have been slow to innovate but eager to overpay." Obviously, stock prices don't reveal the whole story, and there are those who'd eagerly buy into the TV business today.

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