The newspaper industry has bottomed out, according to industry analysts at Merrill Lynch, which also downgraded its evaluation of heavyweight Dow Jones--publisher of
The Wall Street Journal--to
"sell." Merrill Lynch also issued a negative forecast of newspapers' ability to attract ad revenue, indicating that a turnaround is unlikely in the near future. The Merrill Lynch report comes after a
raft of negative pronouncements from other investment banks and industry analysts, which note the increasing attractiveness of online advertising versus print and declining print circulation as the
main causes of newspapers' current woes.
