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Grim Days For Newspapers

It was a grim last week for the newspaper industry, with the two biggest newspapers publishers in the U.S. -- Gannett and McClatchy -- reporting lower revenue and profit. At the same time, Scripps announced it would split its TV and interactive businesses off from its newspapers in an attempt to get the market excited about its currently slumping stock. But the kicker of the week was when stock in The New York Times Company hit its lowest point in a decade after a Morgan Stanley fund manager who had been agitating for changes at the company sold off the firm's entire 7.2% stake.

Finally, Morgan Stanley canned its newspaper analyst and dropped coverage of the industry. Now the question, says the biz mag, is not whether the industry can reclaim its glory, but rather how quickly the erosion in business conditions that has accelerated in the past year or so can be slowed and even reversed.

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Read the whole story at Fortune via CNNMoney »

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