INMA CEO Earl Wilkinson previews the group's "Outlook 2012" report with a look back at news media operating profitability* for 1986-2011. At almost 15 percent, the margins are high compared to other industries, he says, and high globally.
*EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization -- an accounting measure that excludes factors like long-term debt and capital expenditures, which likely would weigh down the gross margins for many of these public media companies.