The week of all-Washington Post, all-the-time has just about wrapped, and I’m reminded of a Mo Udall aphorism about hot issues of the day in the nation’s capital: Everything has been said, but not everyone has said it yet.
Weighing in late in the cycle, let me try to highlight a few takeaways going forward for the Post itself and the industry.
1. The era of the public newspaper company is winding down. Before the Post spun off its newspaper holdings, Media General, Belo and Scripps had already. As noted in my first comment on the sale, you cannot justify to shareholders pouring money into a long and uncertain digital transition for newspaper organizations when other businesses (cable, broadcast and for-profit education for the Washington Post Co.) offer better return now and in the next several years.
That logic falls most heavily on Gannett, whose newspaper division is a drag on earnings and share price (though not a money loser like the Post). Read more