Newspapers Find Their True Value in Real Estate, Not Publishing
ByIf this publishing thing doesn’t work out, newspapers may have a future in real estate.
The owner of the Los Angeles Times and Chicago Tribune said Monday it wasn’t only buying the New York Daily News, but also a stake in a joint venture that will own a 25-acre (10-hectare) parcel of land on which its printing facility is located and which overlooks the Manhattan skyline.
It wasn’t enough that Tronc Inc. bought a storied New York City tabloid for just $1. A Tronc executive told the Chicago Tribune the land was “an added inducement to this transaction.” With print advertising in a downward spiral ever since the internet became a commercial force, newspapers have seen the value of their once-formidable brands dwindle…
Newspapers Find Their True Value in Real Estate, Not Publishing
