ABSTRACT
That the whale is dying is little disputed. Newspaper readership, circulation, and market penetration numbers have been in steep decline since the 1960s; market penetration peaked in the 1920s. The 2008 economic bubble burst was a watershed year, with McClatchy Newspapers, once the nation's most consistently profitable newspaper company, shedding 1,400 jobs throughout the country. And that was just one in astring of such announcements. In the same month, the Tribune Co., owners of nine newspapers including the Los Angeles Times, the Chicago Tribune and the Minneapolis StarTribune, announced it would cut 500 newspaper pages across its holdings in response
to falling advertising revenues. In 2013, Amazon.com founder leff Bezos paid US$250 million for the Washington Post, a newspaper once worth several billion. lust prior to that, Boston Red Sox co-owner lohn Henry acquired the Boston Globe for just $70 million; The New York Times acquired the Globe for $1.1 billion in 1993. And in 2011, Newsweek magazine was sold for $1 (plus about $40 million in pension obligations).
