By B.J. Rains
Newspapers are finding themselves more and more in debt these days, and some owners are being forced to put their papers up on the selling blocks to try and cut their losses before they get any worse. Its a growning problem in the newspaper business, one that experts can't figure out.
In a story published in the New York Times, it was "reported in Crain’s New York Business that Mr. Zell has put Newsday, one of Tribune’s more lucrative assets, on the auction block. In January, Mr. Tierney told unions at his papers that the company was confronting a “dire situation” and needed to cut expenses by 10 percent to meet debt payments."
It then went on to mention Chris Harte, publisher of the newspaper in Minneapolis, and how he was having trouble making all of his payments this year. It's a shame that newspapers are not doing well these days, but nobody is really sure why.
It seems that more and more people are buying newspapers and expecting to turn them into a large profits but that just hasn't been the case. Owners are quickly finding out that making money in the newspaper business is becoming harder and harder. They are trying new ideas for revenue that I have discussed in my previous blogs, but at this point, nothing seems to be working. If Newsday, one of the biggest papers in the US, is forced to be sold, then you know that this issue is a serious problem that needs to be addressed.