Newspaper Stocks: Premature Burial
Take readership statistics. Gary Pruitt, chief executive of the country's eighth-largest newspaper company, McClatchy, recently pointed out in a Wall Street Journal editorial that 54% of all adults read a paper every day, and 60% do on Sundays--more people read a Sunday paper than watch the Super Bowl, television's biggest attraction of the year. Rumor also has it that young people rarely ever read the paper. The truth is, while not at the same high percentages as the broader population, 39% of young adults still read a daily paper. And odds are that more young folks will pick up that habit as they age.