Wednesday, July 02, 2008

Amid falling values, News Corp. nixes Ottaway sale

Here's another sign Gannett now has little room to unload underperforming newspapers: Rupert Murdoch's News Corp. has decided not to sell the eight daily and 15 weekly Ottaway papers it acquired as part of its purchase last year of Wall Street Journal publisher Dow Jones & Co., the Associated Press says. "Valuations for newspaper companies have fallen amid an accelerating decline in advertising revenues due to weakness in the economy and a continued migration of ad dollars online,'' the AP says.

[Hat tip, Talking Biz News]

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