Reflecting a continued plunge in newspaper market values, Gannett's stock recently traded for just $1.94, down 12%, as company shares struggle to stay above the $2 line. "The sheer demise of the company's market cap is astounding,'' says Anonymous@12:33 p.m., who frames it this way:
May 7, 2007: Gannett sells four newspapers to GateHouse Media. They are Connecticut's Norwich Bulletin; Illinois's Rockford Register Star; New York's Observer-Dispatch in Utica, and The Herald-Dispatch in Huntington, West Virginia. Sale price: $410 million.
Today: The market capitalization of the entire Gannett company has plunged 96% since that deal. (And GateHouse is now a penny stock.) This means USA Today and 101 other U.S. and U.K. dailies, plus 23 TV stations, majority stake in CareerBuilder, and hundreds of other businesses, are now worth just $443 million.
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