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Industry News
Newspaper IndustryNewspapers bet on revenue driver bankruptcyYet several companies that would collectively form the second-largest U.S. newspaper group, with a daily circulation of around 4 million, are expecting years of rising advertising sales, their main source of revenue.These publishers, whose papers include the Trentonian in New Jersey and the Star Tribune in Minneapolis, have one other thing in common: They all have been bankrupt.Buffett, whose Berkshire Hathaway Inc (BRKa.N)(BRKb.N) owns the Buffalo News and a stake in the Washington Post (WPO.N), told his annual gathering of shareholders earlier this month that the outlook is really tough for newspapers. But a handful of publishers are hoping that rinsing a combined nearly $2 billion in debt through bankruptcy will give them the capital to reinvest and halt a revenue decline that plagues the industry."Yes, the margins and profits of past years will never be repeated, but that doesn't mean that these businesses can't make rational sense once the crushing weight of borrowed money is written down in some way," said Alan Bell, a former chief executive officer of publisher Freedom Communications, which recently came out of bankruptcy.
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