Yesterday the price of a share of The McClatchy Company, the parent company of the Wichita Eagle, closed at 50 cents. That happens to be the newsstand price of a copy of the Eagle, although to buy a copy of the paper, you’ll have to add sales tax.
The decline in this company’s stock price — from over $70 four years ago to less than one dollar today — illustrates the magnitude of the crisis in the newspaper industry. While there are some who take delight in the financial difficulties of mainstream newspapers, I believe that newspapers are still an important institution. I hope they will find a way to survive.
The plight of newspapers does raise an issue or two, however. When the editorial page dishes out advice on fiscal issues, for example, should we pay any attention?
McClatchey’s stock price has certainly plummeted, as has the market in general (now more than 45%). And it’s a cute device to compare the price an issue with the stock price, but, of course, it makes no sense to do so. It’s silly to compare the price of a company’s product to its share price. What’s next…comparing the price of Boeing stock to the price of a 747?
I’m a conservative, to be sure. But let’s remain rational in our illustrations.
If you are still paying any attention to mainstream media outlets like with Wichita Eagle, you’re not getting any objective truth any longer. Is it any wonder their stock price would fall? They are quickly becoming irrelevant in our society.
I’m not certain that I’ve heard of this “Eagle” you speak of…
When The Star fires me — after they finally realize that all I am is an echo chamber for Democratic press releases, The Fix, and Jo Mannies — I’ll be applying at The Eagle for a job.
Unfortunately we are witnessing the death spiral of this industry. As stock values and circulation drop there is less and less actual reporting, resulting in less and less actual news. Less actual news results in lower readership and less circulation, and increased advertising costs. If the local car companies and Dillards ever figure out that they are wasting their money in the Eagle, it’s sunk.
The final nail in our local Eagle’s coffin
is the fact that readers no longer view it as creditable, it no longer appears to be
objective and impartial. Most of us in the community feel it has become biased. I personally believe this is caused by 2 factors. 1.It appears that the Eagle does virtually no actual reporting, acting strictly as a press release agency for local
government, never actually digging into anything handed to it. 2. Far too many people involved in local stories, feel they were misrepresented in their accounts. The truth is there is a story behind every story.
Newspapers have always been the champion of the people, a righter of wrongs, a light on the darker side of government and business. Not the mouth
piece of the powers that be, and the swift sword of retribution to strike down anybody that disagrees with them. When and if the Eagle ever learns this it will receive the readership and circulation to survive.
Wichita Eagle reporting quailty
has gone done with their stock.
I personaly going to short their
stock and laugh to the bank.