Newspaper Stocks Sink In Wake Of Wall Street Plunge

By: Mark Fitzgerald

Publicly traded newspaper companies fell sharply Thursday along with a sinking market that took more than 300 points off the Dow Jones Industrial Average.

One exception to the sell-off was Tribune Co. (NYSE:TRB), which gained 4 cents, or 0.14%, to close at $28.24. Investors apparently are sticking with the stock on the company’s assurances that it has the financing commitments to close its going-private deal with Chicago real estate magnate Sam Zell. The price, though, remains well below the $34 per share price of the two-stage transaction.

Gannett Co. (NYSE:GCI), the nation’s largest newspaper company, ended the day down $1.31 or 2.59%, at $49.29.

Lee Enterprises (NYSE:LEE) took a big hit percentage-wise, closing down 90 cents, or 4.67%, to $18.36.

The McClatchy Co. (NYSE:MNI), which earlier in the summer had been gaining traction, ended the day down 26 cents, or 1.01%, at $25.53.

Community publisher GateHouse Media Inc. (NYSE:GHS) set a new low Thursday as shares fell 96 cents, or 5.42%, to close at $16.76. GateHouse went public in late October with an initial offering price of $18.00, and earlier this week closed a follow-on public offering at $18.45 per share.

New York Times Co. (NYSE:NYT) joined the parade of loser as its stock fell 80 cents, or 3.39%, to close at $22.81.

Dow Jones (NYSE:DJ) slipped further from the News Corp. bid of $60 per share as it closed down 28 cents, or 0.52%, at $53.72.

Sun-Times Media Group (NYSE:SVN) slipped 15 cents, or 3.13%, to close at $4.64.

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