By: E&P Staff
The shares of seven publicly held newspaper companies on Friday plunged to the lowest point in modern history in what Alan Mutter at his Reflections of a Newsosaur site calls “perhaps the worst single trading day ever for the industry.”
Part of Mutter’s report follows. It’s all at:
–McClatchy (MNI), Lee Enterprises (LEE), and GateHouse Media (GHS) hit all-time lows when their shares skidded respectively to $4.85, $3.11 and $1.55 in the opening hours of trading on the New York Stock Exchange.
Also hitting new lows today were:
–Gannett (GCI) at $17.42, the lowest point since 1990.
— Media General (MEG) at $10.34, the lowest point since 1994.
— New York Times Co. (NYT) at $13.03, the lowest point since 1996.
— News Corp. (NWS) at $14.20, the lowest point in 52 weeks.
After scraping the bottom early in the day, the newspaper issues recovered by the end of trading to close at something higher than their record morning lows.