Newspaper-Company Shares Make Gains Tuesday After Fed Cut

By: Shares in many newspaper companies rose Tuesday after the Federal Reserve cut its target for a key interest rate to the lowest level on record.

The Fed also pledged to use "all available tools" to combat a severe financial crisis and prolonged recession, which has contributed to sharp reductions in advertising revenue this year at newspapers across the country.

Shares in A.H. Belo Corp. rose 15 cents, or 8.1 percent, to $2 in mid-afternoon trading, while Gannett Co. gained 22 cents, or 3 percent, to $7.49.

Other stocks that rose include:

-- Journal Communications Inc., which rose 8 cents, or 4.2 percent, to $1.97.

-- The Washington Post Co., which gained $4.69, or 1.3 percent, to $374.17.

-- The E.W. Scripps Co., which rose 4 cents, or 2.4 percent, to $1.72.
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-- Media General Inc., which gained 1 cent to $1.40.

Meanwhile, The New York Times Co. fell 24 cents, or 3.4 percent, to $6.87, while McClatchy Co. fell 18 cents, or 10 percent, to $1.62.