AP / NEWSMAX.COM
Under the heading “Newspaper Lenders Turning Into Owners”, the report continues “Banks and other financial firms have taken over or are angling to take charge at dozens of newspapers, including four of the nation’s 15 largest - the Los Angeles Times, Chicago Tribune, the Star Tribune in Minneapolis and The Philadelphia Inquirer.
“The new owners face huge problems. Newspaper ad revenue, the industry’s main source of income, is on pace to total around $27 billion this year, about $22 billion less than three years ago. Newspaper circulation is falling faster than ever.”
WATCHDOG: Very sad. Growl.
