Seattle Times valuation plummets
Cory Bergman August 11th, 2008
We’re trying to cut back on blogging about the downward spiral of newspapers, but two Lost Remote readers sent us this story — and it’s simply unbelievable. McClatchy owns 49.5 percent of the Seattle Times, and the Blethen family owns the rest. Less than two years ago, McClatchy valued its stake at $102.2 million. Today, it values the same stake at $9.9 million. (Not a typo). McClatchy has also reduced the value of its stake in Classified Ventures. (Thanks Pam and Dan for the link!)
1 Comment Add your own
1. wtf ? | August 12th, 2008 at 6:05 am
Cory, I know these numbers are big, and it’s good to see them reported for people who still don’t realize how big a problem it is for local media (PS: television is next), but newspapers as a whole are moving more and more towards not being profitable. Who would pay $100M to only lose more money… or something that it would take 40, 50 years to make back your investment?
Leave a Comment
(Please keep URLs out of the comment body or the spam filter will block you.)Subscribe to the comments via RSS Feed