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Stock Strategist

Newspaper Stocks Could Deliver

Our contrarian take on the newspaper publishing industry.

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We Don't Think It's Different This Time
The recent past has certainly been tough on newspaper publishers. Readership has declined, with many thinking that the Internet will bring about newspaper publishers' ultimate demise. Plus, untimely circulation overstatement scandals have poured salt in the wounds of declining circulation.

Media pundits have been guilty of crying "wolf" before. When radio was introduced, some thought newspapers would die. When broadcast television appeared, many thought radio was doomed. And when videocassette recorders surfaced, movie studios were so terrified that VCRs would wreck the movie industry that they went all the way to the Supreme Court to try to outlaw the technology. Each one is still with us today (with VCRs morphing into DVD players).

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James Walden does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.