Black, white and dead?

Is the newspaper dead? Stock market investors certainly seem to think so. Newspaper shares on either side of the Atlantic have performed miserably in 2005. The New York Times fell more than 30%, and regional newspaper owner Gannet did almost as badly, losing 25% of its value. Circulation is falling, and so are advertising revenues. Gannet said its regional advertising in the UK was down between 7% and 9% in October. Recruitment ads are down as much as 25%. The story in the US is much the same...