Tuesday, January 31, 2006

Not fit for print

I read today that Knight-Ridder newspapers' fourth quarter earnings were down 22% from last year. It turns out that the shareholders of the company will only get a paltry $1.24 for every share they own instead of the healthy $1.38 they received in the fourth quarter of 2004.

I happen to own 10 shares of Knight-Ridder, so you can imagine how disappointed I am. I really had plans for that extra $1.40 (I've got my eye on the Wendy's 99-cent menu).

But I guess it just goes to show that you can't hold back progress, what with the growing number of blogs and consumer media which do a better job reporting than the so-called journalists. The shareholders of the horseshoe nail manufactures probably felt the same way when the automobile came along. ("Automobile" is another word for "car." Gotta explain these things for people like Tony).

And, when all-around smart guy Dave Berry proclaims that "newspapers are dead," well you pretty much have to stand up and take notice of that.

Of course, I'll keep my newspaper stock. I might have lost that $1.40 over last year's earnings, but I still earned 12.4 junior bacon cheeseburgers.

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