New lows for incumbent info-mongers

Warren Buffet may own 20% of Washington Post Inc (WPO), but the company’s stock is off more than 10% since Friday’s announcement of worse-than-expected 2nd quarter earnings. The stock is at new lows for the last 12 months of trading. There were lots of numbers to digest, but this was the key graph:

Print advertising revenue at The Washington Post newspaper in the second quarter declined 2% to $146.6 million, from $150.1 million in 2004, and was flat for the first six months of 2005 compared to the prior year, both at $292.2 million.

Now those revenues come in the midst of a reasonably robust economy, indeed, the Fed has been tightening for the last year trying to slow things down. What will revenues look like when the economy actually slows down? This can be nothing but Internet cannibalization, right? Papers like the Post and NYT are the defacto center of the daily US hard news ecosystem. How long will they retain their perceived monopoly, both informational and economic?

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