“Newspapers are still profitable; the Journal reports that theL.A. Times has an operating profit of 20 percent. But they are under pressure from declining readership and advertising revenue as they face competition from new media sources, such as the internet.” — from a 9.18 CNNMoney story about offers (including an all-cash one from David Geffen) to buy the L.A. Times. That “still profitable” statement is hilarious. Who would have imagined ten years ago that a serious financial news story would feel the need to make this declaration in case readers might infer otherwise?
