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Gannett: The Press Is Still Running

By Jonathan Heller

About this article:
During the past couple of years, there have been few industries uglier for investors than the newspaper business. I thought the advertising slump of 2001-2002 was bad, but that was nothing compared to this carnage. Its one thing to have a few magazines close their doors (as I experienced firsthand with Bloomberg Personal Finance magazine in 2003); it's quite another to have major media companies going belly up, or being on the verge. But as Tim Melvin pointed out in early May, there will be survivors of this mess and probably plenty of money to be made if you have an iron stomach and a little vision. Gannett, publisher and provider of USA Today, 85 other daily papers, 850 other publications, 23 television stations and a website that had more than 27 million unique visitors in January, is one company that will survive this brutal mess....

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