The Business of the Newspaper Industry

A good managerial record measured by economic returns is more important than how well you row a boat. A textile company that allocates capital brilliantly within its industry as a remarkable textile company, but not a remarkable business. When industries underline economics are crumbling, talented management may slow with the rate of decline. Eventually though, eroding fundamentals will overwhelm managerial brilliance. For most of the 20th century, newspapers were the primary source of information for the American people. Now they're losing ground in the battle for eyeballs.