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Newspapers Are a Bad Investment? Tell Me About It.

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Thanks to some dude named Anthony Noto at Goldman Sachs, newspaper stocks are tanking today. Seems Noto, who Forbes recently said was pretty good at picking stocks, said today that he "anticipates ad sales will weaken further as economic conditions continue to deteriorate in 2008," and Goldman Sachs today is hitting the virtual pavement to warn investors that newspaper stocks are a lousy investment for the foreseeable future.

Noto was particularly hard on The New York Times, but on the day Belo Corp. announced its partnership with Yahoo! News, to which Belo will provide local news video clips from 13 of its TV stations (including WFAA-Channel 8), its stock is drop, drop, dropping -- as of 2:35 p.m. today, by 38 cents to $15.09. --Robert Wilonsky

Keep the Dallas Observer Free... Since we started the Dallas Observer, it has been defined as the free, independent voice of Dallas, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Dallas with no paywalls.

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Join the Observer community and help support independent local journalism in Dallas.


Join the Observer community and help support independent local journalism in Dallas.