McClatchy 2004 flashback: "Who needs to worry about the internet?"

From The Stalwart: in 2004, the smart people at McClatchy thought cost of newsprint was one of the biggest "risk factors" facing McClatchy. (Form 10-K from end of fiscal year 2004 here.) The internet barely gets a mention.

Instead of diversifying into new media, McClatchy invested in other newspapers. As a result, McClatchy has been in meltdown since 2005.

I think McClatchy's poor planning warrants a good investigation by Warren Strobel and John Walcott.