NEWSPAPERS WILL TAKE IT ON the chin in 2008, according to analysts with Goldman Sachs, who warned Wednesday of a potential double-whammy, as the industry's secular downturn converges with a broader economic slowdown. Overall, they forecast a 7.9% decline in revenue, a much more substantial drop than their earlier prediction of just 2.6%.
The predicted 7.9% drop is especially gloomy as it comes after several years of losses, compounding a 1.8% decline in 2006 and a roughly 8%drop in the first three quarters of 2007 compared to the same period in 2006 (fourth-quarter figures aren't yet available).
Very bad news for McClatchy investors, who are already losing their shorts. Gannett Blog reports on a Gannett executive who is throwing in the towel.
