How much longer before you can buy a share of McClatchy stock for 50 cents -- the newsstand price of a single McClatchy newspaper?
Maybe very soon. Lee newspaper shares are down to 35 cents. At $1.35 a share, Media General seems like a fat cat, thanks in part to a boost by investor Mario Gabelli. McClatchy, which closed today at 75 cents a share, seems to be tracking Lee Company.
Oddly, bankruptcy seems to have strengthened the Tribune company -- its stock has roared back to over $2 a share.
The execs at MNI have got to be looking at the upward surge in Tribune's stock, and pondering the ramifications -- good and bad -- of a McClatchy bankruptcy.
.
.
4 comments:
Still, McClatchy has held up better than the state has. California may go bankrupt within a couple of months. At least McClatchy has the decency not to take the taxpayers down with it.
There is nothing decent about McClatchy or anyone in it's management. If they could think of a way to get bailed out by taxpayers, they would take them down quicker than a panicked drowning man.
Decency indeed.
Late-night host comments about the fate of newspapers:
Jon Stewart, the late-night comedy host, asked : “What’s black and white and completely over?”
----------
How joyless of him-
One reason stocks sometimes go up after companies enter bankruptcy is because investors believe there'll now be "responsible adult supervision"
Another is that bankruptcy usually forces companies to be more transparent.
Both are needed at McClatchy.
So under the right terms, a bankruptcy could send McClatchy's stock higher.
John in Carolina
Post a Comment