Wachovia Predicts Bad News For Newspapers

June 16th, 2008

John Janedis, a Wachovia analyst, cut his rating on the newspaper sector last Friday and expects weaker advertising and smaller profits for five publishers in 2008 and 2009. In this new analysis, Janedis expects a 10.4 percent decline in 2008 and a 6.5 percent decline in 2009, which will negatively affect the profits of McClatchy Co., GateHouse Media Inc., Gannett Co., Lee Enterprises Inc. and The New York Times Co. Yahoo (June 13, 2008)

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