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...many other ways that people get their news. Newspaper companies are becoming information companies. The definition of news is broadening and the way we're delivering it is changing. The changes have been greatly accelerated by changes in advertising. Advertising has been about 80% of the revenue base of newspapers. As they look for new markets, we have to hold onto those advertisers in all the mediums they need. But we'll continue to have newspapers in print because people appreciate the way they're organized and the tactile experience. They'll be smaller, slimmer and more targeted...
...difficult to be a public company right now, with so much pressure. The investment base has migrated to hedge funds, with a much more short-term investment strategy. Years ago it was much more long-term oriented. Now there's much more pressure on public companies to deliver good results every quarter; there's not much room to make a mistake. It's a very awkward balance when you're under pressure to deliver earnings for a quarter and you want to be investing and thinking about the long term strategy for the company...
...before their whole business would change. Well, they don't have three years, they probably have 30 years. Every time a newspaper reader dies, he will not be replaced. If you look at what it costs to produce and distribute a newspaper, there comes a time when the subscriber base can't sustain the production and distribution costs. Thirty years ago teens didn't read newspapers, but they started when they reached their 30s. Today, teens don't read newspapers and they never will. If there were a newspaper strike across America today, almost no one under...
...landlord had been supportive, we would have been able to survive,” Kramer says. “The customer base was there—they wanted to support...
...Kramer says that his customers have responded positively to his advocacy: “When you have a customer base that supports you, they love to see you doing things that are good...