Newspapers Squandered Their Monopoly-Era Profits and Now Blame Google and Facebook

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The Moderate Voice

by Chris Jennewein A newsstand in New York city in 1982 at the peak of newspaper circulation in the United States. Photo via Wikimedia Commons Three decades ago, when America’s local newspapers were at their peak, I attended a dinner for publishers at a mid-sized chain. After dinner, the president rose to speak and asked everyone to clap for one publisher whose newspaper had exceeded a 50% profit margin in the previous month. At a 50% margin, half of every dollar from subscribers and advertisers went directly to the bottom line. Sure, there was depreciation to account for, and some taxes to be…

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