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Strategies & Market Trends : Buffettology
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To: cfimx who wrote (2067)1/23/2000 12:51:00 PM
From: cfimx  Read Replies (2) of 4691
 
I wanted to alert some of you that the newspaper group is under pressure again,this time because a major bank downgraded the ENTIRE group a week ago or so. And I mean everyone it seems, save wpo.

I already own a little ecp, which has monopoly papers in indianapolis and phoenix. I have added here. ecp will cease publishing the evening paper in Indy, which will help going forward.

But I just started building a position in lee, lee enterprises. this is a small to mid cap publishing and broadcasting company.

Their newspapers are mostly midwestern and pacific northwest based and are monopolies in their markets. i worry about the internet but less so in these smaller towns. i figure lee will dominate the online business in these small towns because aol and citisearch have less incentive to move into them.

an interesting aspect of lee is their advertising revenue will pick up when the farm economy improves, as I expect will happen in the years ahead. It will serve as a kicker, given that the papers are already quite profitable.

The small broadcasting operation at lee is being improved and this IS an election year. They have new management installed there. In addition, lee may pull a "Pulitzer" which did the right thing by separating the tv stations from the publications. That would be a long term positive for lee's owners.

The stock might be a nifty IRA addition since it pays a nice dividend (these days) which should grow steadily. Lee has some other print publications, that include some targeting the agricultural markets. They also own some shoppers.
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