Speaking of the stock market -- as we were in the previous post -- there's more bad news today for Lee Enterprises, parent of the Journal Times and 50 other dailies, including the Wisconsin State Journal in Madision.
Yes, Lee's stock is still down -- it's at a 28-year-low -- although unchanged this morning at $3.34 per share, up from its $3.16 low earlier this week. But the news is that Lee's second-largest shareholder, FMR LLC, a Boston investment company that had held a 13.12% stake in the company, has sold all but 1.2%. Putting those percentages against Lee's 44.9 million outstanding shares, means FMR has sold approximately 5.3 million shares. Just a year ago, those shares were worth $112 million; today, they'd bring just $17 million. Ouch!
(Of course, the stock market being what it is, somebody had enough confidence in Lee to buy all those shares FMR sold... )
Lee is, by no means, the only newspaper company having an annus horribilis, as the Queen might put it. Two other chains also hit all-time lows this week, and three more are at their lowest point in over a decade. Newspaper junkies go HERE for the details. The rest of you, go out and buy a paper, even if just for the horoscope and crossword puzzle, or to train the puppy on.