My former employer, McClatchy (very briefly after it acquired Knight Ridder and until it sold off the Akron Beacon Journal), has apparently learned a few lessons from its predecessors and peers in terms of adapting to changing market conditions and the reality of modern media. The company has even managed to take advantage of its lessons and some more favorable conditions to preserve its spot on the New York Stock Exchange.
Pretty neat trick for a company that had seen its share slide to 40 cents per share at one point. It’s back up to about a $1.80 per share now.
To get an idea of how far things have slid, I sold a chunk of my shares of Knight Ridder stock a few years back for $80 per share. That’s right. Not sure how splits factor into those price differences, but I guarantee I sold at top price. It started sliding not long after I pulled the trigger on that deal. I don’t claim to be a Nostradamus or even a Buffett, but that $80 per share price didn’t seem realistically sustainable to me.
I wish all my financial deals had been so fruitful. Track record since then: not so hot.