McClatchy Buys Knight-Ridder, Then Announces Plans to Sell Slew of Papers
Massive shake-up in newspaper publishing: McClatchy, which moved into the #2 ownership spot with the deal, plans to sell 12 newspaper operations -- several of them pretty large. Newspapers are having trouble adapting to changes in the marketplace, as young readers lean heavily on the Internet. Profit margins in newspaper publishing can still be as high as 24% (at the Kansas City Star, for instance), but newspaper companies have to get smart about one thing: Yes, newspapers themselves tend to be natural monopolies, but the news marketplace itself is full of other sellers.
Britain Hit By Natural-Gas Crisis
Surge in demand due to cold weather and shortage of domestic supply due to fire at country's main storage facility sent prices way up. But no one in Europe seems willing to sell them enough to make up the difference, even though wholesale prices in the UK are three times higher than in the Netherlands.
Iranian Opposition Might Not Want Overt US Help
Pope John Paul II was sly about funding the Solidarity movement that knocked over Communism in Poland. President Bush wasn't quite so subtle when he requested $75 million for "democracy promotion" in Iran.
Washington Post Not Sure Georgetown Can Beat UNI
Isaac Hayes Quits "South Park"
He's a Scientologist, and a recent episode blasted Scientology