Stephen Pate, NJN Network, Charlottetown, PEI, Canada, Feb. 3 2009 with story from Media Memo by Peter Kafka
When a Wall Street Bull tells you to sell a stock, you don’t hesitate and Pali Research analyst Rich Greenfield just put out a sell recommendation on Rupert Murdoch’s News Corp. News Corp owns TV, film studios, MySpace and newspapers.
“Greenfield has cut his recommendation on the company from a “Buy” to a “Sell.” His logic: ‘While we have long viewed Rupert Murdoch as the most visionary CEO in the media sector…we are increasingly surprised/frustrated with his lack of strategic direction related to News Corp’s television station, newspaper and book publishing assets.'” It’s the same story everywhere: newspapers are a bad investment because they have no profit model in today’s economy.
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