Summary
The ways of capitalism are mysterious and the group's explanations for the sale - something to do with holding more exhibitions - are opaque. But the inescapable conclusion to me is that the Mail thinks regional newspaper profits will shortly collapse. For the moment, [Northcliffe] can fetch a high price, probably from venture capitalists, a polite term for asset-strippers. But if the Mail group were to hang on, it would be sitting on a diminishing asset.
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Extract
The Media Review of the Year
Over the past six months I have been developing a little cottage industry, mainly in these pages, in what is rather grandly called commentating on the media. As I rarely watch television, and have never worked in it, I am really a commentator on the press. But have I launched myself into a dead-end job? Is the industry on which I comment about to disappear? Or, as I like to compare my work to that of a theatre reviewer, is an art form about t...
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