Morgan Stanley Ditches 'Times' Stock; Newspapers Bite It In Third Quarter

  • After two years of a sustained assault on the Sulzberger family, Morgan Stanley has sold its 7.2 percent stake in New York Times Co. this morning. Unfortunately for the Times—and for Morgan Stanley!—its shares happen to be trading at a 52-week low today. [NYT]
  • Gannett Co., USA Today publisher and giant newspaper conglomerate, is reporting its earnings fell by nearly 11 percent in the third quarter, with ad revenue down 5.6 percent. [AP]
  • The McClatchy Company, owner of The Sacramento Bee and The Miami Herald, saw quarterly profits fall by 5 percent, with ad revenue down by nearly 10 percent. Company executives are blaming the losses on weak economies in Florida and California, where five of the company's 30 newspapers operate. [Reuters]