Friday, January 11, 2013

Condos Replace Newsrooms as U.S. Papers Sell Real Estate

Bloomberg reports:
Newspaper owners, struggling with plunging demand and advertising spending at a six-decade low, are squeezing money out of the assets they do have with rising value: buildings and land.
There's more:
A.H. Belo Corp. (AHC) is trying to sell the main offices of the Providence Journal in Rhode Island and adjacent lots. Gannett Co. (GCI), owner of USA Today, has put the Iowa building of the Des Moines Register on the market and is evaluating options for its Virginia headquarters, adding to more than 2 million square feet (185,800 square meters) of property divestitures by the company since 2005.
Square footage is square footage. Who said "they don't make anymore real estate" ?