A Newspaper Buying Spree

[Commentary] In the not so distant past, the more valuable newspapers became, the more eager sellers and buyers became to do deals. Today newspapers are far less valuable — by half or more — yet sellers and buyers are once again finding each other in great numbers. What worries me about some of the recent acquisitions is that if newspapers fail to hold their own and their margins continue to decline, these nontraditional owners could start slashing costs in a misguided attempt to make their investments pay off. That's a truly bad idea. The principal reason the new owners bought the papers is the lingering value of their strong newsgathering franchises, still the most dominant in every market despite rampant layoffs and downsizing, and still the most crucial asset when it comes to seeking customers online and on mobile devices.
Lose that and there's nothing left.