For literally centuries, Swedish readers thumbed through the pages of the Post-och Inrikes Tidningar newspaper. Not any more. The world’s oldest paper has dropped its paper edition and now exists only online. The newspaper, founded in 1645 by Sweden’s Queen Kristina, became a Web-only publication on Jan. 1, 2007. It’s fate may await many of the world’s most popular newspapers.
Queen Kristina used the publication to keep her kingdom informed of the affairs of state, much like Democrat politicians use the mainstream media today.
What else is new? Editor and Publisher, the trade magazine for newspapers has been out of print for several years now. When in print, it was a small People Magazine size on a cheap glossy stock. Why wasn’t it printed on newsprint?
More bad news for newspapers — McClatchy Co., the second-largest newspaper publisher in the country, behind Gannett, reported a fourth-quarter loss of $279.3 million Tuesday after taking a hit on the sale of its largest newspaper, the Minneapolis Star Tribune. The editor-centric company is not very savvy at investments.
In late December McClatchy executives announced that it was selling the Star Tribune for $530 million to the investment group Avista Capital Partners, well below the $1.2 billion it paid for the newspaper in 1998.
Newspaper values have been hit hard in recent years due to slumping advertising trends as more readers and advertisers go to the Internet for news and information.
For the full year, McClatchy posted a loss of $155.6 million.