Big-City Newspapers And Their Real Estate

Posted by: Jon Fine on March 28, 2008

I still don’t understand why more major-market newspapers aren’t doing this.

The big-city daily typically owns a huge chunk of prime downtown real estate, which was bought, built and developed decades before the cities grew up around them. Can’t understand why more aren’t trying to make more bucks off their real estate when all the other ways they can make money are so difficult these days.

Tribune's new one-guy guy Sam Zell, of course, obviously knows a thing or two about the business of buildings and land. Although there are only two Tribune properties he owns located within his favorite real estate markets, or at least his favorite markets as of last summer: his two television stations in Seattle.

Reader Comments

mark van patten

March 28, 2008 3:45 PM

Because newspaper CEO's still think they are playas.

Don

March 28, 2008 4:49 PM

Unfortunately Mark beat me to it. The reality of news and the impression journalists have of themselves is so skewed that they'd never think of moving everyone to the suburbs because they are, literally, the center of the city's media hub. Regardless of the fact that the journalists I know are most often getting quotes over the phone, and I know columnists who write from home offices 3 days a week, the idea that they'd "pull out of a city" is disregarded.

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The media world continues to shapeshift as new forms arise and old assumptions erode. On this blog, Bloomberg Businessweek will provide sharp analysis and timely reports on the transformation of this constantly changing terrain.

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