JPMorgan builds up 10.2 pct stake in Gannett!!! Hmmmmm

Discussion in 'Wall St. News' started by S2007S, May 11, 2010.

  1. S2007S


    Why would Jpm invest in an already failing industry, why invest anything into a newspaper company, they will be long gone in the next 5 years as no one reads newspapers anymore especially young adults.

    JPMorgan builds up 10.2 pct stake in Gannett
    JPMorgan bets on newspaper recovery, snaps up 10.2 pct stake in owner of USA Today

    On Tuesday May 11, 2010, 2:28 pm

    McLEAN, Va. (AP) -- JPMorgan Chase & Co. has increased its bet on slumping newspapers by acquiring a 10.2 percent stake in Gannett, the publisher of USA Today and other dailies.

    The bank-holding company is now Gannett's largest stockholder with 24.3 million shares as of April 30. That's according to a regulatory filing Tuesday. Based on its last round of disclosures, JPMorgan and its various subsidiaries began the year with about 7.4 million Gannett shares.

    JPMorgan, which has acquired ownership stakes in other newspapers as part of bankruptcy proceedings, gave no indication that it intends to demand a shakeup at Gannett. Like its peers, Gannett has been struggling because of a steep drop in newspaper advertising.

    Gannett shares surged more than 7 percent in afternoon trading as investors tried to ride JPMorgan's coattails.
  2. Probably going to lend them out for a "fee".
  3. ipatent


    See ya Internet. Too much dangerous information for the sheep. You will get your news next year from USA Today on your Kindle or iPad.
  4. S2007S


    See ya internet????