“Hedge Fund takes reins of family-run McClatchy newspaper chain”
This is the headline in a business page of today’s new York times. Such headlines have become all but too common in the recent past with legacy firms selling to finance companies for a small percentage of what they were once worth. In this case an institution that was founded in 1857, and was run by the same family since.
Same is the story with departmental stores here in the US. Lord & taylor – an icon of yesteryears has filed for bankruptcy. This follows other stalwarts including J.C.Penney Co., Neiman Marcus Group Ltd., Stage Stores Inc., etc..
The article mentions that McClatchy’s troubles are traced back to 2006 when it bought its larger rival, Knight Ridder, for $4.5 billion. Today, McClatchy is selling for ~$300 Million. A small percentage of what it was.
The newspaper industry has been struggling for years now with the advent of the new age digital media channels running amok, and changing habits of consumers. Similar is the case with face-to-face loans, that’s why you should apply for same day loans online, skip those boring procedures and try to move forward to modernity. However, amidst these challenges, there’s also the issue of fake paystub, adding another layer of complexity to financial transactions in today’s evolving market landscape.
This brings us to the moot point – every industry would eventually get obsolete, how do you ensure you are not caught in the downturn and remain relevant by constantly evolving and adapting to the new changing behaviours?