Shares in media companies generally edged lower this week along with the broader stock market as concerns about a currency crisis in Europe persisted. Over the past five days, the S&P 500 dropped 4.2% to 1088.
The New York Times Co. (NYT) moved managing editor Jill Abramson so that she could oversee the company’s digital ventures. The New York Observer reported that the move was designed to help integrate the newsroom’s online operations and to ready the website for its paywall, which is slated to arrive in January. The company also this week reaffirmed its guidance for second-quarter earnings and said that revenue declines would continue to moderate. Shares slipped 1.6% on the week to end at $9 even.
The Washington Post Co. (WPO) continued its efforts to sell Newsweek, breaking out the magazine’s first-quarter results and producing a chart of its head count to prospective buyers. Shares fell 5.8% on the week to end at $483.67.
Google (GOOG) CEO Eric Schmidt said this week that his company had been in talks with News Corp. (NWS) CEO Rupert Murdoch about a potential partnership with News Corp.’s newspaper sites. Schmidt’s statement may indicate that the two companies’ relationship is softening; Murdoch has in the past threatened to sue Google over what he saw as theft of his newspapers’ content. Shares dipped 6.9% to $15.26.
Weekly stock results for Gannett, Meredith Corp. and more after the jump.
USA Today parent Gannett (GCI) on Thursday unveiled GannettLocal, a small business – focused site that provides marketing services. Shares dropped 7.5% on the week to end at $14.58.
Business-to-consumer magazine titan, marketing company and TV station operator Meredith Corp. (MDP), meanwhile, saw shares slip 1.4% to $33.75. CEO Stephen Lacy said this week that the television market is likely to perform well thanks in part to an expected advertising boon tied to upcoming U.S. midterm elections.
Other stock results:
• Time Warner (TWX) dropped 1.6% to $30.08
• Media General (MEG) fell 13% to $11.42
• A. H. Belo (AHC) shed 18% to $6.85
• E. W. Scripps (SSP) dropped 7.2% to $8.21