From Nieman Journalism Lab, Dec. 21, 2011:
We will see more newspaper-company transactions in 2012. After a few years where no one wanted to sell at the price the market had dropped to, we’ve had Journal Register Co., the Oklahoman, the San Diego Union-Tribune, and the Omaha World-Herald (am I forgetting one?) sell in the second half of 2011. I believe those sales have helped set the market value, and some people who were refusing to sell will swallow their losses and get out of the newspaper business.
In the transactions mentioned above, people with sufficient wealth appear to have bought the companies outright, taking on little or no debt. (Take the World-Herald, which was bought by the ultimate rich person, Warren Buffett, at the helm of the ultimate public company, Berkshire Hathaway.) I believe we’ll see more transactions involving publicly held companies in 2012. We may also see more creative transactions that fall short of a sale, such as the Journal Register Co./Digital First Media deal to manage MediaNews Group.