The New York Times continues it's slide into oblivion. It's stock is augering into the basement as shown in the above February 18, 2009, chart. In February the price of the Sunday Times was almost more than the price of a single share of the company that produced it.
The chart shows a peak of over $50 per share in 2002. Today's closing price was $5.74.
But there is a support industry that depends on the newspapers/magazines that purchase their products. They are the paper and ink manufacturers who are also affected by the decline of the print media as seen in this article.
AbitibiBowater, the company created when Bowater Inc. merged with Abitibi-Consolidated last October, filed for bankruptcy in the United States. The Montreal-based company that is North America's third-largest producer of pulp and paper will file for bankruptcy in Canada on Friday. Normal operations are expected to continue while the company restructures.
This is the clearest sign yet that the struggles of the newspaper and magazine world are going beyond the media world. Pulp shipments in December 2008 were down 9.5 percent from the year earlier, and prices fell 20 percent.
AbitibiBowater has seen its stock price plummet from almost $14 per share in July to $.53 per share earlier today when trading was halted.
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