Is there money to be made out of newspapers?

American newspapers are buckling under the internet onslaught, as new media steal market share and advertising revenues fall. But there are bargains to be had.

American newspapers are buckling under the internet onslaught. But there are bargains to be had, say James Robinson, media correspondent of The Observer, and fund manager Sven Lorenz

Ever since Bob Woodward and Carl Bernstein uncovered the Watergate break-in, and ultimately brought down President Nixon, American newspapers have been walking with a self-confident swagger. Titles such as The New York Times and The Washington Post consider themselves the best in the world, displaying a healthy self-regard that their critics might prefer to call arrogance. But if the Watergate era marked the peak of power for the US press, the last two years have represented a nadir. American newspapers have suffered a crisis of confidence. Even the most prestigious The New York Times saw its reputation seriously damaged after a young reporter, Jayson Blair, plagiarised stories.

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