This August, E.W. Scripps (SSP) newspaper Naples Daily News will crank to life a new printing press and move into a new 186,000-square-foot office building. Total cost: $95 million.
Plans for the new building and press were formulated five years ago. Given the current state of decay in the newspaper industry one might reasonably question whether it was such a good idea to carry through with them.
If one does ask, however, and if one is an E.W. Scripps shareholder, one will probably get a helpless shrug from E.W. Scripps management.
“We do get questions from investors from time to time about it,” Mark Contreras, head of the company’s newspaper division told a Daily News reporter.
“We plowed ahead with the best information we had. I don’t think anybody could have foreseen the enormity [sic] of the real estate bubble affecting Florida.”
And what does plowing entail for the Daily News?
“In challenging times, innovation is a big focus for newspapers,” reads the paper’s coverage of its own news.
Photo: Daily News