Maybe Now's Not A Great Time To Spend $95 Million On A New Printing Press

The Naples News Media building

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.

“The Daily News is venturing into social media, such as Twitter and Facebook, to reach more readers and get more information.”

Photo: Daily News

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