One bright spot for newspapers: they have built the most valuable local Web properties over the last 6 years, according to research from Borrell Associates and BIA Financial. Growth of newspaper online operations have declined since the beginning of the year, but they’ve grown at a compound rate of 33.5% since 2002.
TV and radio sites are growing much faster — 70% and 67% since 2002, respectively — but off a much smaller base. Newspapers’ local Web dominance is reflected in their estimated average valuations for the top properties:
Newspapers: $300-$450 million
TV: $30-$40 milllion
Radio: $15 to $20 million
Web only properties: $15 million
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