In the publishing world, spiraling production costs and recession-stricken advertisers have drained profits from scores of newspapers and periodicals. Riding out trouble requires original and, to the uninitiated, drastic tactics. Instance: last week Cowles Communications, the owner of 29 trade journals and magazines (among them Look), three newspapers, three radio stations and three television stations, found it necessary to sell some of its most profitable holdings to the New York Times Co. for stock worth approximately $50 million and the Times's assumption of a $15 million Cowles debt.
For at least three years, Cowles has been sinking deeper into financial troubles. Losses...
To continue reading:
or
Log-In
