Here's your headline: Newspapers Fall Hard, Fast. As late as 2004, shares of Gannett, the country's largest newspaper publisher and owner of USA Today, traded for $80. Now the stock's at $15.
Gannett has struggled this decade to replace lost revenues from local classifieds ads and other advertising. Newspapers comprise nearly three-quarters of its sales. As ad spending steadily shifts online, Gannett has slashed newsroom jobs and other costs.
Meanwhile, USA Today has lost its crown as the country's largest paper. Worse for shareholders: The trends plaguing the stock don't show any signs of changing.