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Gannett (NYSE:GCI) and Blackstone
Declining interest in newspapers among the18 to 35 crowd is real reason Gannett reported lackluster advertising revenue, Cramer says, because "that cohort has stopped reading newspapers." People running the newspapers are in the 40s or older and think that cooler articles are the answer, but they fail to realize that papers are no longer the medium through which younger people get information, according to Cramer. "Newspapers are not businesses," he continued, "A business is something that grows and grows off of cash flow. When a business shrinks and has diminishing cash flow, it is not a business." The only way newspapers can survive is to "fire everyone" and the main papers should realize that journalism is the most "expendable part" of their business, Cramer said. When Gregg Greenberg asked Cramer about Blackstone going public, he answered, "You've got to bamboozle as many people as possible to be successful on Wall Street. This is the maximum bamboozle moment. I applaud them."
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