contracontrarian

Top 4 Newspaper Stocks

The problem for MNI and somewhat less GCI is that they used debt to leverage their EPS growth in the past.
Even with a sucesfull transition from print to web, the web business will be worth significantly less than the old monopolistic cash cow.
After accounting for debt/interest,there is not much value left for current common shareholders,if any.
I wonder whether a transition to SaaS,which i believe will happen,won't affect in 10-15 years some of current Software/Consulting giants in a similar way,although they aren't indebted so far.
Who had expected back 1995,that the web will almost destroy the once foolproof newspaper business?