Newspapers Find Their True Value in Real Estate, Not Publishing

If this publishing thing doesn’t work out, newspapers may have a future in real estate.

The owner of the Los Angeles Times and Chicago Tribune said it wasn’t only buying the New York Daily News, but also a stake in a joint venture that will own a 25-acre (10-hectare) parcel of land on which its printing facility is located and which overlooks the Manhattan skyline.

It wasn’t enough that Tronc Inc. bought a storied New York City tabloid for just $1. A Tronc executive told the Chicago Tribune the land was “an added inducement to this transaction.” With print advertising in a downward spiral ever since the internet became a commercial force, newspapers have seen the value of their once-formidable brands dwindle.

In many recent newspaper deals, including this one, “it is the property that offers calculable value and drives the deal,” newspaper analyst Ken Doctor wrote on TheStreet.com.

It’s not

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