A tale of two media: One getting richer, another not

The corporations owning two of the nation’s most influential newspapers — The New York Times and the Wall Street Journal — reported second-quarter profit declines this week.

Chief among the reasons: a sluggish print advertising market. Owners of stock in The New York Times Co. will make 42 cents a share, down from 50 cents a year ago. Dow Jones and Co. stockholders get 41 cents a share. (Part of the profit decline here was a one-time charge for leaving a programming agreement with CNBC.)

But Google stockholders will get an adjusted $1.37 a share, well above analysts’ expectations of $1.21.

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LATimes ed finally states the obvious — the end is near

Big Media’s pact with Wall Street to maintain “unsustainably high profit” is driving readers away from newspapers.

That’s the message from John Carroll, who steps down as editor of the Los Angeles Times next month, in CJRDaily.