Given the ruthless profit margins that publicly traded companies like the Tribune Co. must produce to satisfy Wall Street, some of us were guardedly hopeful about the rash of local magnates threatening to buy their hometown newspapers--and promising to demand far more modest profit margins. These moguls seemed to recognize that newspapers are public trusts and vital to their communities.
The Philadelphia Inquirer--a once mightly paper--went private in just this way. And just a few months later it is mired in an ugly dispute over sharp cost-cutting. Not so hopeful any more...
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