Fighting the last war

There's a movement among some of my blogbuddies to line up in the outrage column in the wake of this week's FCC decision on broadcast licensing, which drops a longtime general ban on assignment of new licenses to owners of daily newspapers in the same market.

I just can't get excited about it. It may feel good to carry a lance against big corporate media ownerships, but it seems to me a case of fighting the last war.

Newspapers' fall from grace

Forbes has a profile of McClatchy Co. after its absorption of Knight-Ridder that's titled "McClatchy's Fall From Grace." It includes this data point: "The [share price] decline leaves McClatchy, the nation's third-largest newspaper publisher by daily circulation, with a market capitalization of barely $1 billion."

That's about what McClatchy paid for the Star Tribune in 1998.