Newspaper Stocks Jump After Dow Jones Bid

After Rupert Murdoch's offer to buy Dow Jones & Co. was made public, many newspaper stocks rose. It's a welcome change for an industry whose profits have eroded sharply as readers defect to the Internet. But it may not last.

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STEVE INSKEEP, host:

NPR's business news starts with a seller's market for media companies.

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INSKEEP: Stocks in newspapers. Remember newspapers? Those piles of paper that used to land at your door? Or at your parents' door? Anyway, newspaper stocks suddenly climbed yesterday. The oldest of old media are hot after Rupert Murdoch's news corporation made an offer for the publisher of the Wall Street Journal.

It was one of just - it was just one of two big media proposals yesterday. Cablevision wants to effectively buy itself, taking the company private for more than $10 billion. On that same day, Murdock's News Corp. says it's willing to pay $5 billion for Dow Jones.

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