Editor's note: This column by Steve Birenberg is a special bonus for TheStreet.com and RealMoney readers. It first appeared on Street Insight on June 18 at 8:48 a.m. EDT.
Last week, while I was telling you to use the recent strength in
New York Times
(NYT - Get Report) and
(SSP - Get Report) to reduce positions, my good buddy Cody Willard was telling
RealMoney subscribers that
I believe that Cody has a point, but I believe that the ease of creating quality content and putting it on the Web undercuts the strength of even the greatest brands. As a result, there is not enough market share at decent pricing to compensate for the loss of revenue momentum and operating profit margin on the content in its traditional form.
This problem is particularly acute for shareholders, because the deterioration in traditional businesses is occurring more rapidly than even successful efforts in new digital distribution channels.