Big Media's Cross to Bear

Newspapers and local TV stations aren't necessarily a match made in heaven, big media companies are learning.

A number of big newspaper outfits bought into the TV business in a bid to reap supposed advertising synergies. But while some operators have succeeded -- E.W. Scripps(SSP Quote) and Belo(BLC Quote) come to mind -- such cases are proving to be the exception, not the rule.

Hard-won experience shows both the paper and the TV station must be market leaders for the owner to enjoy the benefits of cross-ownership. And of course, both properties must be in the same market. ...