It probably seems like cold comfort to the newspaper companies, namely APN News and Media (ASX: APN), Fairfax Media (ASX: FXJ) and News Corp (ASX: NWS), that investors are still relying on their content for sourcing financial advice and information. However investors’ desire for business information has allowed The Australian Financial Review to construct a pay wall around its content. Of course pay walls haven’t been enough to prevent APN and Fairfax underperforming the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) by over 80% in the past five years.
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