Don’t look now, but one of Massachusetts’ biggest newspaper companies just enjoyed a big surge in value.
Newspapers? Yes, I’ve obviously got a personal attachment to this ink-stained industry. Of course, most pundits already have written it off for dead. That’s why it’s always interesting when we see investors who still have hope for its future.
In this case, the surge in value took place at New Media Investment Group, the reconstituted parent company of GateHouse Media — home to the old Community Newspaper Co. chain, the former Ottaway papers such as the Cape Cod Times, The Patriot Ledger, the Enterprise, the Herald News, and soon, The Providence Journal.
Shares in New Media rose 9 percent on Monday and Tuesday to $16.77, their highest closing point since the company’s stock started trading on the New York Stock Exchange in February. (They fell back a bit today to $16.35 a share, presumably as some shareholders decided to cash out on their sudden profits.)