RT Journal Article
T1 Leverage and profitability of newspaper publishers: A financial analysis of the portuguese industry (2008-2019)
A1 Ríos Rodríguez, Raúl
A1 Rodeiro-Pazos, David
A1 Faustino, Paulo
A1 Fernández López, Sara
K1 Profitability
K1 Profit
K1 Business model
K1 Newspapers
K1 Management and diversification
AB As is the case with any economic activity, the challenge of guaranteeing the economic and financial sustainability of the newspaper industry is recurrent, and the challenge is redoubled in periods of industry transformation, as has occurred in the media business, where there are various levels of disruption, particularly in terms of the financing model (insufficient traditional sources of revenue: reader revenue and advertiser revenue) and forms of product access and distribution (insufficient physical support and newsstands). The migration to digital media necessarily implies new management strategies and practices in order to optimize costs and diversify the revenues that can be earned by newspaper companies. In this context, this article examines the recent evolution of the financial profitability of the newspaper publishers in Portugal. Financial profitability depends on both the economic profitability and the financial structure (i.e., leverage) of companies. Newspaper companies accumulated very high levels of debt because of the sector crisis. The financial analysis in this article reveals that almost a half of newspaper publishers benefited from positive leverage effects, recording higher financial profitability than economic profitability. Companies that benefited from positive leverage effects were the more leveraged. High leverage was positive for those newspaper companies that made investments whose returns offset their debt costs.
PB Media XXI
SN 2184-0466
YR 2024
FD 2024
LK https://hdl.handle.net/10347/39972
UL https://hdl.handle.net/10347/39972
LA eng
NO Rios-Rodríguez, R., Rodeiro-Pazos, D., Faustino, P., & Fernández-López, S. (2024). Leverage and profitability of newspaper publishers: A financial analysis of the portuguese industry (2008-2019). Journal of Creative Industries and Cultural Studies – JOCIS, 10(1), 120-139. https://doi.org/10.56140/JOCIS-v10-4
DS Minerva
RD 28 abr 2026