The Los Angeles Times has a monetary value of $2.5 billion and “a balance-sheet-engorging 20% margin”. So why does Wall Street hate it? Simple: Because newspapers are a rusty industry. They have tail fins. They print lists of readers every day on the obituary page. Worse, as a class they are resolutely clueless about how to adapt to a world that is increasingly networked and self-informing. And Wall Street knows that.