I believe that the sale of The Tribune Company last week to investor Sam Zell is an unrecognized low-water mark in the newspaper publishing business. In fact, after subtracting the value of the Tribune’s non-newspaper properties from the deal, what little value remains indicates that the value of having access to a newspaper’s readers is a mind-boggling 70% less than it was a mere seven years ago.

Is it possible that Tribune Company investors are paying the price of many years of relentless misreporting and biased reporting at its newspapers, especially those it acquired when it bought Times Mirror in 2000? While the numbers presented here of necessity involve a fair amount of approximation, it’s hard to avoid concluding that the answer is "yes."