'Old media' mergers don't please the market

Old media mergers in the US this year have failed to set the market alight. Newspaper publisher McClatchy and radio station chain Citadel Broadcasting have emerged as the worst performers after making large domestic acquisitions. Shares of McClatchy, which bought its rival, Knight Ridder, for $6.1bn, fell 19%, while Citadel, buyers of most of Walt Disney's ABC radio assets declined 17%. (Via FT.com)